Success at the New York Latin American Art Sales from Christie´s and Sotheby´s

Virgilio Garza, Head of Latin American Paintings at Christie’s comments: “Fall 2010 has brought a renewed energy into the saleroom, with extraordinary prices for key artists. Buyers bid aggressively on prized works by Fernando Botero, Matta, Rufino Tamayo and Julio Le Parc, among others who realized exceptional prices. Brazilian works performed outstandingly well with 100 % sell-through, notably works by Beatriz Milhazes and Hélio Oiticica. Six new artist records were established including those for Jorge Jiménez Deredia, Julio Galán, Adriana Varejão, Hélio Oiticica and Omar Rayo. Christie’s is also proud to offer a historic masterpiece by Colombian artist Alipio Jaramillo for the first time at auction, which surpassed its estimate by five times at $110,500. ”

The total sale of 325 works was comprised of works from the 18th to the 21st century and represented artists from 14 countries across Latin America, including Chile, Cuba, Brazil, Colombia, Mexico and Nicaragua. Buyers were 49% American, 6% European and 45% other including Central and South America.

The sales’ top lot was Fernando Botero (Colombian, b. 1932) Family Scene, 1985, which surpassed its high estimate of $1,500,000, ultimately realizing $1,706,500. The remarkable Family Scene is inspired by Botero’s fascination with the artistry and sport of tauromaquia or the bullfight. Here however, rather than just exalting the bullfight, Botero celebrates the family — the most universal of human institutions. The family sits proudly for a group portrait — its youngest member and most diminutive torero, still crawling. It was a season of successful Boteros, with artist’s monumental Seated Woman, 2002, a bronze sculpture with a dark brown patina selling at an astounding $842,500.

Overall, Brazilian paintings dominated the sales with highlights such as Beatriz Milhazes (Brazilian B. 1960) Machina, 1993 -1994, which achieved $722,500. Machina juxtaposes Brazilian cultural references and imagery in this vibrant work. The artist’s feminized aesthetic – her exuberant use of patterning and layering of delicate motifs allude to the arts and crafts related traditionally to women’s lives but to a larger extent, they update the language of abstraction. A long overdue world auction record was achieved for Adriana Varejão (Brazilian B. 1964) for Paisagem canibal, which realized $602,500. The work is a striking visual metaphor, exploring the colonial history that continues to exist in the present. The artist viscerally portrayed the physical wounding of a landscape – a wound that can be seen as a metaphor for the complex forces of history. Another notable highlight was Matta’s electric work S'Enroséer, oil on canvas, painted in 1956, which realized $866,500.

Christie´s World Auction records were achieved for:

Ø Adriana Varejão - $602,500 for Paisagem canibal

Ø Julio Le Parc - $506,500 for Seuil de Perception, Continuel-lumiére-Mobile.

Ø Hélio Oiticica -$362,500 for Metaesquema (Dois brancos).

Ø Cundo Bermúdez - $134,500 for Flora la recogedora de sueños (world auction

record for a sculpture by the artist).

Ø Alipio Jaramillo - $110,500 for 9 de abril.

Ø Julio Galán - $98,500 for My Secret Friends (Mis amigos secretos).

Ø Jorge Jiménez Deredia - $68,500 for Eternidad.

Ø Omar Rayo - $56,250 for Kumo XV, 1973.

Ø Eduardo Bortk - $32,500 for Colors of Nature I.

Ø Carlos Cruz-Diez - $27,500 for Transchromies Portfolio.

Ø Jesús Ortíz Tajonar - $22,500 for Untitled.

Ø Loló Soldevilla - $22,500 for Untitled.

Ø Marco Maggi - $22,500 for Motherboard (West).

Ø Manuel Herrera Cartalla - $10,625 for Flores de la corona de Cristo.

Also, Sotheby’s November Latin American Art auction concluded with success having brought a total of $20,104,250, meeting pre-sale expectations (est. $19.5/26.5 million). The sale set thirteen new artist records and was led by Les Abalochas Dansent Pour Dhambala, dieu de l'unité by Wifredo Lam which set a new record for the artist at auction when four bidders sent the price to $2,154,500 (est. $1.75/2.25 million) in last night’s evening session.

Latin American abstraction continued its surge in popularity. Six bidders competed for Alejandro Otero’s lost masterpiece Coloritmo 9, which set a new record for the artist when it sold for $752,500 (est. $250/350,000) and records were also set for Luis Tomasello, and Abraham Palatnik. Mexican paintings from the 19th century also achieved a series of record prices - El Requiebro by José Agustín Arrieta and Cruzando el Lago de Texcoco, con Volcanes by Eugenio Landesio, sold for $482,500 each (est. $180/220,000).

The day session included a number of strong and often record-setting prices for living artists. El Encuentro I and II, a 2008 diptych by Juan Manuel Hernández sold for $107,500, double the pre-sale estimate and a new record for the artist (est. $40/60,000). Also setting a new auction record was Descala by Cildo Meirles which fetched $68,500 – more than three times the high estimate (est. $18/22,000). León Ferrari is one of Argentina’s most important artist and a record was set when an Untitled work from 2003 sold for $68,500 (est. $45/55,000).

Among the new sales records set for Sotheby´s are:

ØWifredo Lam: previous record $1,426,500. New: $2,154,500.

ØAlejandro Otero: previous record $409,000. New: $752,500.

Ø Luis Tomasello: previous record $169,000. New: $170,500.

Ø Abraham Palatnik: previous record: $2,167. New: $182,500.

ØMiguel Cabrera: previous record: $123,500. New: $362,500.

ØEdouard-Henri: previous record: $278,500. New: $302,500.

ØJosé Agustín Arrieta: previous record: $176,000. New: $482,000.

ØEugenio Landesio: previous record: $40,441. New: $482,500.

ØVíctor Patricio de Landaluze: previous record: $67,272. New: $74,500.

ØJosé María Vázquez previous record: $6,250. New: $74,500.

ØAdolfo Best Maugard: there was no previous record. $13,750.

ØLéon Ferrari: previous record: $67,000. New: $68,500.

ØJuan Manuel Hernández: previous record $98,500. New: $107,500.