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

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 out- standingly 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 for the first time at auction a historic mas- terpiece by Colombian artist Alipio Jaramillo, 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’s (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 layer- ing of delicate motifs allude to the arts and crafts related tradi- tionally 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 contin- ues to exist in the present. The artist viscerally portrayed the physical wound- ing of a landscape a wound that can be seen as a metaphor for the complex forces of history. Another notable high- light was Matta’s electric work S’Enroséer, oil on canvas, painted in 1956, which realized $866,500.

Christie ́s World Auction records were achieved by:

Adriana Varejão - $602,500 for Paisagem canibal
Julio Le Parc - $506,500 for Seuil de Perception, Continuel-lumiére- Mobile.
Hélio Oiticica -$362,500 for Metaesquema (Dois brancos).
Cundo Bermúdez - $134,500 for Flora la reco- gedora de sueños (world auction record for a sculpture by the artist.)
Alipio Jaramillo - $110,500 for 9 de abril.
Julio Galán - $98,500 for My Secret Friends (Mis amigos secretos).
Jorge Jiménez Deredia - $68,500 for Eternidad.
Omar Rayo - $56,250 for Kumo XV, 1973.
Eduardo Bortk - $32,500 for Colors of Nature I.
Carlos Cruz-Diez - $27,500 for Transchromies Portfolio.
Jesús Ortíz Tajonar - $22,500 for Untitled.
Loló Soldevilla - $22,500 for Untitled.
Marco Maggi - $22,500 for Motherboard (West).
Manuel Herrera Cartalla - $10,625 for Flores de la corona de Cristo.

Also, Sotheby’s November Latin American Art auction conclud- ed with success, having brought a total of $20,104,250, meet- ing 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 bid- ders 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 dip- tych 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 artists 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:
Wifredo Lam: previous record $1,426,500. New: $2,154,500.
Alejandro Otero: previous record $409,000. New: $752,500.
Luis Tomasello: previous record $169,000. New: $170,500.
Abraham Palatnik: previous record: $2,167. New: $182,500.
Miguel Cabrera: previous record: $123,500. New: $362,500.
Edouard-Henri: previous record: $278,500. New: $302,500.
José Agustín Arrieta: previous record: $176,000. New: $482,000.
Eugenio Landesio: previous record: $40,441. New: $482,500.
Víctor Patricio de Landaluze: previous record: $67,272. New: $74,500.
José María Vázquez previous record: $6,250. New: $74,500.
Adolfo Best Maugard: there was no previous record. $13,750.
Léon Ferrari: previous record: $67,000. New: $68,500.
Juan Manuel Hernández: previous record $98,500. New: $107,500.