Notes related to Auction

The November auctions of Modern and Contemporary Art in New York, long considered barometers of the art market’s health, showcased striking contrasts last week, revealing both the enduring power of exceptional art and the market’s appetite for spectacle.

The Lima Museum of Art (MALI) announced the thirty-second edition of its annual auction, dedicated in this occasion to textile art, a heritage that played a fundamental role in Peru's cultural history. The event will take place on October 19 at the museum and will feature a selection of more than 70 pieces of art, from historic textiles to contemporary works.

The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.

It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors  as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.

Last week's New York auctions, dubbed "Giga Week," saw art sales soar to an impressive $1.4 billion. This significant figure follows numerous sales at bustling art fairs over the past two weeks. While this amount represents a 22% decrease from the same week in 2023, and 55% less from 2022, auction houses performed admirably given the current challenging economic and political climate.

The NY spring season has concluded with the major auctions of Contemporary and Modern art. While the sales have not been a disaster, most lots have sold either below or close to the low estimate, with some last-minute withdrawals. One year ago, the May sales already marked a clear recalibration of prices. Over the past 12 months, the market has continued its slowdown, and this week's sales have confirmed the trend. It is not a brusque fall or a crash, but a slow-motion downward spiral in prices, with very few but exciting surprises.

Leonora Carrington’s painting "Les Distractions de Dagobert" (1945), valued between $12 to $18 million, is generating considerable excitement as it heads to auction at Sotheby's this May. Having been in an American collection since 1995, its upcoming sale not only reflects the escalating market demand for Carrington's pieces but also underscores the rising interest in female Surrealist artists.

On April 6, the emblematic auction of the Museo de Arte de Lima - MALI returns in its XXXI edition at Casa Prado. The event will feature more than 60 pieces of art divided into micro sessions that mark a journey from historical to contemporary.

On November 18, the iconic auction of the Museo de Arte de Lima (MALI) celebrates its 30th edition. This year, the auction will be held at Hotel B. with more than 60 pieces of art by some of the most outstanding artists in the history of Peruvian art.

The Museo de Arte de Lima presents this May 31 the 29th edition of its traditional Art Auction.

At a Sotheby’s auction, the Argentine businessman and collector acquired Diego y yo (1949) for $ 34.8 million. Thus, the oil painting became the most expensive work in the history of Frida Kahlo, in the history of Latin American art, Mexican art and by a woman artist from the region.

The gallery Hilario. Artes Letras Oficios, from Buenos Aires, presents a new online auction, this time with seventy-eight lots, always with its boutique auction house style with highly selected and studied works.