| A new generation of Latin American artists are | | | | record for a single piece by a Latin American artist as |
| ensuring that works from the region are attracting | | | | Rufino Tamayo’s, Trovador sold for US$7,209,000, |
| international buyers in increasing numbers. Up until thirty | | | | eclipsing the previous record of US$5,616,00 paid for |
| years ago the majority of works coming out of the | | | | Frida Kahlo’s Roots in May 2006. Trovador led a |
| region were purchased by wealthy Latin American | | | | series of important new records for Mexican modern |
| families who would often build their collections up over | | | | art including Leonora Carrington, Pedro Cornel, Juan |
| many generations. Whilst South American buyers and | | | | Soriano, and Emilio Baz Viaud. In addition to the |
| those of Latino origin still make up the lion share of | | | | Mexican success, other notable Latin American |
| buyers from this diverse and exciting region, Virgilio | | | | records were set for Jesús Rafael Soto, Gonzalo |
| Garza, Head of Latin American Art at Christies says | | | | Fonseca, and Mario Carreño. |
| the category is going increasingly international “The | | | | As the Christies sales table shows, the art industry is |
| demographics of the clients has changed, little by little | | | | not immune from the current global crisis. At their last |
| there were a lot of American collectors buying Latin | | | | auction held in November last year Christies only |
| American art seriously. Now in the past four years | | | | realized just under half the amount of the previous |
| there are other players who have changed the | | | | record sale but Garza is not concerned for the |
| dynamic. There are Europeans, Middle Eastern, some | | | | long-term prospects “We are very optimistic |
| Asian buyers looking for specific things and even | | | | because our field is not one that has huge ups and |
| Russians have been regular buyers.” Auction | | | | downs. People are still buying and we think that we |
| house Bonhams have become aware of the | | | | may be going back to 2006 levels more or less when |
| increasing interest in the regions’ art and told | | | | the market was good but it wasn’t as high as it |
| Alternative Latin Investor they are working towards a | | | | was at the end of 2008 beginning 2009. We have a |
| fully committed Latin American catalogue in the future. | | | | very exciting sale coming up in May so we hope |
| Cindy Cronk, a street art specialist for Bonhams, | | | | people are going to respond.” And whilst prices |
| based in California, sees a long term potential for South | | | | may be down at present Garza feels it offers |
| American art “I think its been on the radar for a | | | | opportunities not available in other sectors of art |
| while. Its slowly growing which is actually more stable | | | | “It’s a very young category. I always say it and |
| than say with contemporary Chinese artists, now their | | | | ill keep saying it, we are very good value and there is |
| works aren’t selling. I think it’s encouraging to | | | | great quality. If you have a million dollars you can build |
| see it slowly building up. I think it gives it more | | | | a serious collection as opposed to other categories |
| stability.” | | | | where the art is so expensive your money may not |
| ´Latin American Art´ is a contentious and very | | | | go that far.” |
| broad term that incorporates pre-Colonial, Colonial, an | | | | If a Tamayo, a Rivera or a Kahlo is beyond your |
| Independence period, Muralism from the last century | | | | reach it may be worthwhile investigating the latest |
| and the modern era that has seen the emergence of | | | | strand of Latin America art attracting much attention |
| exciting new talents. Though the given label has been | | | | according to Virgilio Garza “Something that has |
| shunned by some modern artists keen to emphasize | | | | been happening and its an incredible phenomenon is |
| movements within their own countries, Virgilio Garza | | | | that a lot of artists from the 60’s and 70’s are |
| feels the creation of the category was fundamental to | | | | being rediscovered big time. What is attracting interest |
| its present day popularity “As a term Latin | | | | is lot of geometric abstraction, Pop Art artists like |
| American art is very, very broad because it | | | | (Venezuelan) Jesus Rafael Soto, who had had a very |
| doesn’t really limit a time span. Latin America is so | | | | important career in the 60’s and 70’s then sort |
| complex and there are a lot of regions so you cant | | | | of fell out of fashion. There are different schools and |
| really speak of one Latin American art. Ever since the | | | | movements but I would say geometric abstraction |
| beginning, the sale (at Christies) started including | | | | from the 60’s & 70’s is very hot now. |
| Spanish colonial works from the 18th century up to the | | | | Those are artists that were forgotten and the 80’s |
| present. So, in one sale you really covered centuries of | | | | weren’t very good to them. In the 90’s little by |
| art from many different regions that historically never | | | | little people were looking at them again. Now there is a |
| really communicated with each other too much. Even | | | | real market for them.” During his exclusive interview |
| though there was a Latin American identity there was | | | | with Alternative Latin Investor Virgilio Garza, Head of |
| a lot of artists, developed in the early 20th century, | | | | Latin American Art at Christies gave us some more of |
| who were looking at Europe rather than Brazil. The | | | | his hot tips for investing in the market at the moment |
| catalogue and the category were very important for | | | | “I would say a very successful artist who sells both |
| that reason because it really created awareness. For | | | | in Latin and the contemporary sales is Vik Muniz from |
| example Mexican collectors actually learnt about the | | | | Brazil. There is a another Brazilian who we have sold |
| art of other countries in Latin America just by receiving | | | | very well called Adriana Varejao as well as a Mexican |
| the catalogue, looking at it and coming.” | | | | artist Gabriel Orozco who sells more with the |
| Up until the 1970’s the majority of Latin American | | | | contemporary sales.” |
| art was sold here and there, often mixed into | | | | Whilst works by artists such as Kahlo have |
| impressionist, modern or fine art sales. In 1981 Christies | | | | undoubtedly been fundamental in giving Latin American |
| made a landmark decision and held their first auction in | | | | art the profile it now enjoys, there is a new, refreshing |
| New York dedicated solely to Latin American art. | | | | generation who are taking the regions’ art in new |
| Virgilio Garza from Christies recalls there were | | | | directions. Cindy Cronk from Bonhams specializes in |
| incredible bargains to be had at the time “I | | | | street art and finds inspiration in what is happening in |
| remember all these Mexican families created very | | | | Sao Paolo, Brazil “My personal interest is in street |
| important collections by buying at auction back then. At | | | | artists coming out of Brazil. In Sao Paolo there is a |
| the time a lot of great, great things were available | | | | gallery called Choque Cultural and they offer some |
| more easily than now. For example if you look at a | | | | really interesting artists. I like Calma and Zezão a lot |
| sale in 1982 you would find that there are | | | | but there is some amazing artists just working on the |
| masterpieces like Frida Kahlo and Diego Rivera and | | | | streets there. Graffiti and mural art they are actually |
| now you really have to go out of your way to get one | | | | bringing in. Sometimes they’ll actually do it on gallery |
| of those.” Mexican painter Frida Kahlo is probably | | | | walls. They do a lot of screen prints, which are actually |
| the best-known Latin American artist throughout the | | | | quite affordable to anyone starting out. We have |
| world today. She painted self- portraits and depictions | | | | urban sales, but I think eventually if its strong enough |
| of Mexican culture combining Realism, Symbolism and | | | | we could build an entire Latin American sale from the |
| Surrealism. Whilst Kahlo died in 1954 it wasn’t until | | | | early works through to what is going on now.” |
| the 1980’s that her work began to the sort of | | | | As well as contemporary artists emerging from the |
| attention that today sees her works sell for amongst | | | | Brazilian street scene there is an important generation |
| the highest prices ever attracted by a female artist. | | | | of young artists in Mexico City doing very well |
| Virgilio Garza says the “Kahlo effect” was very | | | | internationally and Puerto Rico can boast a new scene |
| significant “In the 80’s Latin American works | | | | that is gaining international recognition. Besides her |
| were priced at a million dollars and that was a big thing | | | | passion for artists from Brazil, Cindy Cronk feels that |
| and then in the 90’s Frida Kahlo came along and | | | | other countries provide interesting options for the |
| there were a couple of works in the field that sold and | | | | collector and that interest in her home state of |
| she surpassed the two million dollar mark which was | | | | California has never been greater. “I think every |
| an important landmark. Then not long ago, Frida Kahlo | | | | Latin American country has some artists such as |
| surpassed the US$5 million dollar mark it may not | | | | Fernando Botero is from Colombia. The museum of |
| sound that impressive if you see other figures from | | | | Latin American Art here in Long Beach that’s |
| the contemporary or impressionist world, but it’s | | | | another example of the strength of Latin American |
| important.” | | | | Art, especially here in California. That they have a |
| Christies currently hold two Latin American auctions | | | | museum dedicated to it is partly due to the collectors. |
| each year, one in May and one in November. In 2003 | | | | We have some serious collectors here in Southern |
| the May sale realized US$5,702,796 (see table), | | | | California and the museums have benefited from that |
| whereas, to give an indication of how interest has | | | | as they have donated their collections to these |
| grown, by May last year their auction set a world | | | | museums. MOLA is getting ready to have an exhibit |
| record for the field by auctioning works to a value of | | | | on Oswaldo Guayasamin from Ecuador, its very |
| over US$33 million. This auction also contained a world | | | | intense art. |