Latin American art, a goldmine of opportunities for collectors

The Latin American market is full of bargains, says an agent at Christie's in New York; masterpieces can be found for less than a million dollars.
A masterpiece for less than a million dollars? Impossible in European or American art, with stratospheric prices, but feasible in Latin American art, full of bargains and where you can even find works by highly sought-after artists such as Diego Rivera, Frida Kahlo, and Rufino Tamayo for that price or less.

Latin American art offers excellent value for money, according to auction houses, gallery owners, and collectors interviewed by AFP.
"With a million dollars you can really buy masterpieces," while in European or American modern or contemporary art the same amount "doesn't get you very far," said Virgilio Garza, head of Latin American art at Christie's in New York.

A steel sculpture by American Jeff Koons sold last week at Christie's for $91.1 million, a record for a living artist. A painting by Frenchman Claude Monet, from the "Meules" series, was auctioned for $110.7 million at Sotheby's.

The Latin American stars, on the other hand, were an iconic watermelon painting by Mexican artist Rufino Tamayo, which sold for $4.9 million, and "Construccion en Blanco" by Uruguayan artist Joaquín Torres García, which sold for $3.4 million, both at Sotheby's.

The standout at Christie's was a work by Spanish-Mexican surrealist artist Remedios Varo, "Simpatía (La rabia del gato)," which sold Wednesday night for $3.13 million. To Start Collecting

Garza believes that Latin American art is perfect "for someone starting a collection" because "there are very good things at reasonable prices."

A portrait of the eldest daughter of Diego Rivera, the most highly valued Mexican painter in the world—followed by his compatriots Frida Kahlo and Rufino Tamayo—was estimated at up to $700,000 at Sotheby's but found no buyer.

Tamayo's "Woman with a Shawl" sold for $495,000 Wednesday night at Christie's, after an estimate of up to $700,000.

A monumental triptych by Cuban-American Carlos Alfonzo, who had a distinguished but brief career because he died at age 40 from AIDS, sold for $350,000 at Christie's, a record for the artist at auction.

A large nude by Colombian Fernando Botero, "The Bath," sold for $519,000. "Constructivo in Five Tones with Two Figures Arguing," by Uruguayan Joaquín Torres García, sold for $175,000.

At Sotheby's, an abstract work by Venezuelan Jesús Soto sold for $800,000 last week, a self-portrait by Tamayo sold for $275,000, and the aluminum sculpture "Animal" by Brazilian artist Lygia Clark sold for $90,000.
New Clients

The appetite for Latin American art "is on the rise" among European and American collectors, agrees Anna Di Stasi, director of Latin American art at Sotheby's in New York.

Of the Latin American artists, the most appreciated in Asia is Colombian Fernando Botero, according to Garza.

"The demographics of our clientele have changed: it's no longer Latin Americans buying Latin American art, it's more global," says Garza, noting that there's currently a major exhibition on Matta at the State Hermitage Museum in St. Petersburg.

"There are wonderful opportunities in Latin American art (...) because the prices are very good," agrees Venezuelan Henrique Faría, owner of a New York art gallery specializing in Latin American art.

Faría believes that the undervaluation of Latin American art "is a reflection of what most of our countries are experiencing economically and politically, and the result of a lack of support from cultural institutions or even collectors themselves" for the "Latin American national brand."

The gallery owner and collector emphasizes the importance of Latin American art in "decentralizing" European or American views of art.

"That's what collecting means, finding pieces (...) to open up dialogues," Faría noted. "This is what we're looking for in the world today: to break down barriers, to be equal, to compete equally, to create opportunities for inclusion, pluralism, and diversity. Collecting isn't about hoarding. It's about weaving."
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