BFF-01 Latin American art emerges as a bargain for collectors

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Latin American art emerges as a bargain for collectors

NEW YORK, May 24, 2019 (BSS/AFP) – Shopping for a masterpiece but can’t
afford, say, a steel rabbit sculpture that went for over $90 million? Then,
consider Latin American art.

Indeed, even big names, such as Diego Rivera and Frida Kahlo, offer a lot
of bang for the buck, auction houses, gallery owners and collectors told AFP.

“With a million dollars you really can buy a masterpiece,” said Virgilio
Garza, director of Latin American art at Christie’s in New York.

For someone seeking a modern or contemporary US or European work, Garza
said that same amount of money “will not get you very far.”

Money has been really flooded the spring art auctions in New York.

Jeff Koons’ work entitled “Rabbit” — a stainless steel casting of an
inflatable bunny — fetched $91.1 million, a record for a living artist, last
week at Christie’s.

And a Claude Monet painting from his celebrated “Meules” (Haystacks) series
fetched $110.7 million at Sotheby’s. That was a record for the French
Impressionist.

The standouts among Latin American art, however, were acquired for a song,
relatively speaking.

At Sotheby’s, a famous painting of watermelon slices by Mexico’s Rufino
Tamayo was auctioned for $4.9 million. And a work by Uruguay’s Joaquin Torres
Garcia entitled “Construccion en blanco” drew 3.4 million.

– First-time collectors –

Latin American art is perfect for people who are only starting to collect,
because of the bargains out there, said Garza.

A portrait of the daughter of Diego Rivera — the world’s top draw among
Mexican artists, followed by Kahlo and Tamayo — was thought to be worth up
to $700,000 at Sotheby’s. Yet in the end, nobody took it home.

Tamayo’s “Mujer con Rebozo” (Woman with a Shawl) went for $495,000 last
Wednesday at Christie’s, far below its estimate of up to $700,000.

A large triptych by the Cuban-American artist Carlos Alfonzo — whose
career was distinguished but brief because he died at age 40 — went for
$350,000 at Christie’s. That was a record for the artist at auction.

Garza said Latin American art is perfect for someone starting a collection
because “there are really good things at reasonable prices.”

– New blood –

US and European collectors have an increasing appetite for Latin American
art, said Anna Di Stasi, director of Latin American art at Sotheby’s in New
York. In Asia, the most sought-after Latin American works are those of
Colombia’s Fernando Botero, known for his depictions of voluminous people and
animals.

“The demography of our clientele has changed. It is no longer Latin
Americans buying Latin American. It is more global, said Garza.

He noted that there is an exhibition of works by Roberto Matta, a Chilean
who blended Surrealism with Abstract Expressionism, on right now at the
Hermitage in St. Petersburg, Russia.

“There are marvelous opportunities in Latin American art,” said Henrique
Faria, owner of a New York gallery specializing in Latin American art.
“Because the prices are fantastic.”

He said the fact Latin American art is undervalued is a reflection of
economic and political turmoil in most Latin American countries and “the
result of a lack of support among cultural institutions and even collectors
themselves” for Latin America as a brand.

He stressed that Latin American art serves the purpose of getting people to
appreciate something other than European and US art and consider the Latin
American version of art’s various movements.

“That is what it means to collect. To find pieces in order to open up
dialogue,” said Faria.

“That is what we are seeking today in the world. To break down barriers, be
equal, compete on a level playing field,” he said.

“We want there to be opportunity for inclusion, pluralism, diversity.
Collecting is not accumulating. It is weaving.”

BSS/AFP/GMR/0820 hrs