Art

Dominance of Legends: Fernando Botero Leads the Charge at Christie's Latin American Art Auction - September 2023 New York

The Affluent Ceo.

Oct 6, 2023 — 4 min read

FERNANDO BOTERO (1932-2023), Man Eating. Source - Christie's.

The Christie's Latin American Art Auction in New York, held on 28 September 2023, was a testament to the enduring allure of Latin American art. While several artists saw commendable results, Fernando Botero's artworks stood out, consistently meeting or surpassing their estimates. This report delves deep into the performances of these top artists, offering seasoned investors insights into the auction's dynamics.

Sales total: $13,200,030 (USD)
Total lots: 65
Sell-through rate: 76.92%

Fernando Botero

Fernando Botero, with his unmistakable style of exaggerated proportions, was undeniably the star of the auction. His artworks not only met but often exceeded their estimates, reflecting the sustained demand and competitive bidding for his pieces. His artworks consistently resonated with bidders, often surpassing their anticipated values.

This trend was evident in pieces such as "Man Eating," which, with an estimate set between $900,000 and $1,200,000, realized a commendable $1,071,000.

FERNANDO BOTERO (1932-2023), Man Eating. *Source - Christie's.*

Similarly, "En la plaza" exceeded expectations, fetching $1,332,600 against its projected range of $800,000 to $1,200,000.

FERNANDO BOTERO (1932-2023), En la plaza. *Source - Christie's.*

Botero's bronze sculpture, "Still Life," also saw heightened interest, achieving a price of $630,000, well above its upper estimate of $200,000.

FERNANDO BOTERO (1932-2023), Still Life. *Source - Christie's.*

Another bronze piece, "Reclining Woman," mirrored this success, securing $554,400 against its anticipated $250,000 to $350,000 range.

FERNANDO BOTERO (1932-2023), Reclining Woman. *Source - Christie's.*

Not to be outdone, the white Carrara marble sculpture "Reclining Woman with Apple" captured attention, realizing $415,800, surpassing its upper estimate of $350,000 by a significant margin.

FERNANDO BOTERO (1932-2023), Reclining Woman with Apple. *Source - Christie's.*

Botero's diverse range of mediums, from paintings to sculptures, and the consistent high demand for his works, underscores his lasting appeal in the art market.

Other Top-Performing Artists

While Botero was the highlight, several other artists also saw their artworks exceed estimates, showcasing the overall strength of the Latin American art market:

RUFINO TAMAYO (1899-1991)

Rufino Tamayo's unique blend of European modernism and Mexican folk themes has always been a magnet for collectors. The limited availability of Tamayo's works in the market, as evidenced by the single piece at the auction, likely intensified its appeal, driving competitive bidding.

"Los tres amigos" was a highlight, with an estimate of $1,000,000 - $1,500,000. It surpassed expectations, achieving a price of $1,623,000. *Source - Christie's.*

WIFREDO LAM (1902-1982)

Wifredo Lam's fusion of surrealism, expressionism, and Afro-Cuban themes has cemented his place in art history. The thematic depth and cultural significance of his work might align with contemporary collector interests, reflecting in its robust auction result.

An "Untitled" piece by Lam was estimated at $350,000 - $450,000 and saw a realized price of $554,400. *Source - Christie's.*

MATTA (1911-2002)

Matta, a pioneer in abstract expressionism, had an "Untitled" piece at the auction. The artwork, which was expected to fetch between $80,000 and $120,000, surpassed its estimate, securing a price of $226,800. *Source - Christie's.*

ROBERTO FABELO (b. 1950)

Lastly, Roberto Fabelo, celebrated for his surrealistic themes, presented "Naturaleza y mito". The piece, with an anticipated range of $80,000 to $120,000, resonated well with the bidders, achieving a realized price of $239,400. *Source - Christie's.*

These lots, among others, exceeded their estimates, showcasing the strong interest and demand for Latin American art. The consistent performance of these artworks, especially in surpassing their estimates, offers a promising avenue for seasoned investors.

Analysis and Implications

Several factors contributed to the strong performance of these artists:

Historical Significance: The lasting impact and contributions of these artists to Latin American art have solidified their positions in the art market.
Artworks Exceeding Estimates: The consistent trend of artworks surpassing their estimates indicates a robust demand and competitive bidding environment.
Diverse Mediums in High Demand: The auction saw a variety of mediums, from paintings to sculptures, fetching commendable prices, suggesting a diverse interest among collectors.
Global Trends and Market Dynamics: The broader appreciation for Latin American art on the global stage likely played a role in driving up the prices.
Provenance and Previous Ownership: The history, previous ownership, and exhibition records of an artwork can significantly influence its value. Renowned or notable provenance can add a premium to the artwork's price.

Conclusion

The Christie's Latin American Art Auction in New York reaffirmed the significance of Latin American artists in the global art scene, with Fernando Botero leading the charge. The consistent performance of these artists, especially in surpassing their estimates, provides a promising avenue for seasoned investors. As the art market continues to evolve, the enduring appeal of established artists like Botero remains a testament to their timeless value.