Once again we are at that time of year when the Latin American Art market starts to get all excited and to see what could be tremendous results at auction for some of their better known (and usually defunct!) artists!
This time around Rufino Tamayo has emerged as the leader for the sale of his works “Trovador” (sold for $7.2 M) and “El Comedor de Sandìas” ($3.625M).
Representing Colombia as ever was Botero and a “new” rising star to the art auction scene Omar Rayo.
Locally Rayo`s work have been getting much more difficult to get a hold of and prices have been strongly rising which is now being well reflected in international auctions. His work “Pijao” from 1970 (100cm x 100cm – acrylic / canvas) was sold for more that its estimate and made USD $18,000.
The Colombian sculptor Eduardo Ramirez Villamizar (RIP) also had works for sale which more than exceeded expectations: an acrylic scupture estimated at $4000 sold for $13,000!!!!
An Ana Mercedes Hoyos bronze also did well and reached its price estimate of $16,000.
All in all, a good night at the auctions for Colombian art.
What is really interesting to note is that in 1979 when Sothebys started selling Latin American art at auction they sold a total of $1M. Now, just 30 years later their total sales tops $50M which does show how the the market has expanded. And I believe will continue to expand when it is considered that the Latin American economies are growing strong despite a blip in the US economy this year. So, start visiting your local galleries and get yourself up to date on the local Latin American art scene if you think it is time to make you money count!
If you would like some tips on where to invest in the colombian art scene you are welcome to write to:
art (at) artcolombia.com