b-uncut

Latin American Art Market

// January 28th, 2010 // b-scene // b-uncut

Before the recession hit on that fateful day last September, the art market was absolutely booming. Almost in a scary the bubble-is-about-to-burst kind of way. Contemporary art had reached such gargantuan price points that art world insiders began to speculate about the next big market—emerging markets and under-rated arts. Among the top contenders that (obviously) included India and China was a surprise: Latin American Art. 30 years ago, this market simply  did not exist. In fact, this past year marked the 30^th anniversary of selling Latin American Art (Latam) at Sotheby’s. The past decade has seen a major rejuvenation of the market—in 2006 Frida Khalo’s “Roots” broke records when Sotheby’s sold it for $5 million. Just two years later Ruffino Tamayo broke this record with “Trovador” when the hammer fell at $6.4 million at Christies in NY, doubling pre-sale estimates of $2-3 million. It’s no Basquiat comparison, but it’s certainly a start.

As of now the big players in this market are Sotheby’s and Christies on the auction front. There are some dealers in the field but they are mostly unknown. The best museum would be Museo de Arte Latino Americano de Buenos Aires (MALBA) but again this is relative–because the art world is centered around New York and London MALBA cannot compare with museums like MOMA or Tate Modern. Who are the buyers? Mainly Latin Americans, meaning they are forced to travel to another hemisphere to purchase local art. A strange process, but up until now it has been the only solution.  As the market grows, more and more European and American buyers are dipping into this genre, creating more demand. What is really needed is a better platform to sell emerging talents.

Phillips de Pury, generally considered the runner up to the auction duopoly but very specialized in what they do has conceived of a rather innovative approach to Latam. Their most recent auction (Oct. 2009) did not bring in huge revenues( $1.8 million) but it was clever: dedicated to Latin American ‘creators’ mixing artists, sculptors, photographers and designers. According to artprice, an online art market information source, “One of the best surprises at the sale was created by Adriana Varejao when her “Monocromo Branco” tripled its estimate with a hammer price of $90,000. In effect, this type of sale provides an excellent opportunity for collectors to acquire works by the new generation of Latin American artists at prices ranging from $500 to $100,000.” The message here: invest in emerging talents.

At b-uncut, our international artist community includes over 1,300 emerging artists–a number of whom are from Latin American, and we are excited to see their progression in this potential market giant. Magdalena Ladron de Guevara is a native Chilean and photographer, who is currently living and working in Buenos Aires. Her works recall the sentiment of fellow Chilean and surrealist poet Pablo Neruda. Her photograph “Pear” mixes the real with the impossible, resulting in a surreal visual that immediately conjures images from Neruda’s “Ode to an Artichoke” which leaves the reader with fantasies of an artichoke marching into battle.

Another stand out artist in the community is Tite Calvo, a young artist from Santiago, Chile who claims his art reflects “the man and their little hysterias and pathetic solutions to survive and be happy.” This talented Latin American artist has one of the most unique styles I’ve seen in contemporary art, but his theme is a familiar one: the real within the imaginary. Calvo superimposes paint on magazine pictures to achieve his final outcome, and the resulting imagery is dream- like yet familiar. “Micki Mouse” (left) is particularly intriguing.

For Latin American art collectors, passion is now just a click away. Online platforms have released the market from the strangle hold of auction houses and dealers and brought it into their living rooms. Buying art online is a relatively new phenomenon and adds a new and powerful dimension to the market, one that will enable it to bounce back from a downturn faster.