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Sotheby's: Latin American Art Modern & Contemporary Auction Analysis

  • Sotheby's New York
  • Sotheby's New York
May 29, 2015

Latin American Art Modern & Contemporary auction at Sotheby’s New York from May 26-27 was the second Latin American art auction in the row that didn’t go as well as was expected – just to remind you, Latin America auction at Phillips from May 26 had, let’s put it that way, a very modest success. The auction at Sotheby’s did a bit better – almost 70 percent of lots were sold, and pretty close to the sum of high estimates. Two lots were sold for seven-figure prices, and Rufino Tamayo’s La Familia had the highest hammer price at $2,500,000 (it was estimated at $1,200,000 – $1,600,000).

The Story About Artwork: Rufino Tamayo’s La Familia (1987)

Tamayo painted his La Familia when he was 88 years young. At the end of his 60-year career, and closing to the end of his rich life, Tamayo turned to motifs of his youth, depicting a subject from his past. At the same year he executed La Familia, Tamayo spoke in an interview of importance of family life, especially if one didn’t have much affection and warmth in his childhood, as was the case with Tamayo. His La Familia oozes with warmth and lightheartedness, which stands in a complete contrast with another version of La Familia – the one he painted in 1936. In this version, members of family are distant, cold, lonely and emotionally isolated – completely different from the luminous atmosphere of La Familia from 1987.

  • Sotheby's New York

The Overview of Sotheby's: Latin American Art Modern & Contemporary

Out of 165 lots that were auctioned at Sotheby’s on Tuesday and Wednesday, 114 were sold (69.1 percent) for total of $10.66 million – prior to the auction, these 165 lots were estimated at $12,180,000 – $16,960,000, and those 114 that were sold were estimated at $8,404,000 – $11,706,000. As we said, Rufino Tamayo’s La Familia had the highest hammer price, $2.5 million, and the only other lot that was sold for a seven figure price was Wifredo Lam’s Les Oiseaux Voilés that was sold for $1,000,000, its low estimate. The average hammer price of a sold lot was $93,515, and median hammer price was $40,000. Most lots were sold in range of estimated values, 48 (42.1 percent of sold lots), 34 lots were sold over high estimate (29.8 percent) and 32 lots were sold under low estimate (28.2 percent).

Five lots were sold with 100+ percent between hammer price and high estimate, with Jorge Eduardo Eielson’s Quipus 38 14leading the way with +233.3 percent. Alexandre Arrechea’s Punching Bags Dust (Havana), Dust (Los Angeles), Dust (New York) was sold with +171.4 percent difference. On the other hand, Carlos Capelán with his Untitled work and Jorge Camacho with La Nuit Remue had two worst results, as their artworks were sold with around -68 percent difference between their respective hammer prices and low estimates.

Sotheby's New York
Rufino Tamayo – La Familia, 1987 (Lot 125). Estimated at $1,200,000 – $1,600,000, sold for $2,500,000. This lot had the highest hammer price of the auction.
Sotheby's New York
Wifredo Lam – Idoli, 1972 (Lot 222). Estimated at $15,000 – $20,000, sold for $48,000.
Sotheby's New York
Matta – Untitled, 1957 (Lot 116). Estimated at $150,000 – 200,000, sold for $120,000, or with -20 percent difference between hammer price and low estimate.
Sotheby's New York
Left: Jorge Eduardo Eielson – Quipus 38 14, 1967 (Lot 172). Estimated at $10,000 – $15,000, sold for $50,000. This lot had the biggest difference between hammer price and high estimate, +233.3 percent. / Right: Alexandre Arrechea – Punching Bags Dust (Havana), Dust (Los Angeles), Dust (New York), (Lot 104). Estimated at $25,000 – $35,000, sold for $95,000 (+171.4 percent, the second-best score of the auction).
Sotheby's New York
Left: Fernando Botero – Ballerina (Lot 109). Estimated at $200,000 – $300,000, sold for $350,000. / Right: Diego Rivera – El Balcón, 1921 (Lot 126). Estimated at $300,000 – $400,000, sold for $280,000.
Sotheby's New York
Left: Alfredo Ramos Martínez – Untitled (Woman With Flowers), circa 1935 (Lot 122). Estimated at $500,000 – $700,000, sold for low estimate. / Right: Claudio Bravo – White package, 1969 (Lot 112). Estimated at $400,000 – $600,000, also sold for low estimate.
Sotheby's New York
Left: Javier Marin – Cabeza De Mujer Sin Moño, 2008 (Lot 216). Estimated at $25,000 – $35,000, sold for $75,000 (+114.3 percent difference). / Right: Anonymous, Mexican School – El Nacimiento De María (the Birth Of The Virgin), Early 18th Century (Lot 201). Estimated at $60,000 – $80,000, sold for $160,000.
Sotheby's New York
Wifredo Lam – Les Oiseaux Voilés, 1945 (Lot 117). Estimated at $1,000,000 – $1,500,000, sold for low estimate. This lot had the second highest hammer price, and was the last one to achieve a seven-figure price.
  • Sotheby's New York

Sotheby's: Latin American Art Modern & Contemporary in Details

Here you can take a look at detailed information of every single lot that was auctioned at Latin American Art Modern & Contemporary auction at Sotheby’s New York.

Total number of lots:165
Number of sold lots:114
Sold lots [%]:69.1
Total [$]:10,660,700
Number of sold lots over high estimate:34
Over high estimate (Total) [%]:20.6
Over high estimate (Sold) [%]:29.8
Number of sold lots in range of estimated values:48
In range of estimated values (Sold) [%]:42.1
Number of sold lots under low estimate:32
Under low estimate (Sold) [%]:28.1
Results were under estimate spread of [%]:28.2
Max Hammer [$]:2,500,000
Average Hammer [$]:93,515
Median Hammer [$]:40,000
Median Hammer Average Hammer Difference [%]:-57.2
Lot No.Artist NameArtwork NameLow Estimate $High Estimate $Hammer Price $Hammer High Estimate Difference [%]Hammer Low Estimate Difference [%]
101Zilia SánchezSin Título40,00060,00060,000050
102Los CarpinterosPapel Reciclable (Recycled Paper)30,00040,00070,00075133.3
103Los CarpinterosEscalera (Oven Step)25,00035,00032,000-8.628
104Alexandre ArrecheaPunching Bags Dust (Havana), Dust (Los Angeles), Dust (New York)25,00035,00095,000171.4280
105Arturo HerreraFelt #8125,000175,000Not SoldNot SoldNot Sold
106Antonio DiasUntitled90,000120,00090,000-250
107Arturo HerreraSay My Name60,00080,000Not SoldNot SoldNot Sold
108Alejandro OteroUntitled70,00090,00070,000-22.20
109Fernando BoteroBallerina200,000300,000350,00016.775
110Tomás SánchezCanal150,000200,000Not SoldNot SoldNot Sold
111Fernando BoteroNaranjas Y Limones180,000220,000270,00022.750
112Claudio BravoWhite Package400,000600,000400,000-33.30
113Agustín CárdenasQuarto Famba100,000150,000170,00013.370
114Wifredo LamLe Sorcier De L'Océan (Alafi Incam/Ogun Ferraille), The Wizard Of The Ocean800,0001,200,000Not SoldNot SoldNot Sold
115Leonora CarringtonA Camelia For Ánima150,000200,000200,000033.3
117Wifredo LamLes Oiseaux Voilés1,000,0001,500,0001,000,000-33.30
118Armando ReverónCabo Blanco175,000225,000175,000-22.20
119Fernando BoteroSitting Woman (Donna Seduta)350,000450,000350,000-22.20
120Fernando BoteroDesnudo Ante El Espejo600,000800,000Not SoldNot SoldNot Sold
121Fernando BoteroWoman On A Horse300,000400,000270,000-32.5-10
122Alfredo Ramos MartínezUntitled (Woman With Flowers)500,000700,000500,000-28.60
123Dr. AtlValle Pihuamo, Jalisco150,000200,000Not SoldNot SoldNot Sold
124Rodolfo NietoLa Engorda100,000150,000130,000-13.330
125Rufino TamayoLa Familia1,200,0001,600,0002,500,00056.3108.3
126Diego RiveraEl Balcón300,000400,000280,000-30-6.7
127Dr. AtlAutorretrato (Self-Portrait)150,000250,000140,000-44-6.7
128Ángel ZárragaTres Futbolistas Con Boina600,000800,000Not SoldNot SoldNot Sold
129Armando MoralesDeux Baigneuses Aux Rapides175,000225,000150,000-33.3-14.3
130Claudio BravoHelmet100,000150,000100,000-33.30
131José Agustín ArrietaCuadro De Comedor Con Tinaja De Barro, Barríl, Maíz, Verduras Y Frutas And Cuadro De Comedor Con Florero, Pollo, Verduras, Granada Y Aguacates150,000200,000140,000-30-6.7
132Benito Quinquela MartínVeleros Al Sol200,000300,000130,000-56.7-35
150Carlos AmoralesFragmented Figure 0315,00020,00018,000-1020
151José BediaIsla Bonita30,00040,00040,000033.3
152Carlos CapelánUntitled6,0008,0001,900-76.3-68.3
153Tania BrugueraUntitled8,00010,0003,500-65-56.3
154Flavio GarciandíaTorpezas Al Más Alto Nivel I20,00030,00015,000-50-25
155Arlés Del RioFly Away5,0007,0009,50035.790
156The-MergerBreathe (From The Series Life Is Beautiful)20,00030,00040,00033.3100
157Alexandre ArrecheaTraining Camp (Billboards)10,00015,000Not SoldNot SoldNot Sold
158Los CarpinterosSalt And Pepper10,00015,0008,000-46.7-20
159Los CarpinterosUntitled (Cinderblocks)10,00015,0008,000-46.7-20
160KchoColumna Infinita5,0007,000Not SoldNot SoldNot Sold
161Ana MendietaUntitled (From Portfolio Documenting Earthworks, Long Island, N.Y.)6,0008,000Not SoldNot SoldNot Sold
162José Eduardo YaqueHuevos Fritos8,00010,0008,500-156.3
163Jesús Rafael SotoEstela En El Círculo20,00025,00022,000-1210
164Jesús Rafael SotoTiratura 4518,00022,00018,000-18.20
165Jesús Rafael SotoVibrations Metalliques (M10)25,00035,000Not SoldNot SoldNot Sold
166Francisco SalazarDéplacement Et Intégration Dans L'Espace15,00020,00015,000-250
167Omar RayoA Fine Badness25,00035,000Not SoldNot SoldNot Sold
168Julio Le ParcContinuel Mobile15,00020,0009,600-52-36
169Francisco SalazarDéplacement D'Un Élément, No. 57315,00020,00015,000-250
170Luis TomaselloAtmosphère Chromoplastique Rouge And Atmosphère Chromoplastique Verte12,00018,00013,000-27.88.3
171Ary BrizziAcorde 310,00015,000Not SoldNot SoldNot Sold
172Jorge Eduardo EielsonQuipus 38 1410,00015,00050,000233.3400
173Carlos RojasUntitled6,0008,0008,5006.341.7
173AFernando CanovasTorn Landscape25,00035,00020,000-42.9-20
174Eduardo MacentyreUntitled10,00015,00010,000-33.30
175Eduardo MacentyreReflejos10,00015,00015,000050
176Yvonne DomengeCoral Marino25,00030,00038,00026.752
177Benito Quinquela MartínUntitled30,00040,00048,0002060
178Jorge Jiménez-DerediaUntitled40,00060,00050,000-16.725
179David GuzmánIntegración20,00025,00032,0002860
180Sandú DariéUntitled30,00040,00054,0003580
181Joaquín Torres-GarcíaComposition À L'Arbre35,00045,00055,00022.257.1
182Joaquín Torres-GarcíaMáscara Roja Y Blanca35,00045,00065,00044.485.7
183Joaquín Torres-GarcíaFemme Abstraite70,00090,00090,000028.6
184Joaquín Torres-GarcíaPaysage20,00030,00042,00040110
185Alejandro Xul SolarGood King Wenceslas12,00018,00014,000-22.216.7
186Joaquín Torres-GarcíaGrafismo Del Hombre Y Barco80,000120,00080,000-33.30
187Cândido PortinariMeninos Brincando50,00070,000Not SoldNot SoldNot Sold
188Cândido PortinariCortadores De Madeira50,00070,000Not SoldNot SoldNot Sold
189Fernando BoteroDancing Couple35,00045,00048,0006.737.1
190Diego RiveraDesnudo De Modesta25,00035,00035,000040
191Diego RiveraMujer Con Alcatraces20,00025,00020,000-200
192August LöhrLa Perla15,00020,00012,000-40-20
193Diego RiveraÁrbol, Paisaje Del Pedregal60,00080,000Not SoldNot SoldNot Sold
194Saturnino HerránComadre, Cuando Me Muera35,00045,00048,0006.737.1
196José Clemente OrozcoPelea Con Machetes30,00040,00048,0002060
197Ángel ZárragaNaturaleza Muerta35,00045,000Not SoldNot SoldNot Sold
198Renato MeziatStill Life With Potatoes And Onions15,00020,000Not SoldNot SoldNot Sold
199Renato MeziatCherries15,00020,000Not SoldNot SoldNot Sold
200Claudio BravoPumpkins80,000120,000Not SoldNot SoldNot Sold
201Anonymous, Mexican SchoolEl Nacimiento De María (The Birth Of The Virgin)60,00080,000160,000100166.7
202Spanish Colonial School, Late 17Th/Early 18Th CenturyMueble Enconchado80,000120,000Not SoldNot SoldNot Sold
203Anonymous, Cuzco SchoolMary And Joseph Being Refused Entry To The Inn18,00022,000Not SoldNot SoldNot Sold
204Vicente BargasRetrato De Don Marcos Chiquathopa20,00030,00035,00016.775
205Anonymous, 19Th CenturyManco Capac And Mama Huaco20,00025,00040,00060100
206Johann Moritz RugendasTwo Views Of The Popocatépetl And Itztaccihuatl Seen From The Valley Of Mexico30,00040,00045,00012.550
207Daniel Thomas EgertonThe Ravine Of The Desert (View From La Barranca Del Desierto)40,00060,00090,00050125
208Alfredo Ramos MartínezVendedores De Jarros70,00090,00075,000-16.77.1
209Rufino TamayoLas Flechadoras60,00080,00050,000-37.5-16.7
210Diego RiveraBailarinas50,00070,000Not SoldNot SoldNot Sold
211Rodolfo MoralesNovias70,00090,00055,000-38.9-21.4
212Antonio RuizEl Maquetista40,00060,00070,00016.775
213Julio RuelasAutorretrato Con Fernando Servín Y Alejandro Ruelas (El Ahorcado)30,00040,00035,000-12.516.7
214Ray SmithEl Rapto De Las Frutas40,00060,000Not SoldNot SoldNot Sold
215Javier MarinFigura Masculina And Mujer (A Pair Of Sculptures)50,00070,00040,000-42.9-20
216Javier MarinCabeza De Mujer Sin Moño25,00035,00075,000114.3200
217Rufino TamayoDos Personajes Atacados Por Perros (Two Personages Attacked By Dogs)12,00018,00019,0005.658.3
218Olga CostaNacimiento40,00060,00040,000-33.30
222Wifredo LamIdoli15,00020,00048,000140220
223MattaSans Titre60,00080,000Not SoldNot SoldNot Sold
225Alejandro ObregónThe Wave40,00060,000100,00066.7150
226Enrique GrauHomage To Delacroix50,00070,00070,000040
227Elsa GramckoMisterio Proyectado20,00025,000Not SoldNot SoldNot Sold
228Marcelo BonevardiUntitled15,00020,000Not SoldNot SoldNot Sold
229Gunther GerzsoPaisaje40,00060,000Not SoldNot SoldNot Sold
230María Luisa PachecoMegalith10,00015,000Not SoldNot SoldNot Sold
231Francisco ToledoUntitled20,00030,000Not SoldNot SoldNot Sold
232Manabu MabeUntitled20,00030,000Not SoldNot SoldNot Sold
233Rodolfo NietoUntitled8,00012,0006,500-45.8-18.8
234Rodolfo NietoUntitled25,00035,000Not SoldNot SoldNot Sold
235Carlos QuintanaUntitled5,0007,0005,500-21.410
236Rafael CoronelUntitled (Three Works)6,0008,000Not SoldNot SoldNot Sold
237Carlos MéridaEl Dios Del Fuego6,0008,00011,00037.583.3
238Alfredo CastañedaEl Señor De Las Naranjas30,00040,000Not SoldNot SoldNot Sold
239Juan SorianoEstudio Para Mural15,00020,000Not SoldNot SoldNot Sold
240Rafael CoronelUntitled20,00025,00016,000-36-20
241Rafael CoronelSueños Antiguos No. Iv20,00030,00022,000-26.710
242Rafael CoronelUntitled18,00022,00020,000-9.111.1
243Rafael CoronelUntitled18,00022,00019,000-13.65.6
244Carlos MéridaUntitled20,00030,00055,00083.3175
245Pedro CoronelVentana De La Rue San Simon60,00080,000Not SoldNot SoldNot Sold
246Rodolfo NietoSin Título40,00060,000Not SoldNot SoldNot Sold
247Armando MoralesPescadoras Ii25,00035,00032,000-8.628
248Armando MoralesFruit12,00018,00015,000-16.725
249Rafael CoronelSueños Antiguos (La Muerte)40,00060,00050,000-16.725
250Jacobo BorgesEspantapájaros De Chuloma12,00018,000Not SoldNot SoldNot Sold
251Manabu MabeUntitled8,00012,000Not SoldNot SoldNot Sold
252Benjamín CañasUntitled15,00020,00015,000-250
253Alfredo ZalceUntitled10,00015,00013,000-13.330
254Francisco ToledoEight Portraits Of Elisa25,00035,00019,000-45.7-24
255Francisco ToledoCuaderno De Dibujo De Toledo, Nueva York (New York Sketchbook)50,00070,00040,000-42.9-20
256Francisco ToledoWatering Flowers6,0008,0006,000-250
257Francisco ToledoChapulín Azul15,00020,000Not SoldNot SoldNot Sold
258Francisco ToledoTres Pies Con Maleta Y Conejos15,00020,000Not SoldNot SoldNot Sold
259Francisco ToledoGallo Gallina20,00025,00022,000-1210
260Francisco ToledoPescado Cabeza Grande (Benda Iquengola)250,000350,000Not SoldNot SoldNot Sold
261Francisco ToledoThree Works: El Dueño Del Caballo, Función Del Mago, Pescados Blancos6,0008,000Not SoldNot SoldNot Sold
262Francisco ToledoIguana (Faludica, Iguana Con Corazón) And Pájaro Con Serpiente12,00018,000Not SoldNot SoldNot Sold
263Francisco ToledoChapulín Con Sapo4,0006,0003,000-50-25
264Francisco ToledoPisando Camarones15,00020,000Not SoldNot SoldNot Sold
265Francisco ToledoAmantes Y Chapulines And Figuras Caminando (Personajes Y Venados)12,00018,0009,000-50-25
266Rafael TrellesUntitled10,00015,000Not SoldNot SoldNot Sold
267Juan Manuel HernándezEpífitas25,00035,00020,000-42.9-20
268Roberto MontenegroUntitled (Sic Transit Gloria Mundi)15,00020,00015,000-250
269Guillermo Muñoz-VeraLa Región De Bolívar: El Amazonas Venezolano30,00040,000Not SoldNot SoldNot Sold
270Pedro FriedebergKant'S Kindergarten10,00015,00017,00013.370
271Pedro FriedebergTeatro Macrobiótico10,00015,0008,000-46.7-20
272MondongoSerie Roja (No 4 De Catálogo)18,00022,00022,000022.2
273Cildo MeirelesAlysh10,00015,000Not SoldNot SoldNot Sold
274Eduardo KingmanFrutera15,00020,000Not SoldNot SoldNot Sold
275Carlos Páez VilaróLavandres15,00020,000Not SoldNot SoldNot Sold
276Jorge BlancoMetalmelon12,00018,00026,00044.4116.7
277Gustavo VélezSynchronous18,00022,00017,000-22.7-5.6
278Enrique GrauRecuerdo (Naturaleza Muerta)15,00020,000Not SoldNot SoldNot Sold
279Ángel BotelloUntitled8,00012,00011,000-8.337.5
280Jorge CamachoLa Nuit Remue10,00015,0003,200-78.7-68
281Jorge CamachoLa Vue And Pantins (Two Paintings)10,00015,0005,500-63.3-45
282Jorge CamachoLe Migrateur And Le Placer (Two Paintings)10,00015,0006,500-56.7-35
TOTAL (Sold lots):8,404,00011,706,00010,660,700-8.926.9

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All images and lot info courtesy of Sotheby’s.