A quiet auction: Christie's and Sotheby's annual New York auctions of Latin American art were quiet affairs this year—though they did produce a few new record prices for select artists

Latin CEO: Executive Strategies for the Americas, Dec, 2001 by Stephanie Gaskell

IN THE WAKE OF THE SEPT. 11 TERRORIST ATTACKS, the mood was subdued during the eve of Christie's annual auction of Latin American art. Bidders were modest and selective as they raised their paddles. The room was quiet and several chairs were empty as many buyers opted to bid by telephone. It was, by all means, a conservative night.

Except for the new owner of a work by Brazilian artist Sergio Camargo. The untitled piece--a 9-foot-by-9-foot installation made of painted wood--was estimated by the auction house to be worth between US$70,000 and US$90,000.

Instead, it sold to an anonymous buyer for US$501,000, a world auction record for the artist. The piece was signed "Camargo Paris 1968." Its selling price is nearly 10 times the artist's previous record price, which was US$51,570 for Camargo's "Sin Titulo," or untitled, at Christie's in May 1998.

While the room erupted in applause as the gavel struck on the sale of the Camargo, the rest of the night was reserved. The auction houses biggest sale was a piece by Mexican artist Remedios Varo titled "Tres destinos," which was painted in 1956. The painting was valued at between US$500,000 and US$700,000. It sold to a North American private buyer for US$556,000. The piece had never been auctioned before.

The same somber mood held true for Sotheby's Latin American auction, which took place during the same week in late November. The auction house saw fewer buyers in its showroom as well, with many lots sold over the telephone.

"There was softness in the market and selectivity among buyers, perhaps due to the absence of several key collectors who were reluctant to travel," says Kirsten Hammer, director of Sotheby's Latin American Art Department in New York.

But that didn't stop the loud applause when the final bid came in at more than US$1 million for Chilean-born Roberto Matta Echaurren's "Inscape (Morfologia Sicologia No. 104)," signed and dated 1939. The painting, which was estimated to be worth between US$800,000 and US$1,000,000, was sold to a private collector for US$1,078,250. "Matta comes right out of the box, doing some of his best work early on," notes Hammer.

Sotheby's also sold a self-portrait by Mexican artist Francisco Toledo entitled "Autoretrato." The US$225,750 price was a record for a work on paper by the artist. The painting, done in gouache and gold leaf on paper, had been valued at between US$80,000 and US$100,000. A North American private collector purchased the painting.

In general, the works of Mexican artists--not just Toledo's--performed well at both auctions.

At Sotheby's, Rufino Tamayo's "Dos Mujeres en Rojo" sold for US$528,250, above its estimated value of between US$450,000 and US$500,000. The painting, a work from 1978, reflects Tamayo's gravitation toward rich colors during the latter part of his career. "Tamayo uses color like character," comments Hammer. At Christie's, Diego Rivera's 1949 "Retrato de la Nifia Dolores Reachi" sold for US$248,000 to a private European collector, just US $2,000 under its estimated high price.

In the realm of sculpture, a work by perennial favorite Fernando Botero of Colombia, titled "Guerrero Romano," sold for US$445,750 at Sotheby's--a good hike above its estimated range of US$300,000 to US$350,000. The sculpture, which stands 14 feet tall, depicts his trademark portly style, in this case a warrior holding a sword and shield.

Because both houses reported lower attendance at this year's auctions, bidding was less robust than usual. Sotheby's rang in sales of US$4.9 million selling 36 of 57 lots offered. Christie's also had sales of US$4.9 million and sold 37 of its 61 lots offered. Both figures are off from last year, when the Latin American art auctions brought in US$5.88 million for Sotheby's and US$11.5 million for Christie's.

"This sale was tailored with the current market in mind," says Ana Sokoloff, director of Christie's Latin American Art Department. "We did see fewer people in the sale room. Many of our clients chose to bid by phone rather than travel to New York. But their activity was as strong as usual. The Latin market has proven to be a strong and solid area of the auction market."

Contemporary art by Latin American artists is also proving to be both "strong and solid." Christie's record sale of Camargo's untitled 1968 piece was accompanied by sales of several contemporary Latin American artists. Cuban artist Tomas Sanchez's "Contemplador de la Cascada" was sold for US$160,000, US$60,000 above its high estimate. The painting, completed in 1996, features a huge waterfall with a solitary man sitting nearby.

Another contemporary piece--a 2001 Vespa motor scooter painted in bright colors by Cuban artist Nicolas Leiva--sold for US$30,500 at Christie's. The scooter, valued at between US$12,000 and US$16,000, even came with matching helmets and a set of keys. The auction house also sold "Criancas do Acucar," a painting by Brazilian artist Vik Muniz, for US$75,200, breaking his previous record of US$47,000. Muniz also did well at Christie's auction of contemporary art held earlier in the month.