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

"This is a growing segment of the Latin American art market," says Sokoloff. She also notes that the people who follow contemporary Latin American art are the same people who are following contemporary trends in general. "The art of the late 20th century and the early 21st century responds to universal concerns," says Sokoloff.

At Sotheby's, Tomas Sanchez's "Autoretrato en la Orilla" went for US$225,750. The piece, which was signed and dated 1993, sold well above its high value of US$150,000. The painting depicts a lush, green forest with the artist shown sitting in a lotus position at the foot of a tree.

While contemporary art made a good showing, both auctions sold some interesting classics. At Sotheby's, a rare painting by Mexican artist Cristobal de Villalpando sold for US$137,750, below its high estimate of US$150,000. The piece, titled "Joseph Makes Himself Known," is believed to have been painted sometime between 1680 and 1690. At Christie's, an 1857 painting by William Ellis titled "Winfield Scott Marching Into Mexico City" sold for US$130,000--vastly above its estimated value of US$18,000 to US$20,000.

"It is an important historical painting," says Sokoloff. "But we were not sure how the public would react to the actual subject of the Mexican-American war." The high price was unusual for little-known Ellis, whose last sale was "Portrait of a Man," which fetched a nominal sum at Christie's UK auction house in 1998.