November 26, 2010
Here are some important Latin America market information provided by Art Tactic:
"Expectations ahead of the Latin American sales were high after a highly successful New York post-war and contemporary season two weeks ago. However, both Christie’s and Sotheby’s Latin American sales failed to reach their low pre-sale estimates.
The Latin American sales season raised a total of $35,796,600 against pre-sale estimate of $40,024,000 - $55,036,000 - 11% below the low estimate. Despite falling short of expectations, it was still 18% higher than May 2010, and 27% higher than November 2009 - which signals that the market recovery continues, albeit at a slower pace.
The higher end of the market was clearly the driver behind last week’s result, with the price segment of $500,000 and above accounting for 33% of the total, and the $100,000 to $500,000 price bracket accounting for 43% of the total auction value. Top 10 lots in the sale accounted for 24% of the total, led by Wilfredo Lam’s ‘Les Abalochas Dansent Pour Dhambala’ which sold for $1.85 million and Fernando Botero’s ‘Family Scene’ selling for $1.45 million."