Bull Markets

Latin American Art Auctions Exceed Expectations

The showstopper from the Christie's and Sotheby's Latin American art auctions last week was a bronze Fernando Botero sculpture, Mujer Fumando (Woman Smoking), which fetched more than $1 million. Though that was the highest bid of the night, it came nowhere near the $1.6 million from two years ago for a smaller marble version of the sculpture. Regardless, the Latin American art market had a strong showing. Christie's earned more than $17 million from the two-day auction, surpassing expectations, and Sotheby's brought in nearly the same amount, also exceeding pre-sale estimates. Other top sellers included works by Wifredo Lam, Matta, Camargo, and Rufino Tamayo.