Whom You Know: Sotheby's November Latin American Art auction brings $20.1 million

Thursday, November 18, 2010

Sotheby's November Latin American Art auction brings $20.1 million

Sotheby’s November Latin American Art auction concluded today having brought a total of $20,104,250, meeting pre-sale expectations (est. $19.5/26.5 million). The sale set thirteen new artist records and was led by Les Abalochas Dansent Pour Dhambala, dieu de l'unité by Wifredo Lam which set a new record for the artist at auction when four bidders sent the price to $2,154,500 (est. $1.75/2.25 million) in last night’s evening session.

Latin American abstraction continued its surge in popularity. Six bidders competed for Alejandro Otero’s lost masterpiece Coloritmo 9, which set a new record for the artist when it sold for $752,500 (est. $250/350,000) and records were also set for Luis Tomasello, and Abraham Palatnik. Mexican paintings from the 19th century also achieved a series of record prices - El Requiebro by José Agustín Arrieta and Cruzando El Lago De Texcoco,Con Volcanes by Eugenio Landesio, sold for $482,500 each (est. $180/220,000).

The day session included a number of strong and often record-setting prices for living artists. El Encuentro I and II, a 2008 diptych by Juan Manuel Hernández sold for $107,500, double the pre-sale estimate and a new record for the artist (est. $40/60,000). Also setting a new auction record was Descala by Cildo Meirles which fetched $68,500 – more than three times the high estimate (est. $18/22,000). León Ferrari is one of Argentina’s most important

modernist painters and a record was set for the artist when an Untitled work from 2003 sold for $68,500 (est. $45/55,000).

http://www.sothebys.com/

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