In the recent auction cycle of Latin American Art we have seen some very positive movement, both in auction prices and the mainstreaming of Latin American Art.

This year, the two major auction houses Christies and Sotheby’s, sold works of art by Latin American artists including Diego Rivera and Rufino Tamayo in sales other than the traditional Latin American art sales held every spring and fall in New York City.

Dog Howling at the Moon by Rufino Tamayo

The Tamayo painting, titled Dog Howling at the Moon was estimated to sell between 5-7 million USD and sold for $5,853,000 at Sotheby’s Impressionist and Modern Sale in New York (Spring of 2018).

Shortly after, an oil on canvas painting titled, Femme au Chapeau Assise, Buste by Pablo Picasso sold for $5,308,500

The Rivals by Diego Rivera

The painting by Diego Rivera, titled The Rivals, was also estimated to sell between 5-7 million USD but almost doubled the low estimate and sold for a record price of $9,762,500 at Christies' Rockefeller sale. 

Not only did the sale of The Rivals mark a record price for any work of art to be sold at public auction by Diego Rivera, it also marked a record price for any work of art to be sold at public auction by any Latin American artist. 

The oil on canvas painting was originally commissioned by Abby Aldrich Rockefeller from Diego Rivera, and given to her son David and his wife Peggy Rockefeller as a wedding present in 1931.

The entire sale came from the collection of David and Peggy Rockefeller and set its own record high of $106 Million USD.  

Fernando de Szyszlo and Leonora Carrington

In addition to these two works by Mexican masters Diego Rivera and Rufino Tamayo, prices for works by other Latin American masters have increased.

Good paintings by Fernando de Szyszlo are selling for well over $100,000 and prices Leonora Carrington are exceptionally strong.

Conclusion

2018 has been a strong year for the Latin American Art market.

Works by Latin American artists have made their way into the mainstream, entering Sotheby's and Christies most prestigious art sales.

In one of these sales, a painting by Diego Rivera titled, The Rivals sold for $9,762,500, a record price for any work of art by a Latin American artist to be sold at public auction.