Latin American Market Update 2023

LATIN AMERICAN ART 2023 | MARKET UPDATE

LATIN AMERICAN ART 2023 | MARKET UPDATE

SALE HIGHLIGHTS THE ART OF THE SURREAL DIEGO RIVERA Retrato de Anita Antunes (Diana Cazadora), 1945

FEBRUARY 2023 | LONDON SOLD TOTAL

COMMITMENT TO LATIN AMERICAN ART

$8.4 million

Estimate: $600,000-800,000 Sold for $693,000

IMPRESSIONIST AND MODERN ART DAY AND

Christie’s New York, Latin American Art, September 2023

WORKS ON PAPER

115% OF LOW ESTIMATE

MARCH 2023 | LONDON SOLD TOTAL

$249,984

DIEGO RIVERA The Rivals, 1931 Estimate: $7,000,000-10,000,000 Sold for $14,130,000

LATIN AMERICAN PAINTINGS MARCH 2023 | NEW YORK

Christie’s is the only major auction house with a dedicated and dynamic approach to selling Latin American art.

SOLD TOTAL

Christie’s New York, November 2022

$9.6 million

202% OF LOW ESTIMATE

LATIN AMERICAN ART ONLINE

$1.4 million

With our long history of expertise and innovation, Christie’s hosts dedicated Latin American Art sales in our New York saleroom

LATIN AMERICAN ART

each season, while also successfully selling the category within

SEP TMBER 2023 | NEW YORK

competitor, by contrast, does not hold dedicated Latin American Art sales.

Our 2023 sales witnessed unprecedented enthusiasm and solid results in the category, culminating in a record breaking painting

by Fernando Botero, The Musicians. Christie’s exceled in high value lots achieving a 100% sell through rate on the high end of

JOAQUÍN TORRES-GARCÍA Port of New York, 1923

MARCH 2023 | ONLINE SOLD TOTAL

global sales of modern and contemporary art. Our closest

WORLD AUCTION RECORD FOR THE ARTIST

SOLD TOTAL

PEDRO CORONEL La palabra amorosa presencia, 1962

Estimate: $500,000-700,000 Sold for $604,800

Estimate: $80,000-120,000 Sold for $81,900

Christie’s New York, Latin American Art, September 2023

Christie’s New York, Latin American Art, March 2023

121% OF LOW ESTIMATE

102% OF LOW ESTIMATE

$13.2 million

LATIN AMERICAN ART ONLINE OCTOBER 2023 | ONLINE SOLD TOTAL

$1.5 million

21ST CENTURY EVENING SALE

the market, with eight pieces achieving prices over $1 million.

NOVEMBER 2023 | NEW YORK

Throughout our spring and fall seasons, we set new world

SOLD TOTAL

JAVIER MARÍN Torso de hombre amarillo, 1993 Estimate: $70,000-90,000

$201,600

Sold for $100,800 Christie’s New York, Latin American Art, September 2023

records, engaged client participation from more than 19 countries across the globe, and achieved breakthrough results.

20TH CENTURY EVENING SALE

144% OF LOW ESTIMATE

NOVEMBER 2023 | NEW YORK SOLD TOTAL

$13.4 million

POST WAR AND CONTEMPORARY DAY SALE NOVEMBER 2023 | NEW YORK SOLD TOTAL

$2.2 million

FERNANDO BOTERO Still Life, 1986 Estimate: $150,000-200,000 Sold for $630,000

$50.2 million

SOLD TOTAL IN DIVERSIFIED SALES

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FERNANDO BOTERO

Christie’s New York, Latin American Man on a Horse, 1999 Art, September 2023

Estimate: $2,000,000-3,000,000 420% OF LOW ESTIMATE Sold for $4,320,000

Christie’s New York, March 2022 WORLD AUCTION RECORD FOR THE ARTIST 216% OF LOW ESTIMATE

CHRISTIE’S DYNAMIC APPROACH

THE ART OF THE SURREAL | LONDON | FEBRUARY 2023

LATIN AMERICAN ART | NEW YORK | MARCH 2023

WIFREDO LAM Untitled, circa 1969

REMEDIOS VARO Retrato del Doctor Ignacio Chávez, 1957

LYGIA CLARK Bicho, 1960

RENÉ PORTOCARRERO Flora, 1969

Estimate: £300,000-500,000 Sold for £378,000 ($454,776)

Estimate: £2,500,000-3,500,000 Sold for £3,882,000 ($4.7 million)

Estimate: $400,000-600,000 Sold for $529,200

Estimate: $40,000-60,000 Sold for $107,100

Christie’s London, The Art of the Surreal Evening Sale, February 2023

Christie’s London, The Art of the Surreal Evening Sale, February 2023

Christie’s New York, Latin American Art Sale, March 2023

Christie’s New York, Latin American Art, March 2023

126% OF LOW ESTIMATE

155% OF LOW ESTIMATE

132% OF LOW ESTIMATE

268% OF LOW ESTIMATE

Christie’s is the only auction house to embrace a dual strategy approach to selling Latin American Art. We offer our clients the opportunity to sell in our dedicated Latin American art auctions or in the global context of our 20th and 21st Century art auction series.

We are uniquely positioned to offer you the ideal sale context for your property to maximize your financial return.

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20TH CENTURY ART | HONG KONG | MAY 2023

ART CONTEMPORAIN | PARIS | JUNE 2023

LATIN AMERICAN ART | ONLINE | SEPTEMBER 2023

LATIN AMERICAN ART | NEW YORK | SEPTEMBER 2023

20TH CENTURY EVENING SALE | NEW YORK | NOVEMBER 2023

FERNANDO BOTERO Waterfall, 1998

FERNANDO BOTERO Madame Ingres, 1967

FERNANDO BOTERO En la Plaza, 1987

RUFINO TAMAYO Los Tres Amigos, 1987

FRIDA KAHLO Portrait of Cristina, My Sister, 1928

Estimate: HK 5,000,000-8,000,000 Sold for HK 5,292,000 ($647,323)

Estimate: €250,000-350,000 Sold for €504,000 ($538,027)

ANONYMOUS (ANDEAN, 18TH CENTURY) Immaculate conception and the Holy Trinity

Estimate: $800,000-1,200,000 Sold for $1,332,600

Estimate: $1,000,000-1,500,000 Sold for $1,623,000

Estimate: $8,000,000-12,000,000 Sold for $8,230,000

Christie’s Hong Kong, 20th/21st Centuary Art, May 2023

Christie’s Paris, Art Conteporain - Vente Du Soir, June 2023

Christie’s New York, Latin American Art, September 2023

Christie’s New York, Latin American Art, September 2023

Christie’s New York, 20th Century Evening Sale, November 2023

106% OF LOW ESTIMATE

202% OF LOW ESTIMATE

167% OF LOW ESTIMATE

162% OF LOW ESTIMATE

103% OF LOW ESTIMATE

Estimate: $10,000-15,000 Sold for $113,400 Christie’s New York, Latin American Art Online, September 2023 1,134% OF LOW ESTIMATE

A YEAR IN REVIEW L ATIN AMERICAN ART IN 2023

2023 continued to build upon the success of Christie’s previous seasons, showing enthusiastic demand for quality works by leading artists in the category. This year, Christie’s achieved over 50 million in dedicated sales, including the record-breaking sale of a work by Fernando Botero, The Musicians, which sold for 205% of its low estimate in the fall.

LATIN AMERICAN ART | CHRISTIE’S | 2023 YTD CHRISTIE'S TOTAL

$50.2 million

ESTIMATES

$32.4-47 million

# OF LOTS OFFERED

287

AVERAGE LOT VALUE

$174,744

A G G R E G AT E P E R F O R M A N C E A G A I N S T L O W E S T I M AT E

$50.2 MILLION FERNANDO BOTERO The Musicians, 1979 Estimate: $2,500,000-3,500,000 Sold for $5,132,000 Christie’s New York, September 2023

LOW E S T I M AT E VA L U E

155%

of low estimate

205% OF LOW ESTIMATE WORLD AUCTION RECORD FOR ARTIST

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$32.4 MILLION

EXCEPTIONAL PRICES FOR LATIN AMERICAN ART IN SPRING 2023

ANTONIO BANDEIRA Ville, 1956 Estimate: $100,000-150,000 Sold for $856,800 Christie’s New York, Latin American Art, March 2023 WORLD AUCTION RECORD FOR THE ARTIST 857% OF LOW ESTIMATE

LEONORA CARRINGTON Lepidoptera, 1968 Memory of a Surreal Journey Collection

WOLFGANG PAALEN Projét pour un monument, 1948 Memory of a Surreal Journey Collection

Estimate: £160,000-240,000 Sold for £579,600 ($701,015)

Estimate: £80,000-120,000 Sold for £119,700 ($144,012)

Christie’s London, The Art of the Surreal Evening Sale, February 2023

Christie’s London, Impressionist and Modern Art Day Sale, March 2023

362% OF LOW ESTIMATE

WORLD AUCTION RECORD FOR A SCULPTURE BY THE ARTIST 150% OF LOW ESTIMATE FERNANDO BOTERO Mujer fumando, 1986 Estimate: $1,000,000-1,500,000 Sold for $1,008,000 Christie’s New York, Latin American Art, March 2023 SECOND-HIGHEST PRICE FOR A MARBLE WORK BY THE ARTIST AT AUCTION 108% OF LOW ESTIMATE

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PEDRO CORONEL Año 1 luna, 1969

ALICE RAHON Sur le pont de I’amour, 1966

ALICIA PENALBA Ventisquero, 1973

Estimate: $200,000-300,000 Sold for $693,000

Estimate: $80,000-120,000 Sold for $163,800

Estimate: $40,000-60,000 Sold for $107,100

Christie’s New York, Latin American Art, March 2023

Christie’s New York, Latin American Art, March 2023

Christie’s New York, Latin American Art, March 2023

SECOND-HIGHEST PRICE FOR THE ARTIST AT AUCTION

204% OF LOW ESTIMATE

268% OF LOW ESTIMATE

347% OF LOW ESTIMATE

MARÍA MAGDALENA CAMPOS-PONS Soy una fuente (I Am a Fountain), 1990 Farber Collection

WOLFGANG PAALEN Taches solaires, 1938 Memory of a Surreal Journey Collection

Estimate: $20,000-25,000 Sold for $100,800

Estimate: £350,000-550,000 Sold for £756,000 ($909,553)

Christie’s New York, Latin American Art Sale, March 2023

Christie’s London, The Art of the Surreal Evening Sale, February 2023

WORLD AUCTION RECORD FOR THE ARTIST

WORLD AUCTION RECORD FOR THE ARTIST

504% OF LOW ESTIMATE

216% OF LOW ESTIMATE

RUFINO TAMAYO Los Tres Amigos, 1987 Estimate: $1,000,000-1,500,000 Sold for $1,623,000 Christie’s New York, Latin American Art, September 2023

EXCEPTIONAL PRICES FOR LATIN AMERICAN ART IN FALL 2023

162% OF LOW ESTIMATE

Estimate: $15,000-20,000 Sold for $60,480 Christie’s New York, Latin American Art Online, October 2023

FERNANDO BOTERO Parrot, 1981

DIEGO RIVERA Retrato de Anita Antunes (Diana Cazadora), 1954

Estimate: $200,000-300,000 Sold for $1,865,000

Estimate: $600,000-800,000 Sold for $693,000

Christie’s New York, Post War & Contemporary Day Sale, November 2023

Christie’s New York, Latin American Art, September 2023

933% OF LOW ESTIMATE

116% OF LOW ESTIMATE

WORLD AUCTION RECORD FOR THE ARTIST 403% OF LOW ESTIMATE

OLGA ALBIZU Unitiled, 1970

GONZALO FONSECA Seven Marble Piece Assemblage, 1970

FERNANDO BOTERO Still Life, 2009

Estimate: $40,000-60,000 Sold for $100,800

Estimate: $150,000-250,000 Sold for $163,800

Estimate: $150,000-200,000 Sold for $630,000

Christie’s New York, Latin American Art, September 2023

Christie’s New York, Latin American Art, September 2023

Christie’s New York, Latin American Art, September 2023

252% OF LOW ESTIMATE

WORLD RECORD FOR THE ARTIST AT AUCTION

420% OF LOW ESTIMATE

SECOND-HIGHEST PRICE FOR THE ARTIST AT AUCTION

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RAÚL MARTÍNEZ Rosas y Estrellas, 1956 Farber Collection

109% OF LOW ESTIMATE

ANONYMOUS (ANDEAN, 18TH CENTURY) Immaculate Conception and the Holy Trinity James Li Collection Estimate: $10,000-15,000 Sold for $113,400 Christie’s New York, Latin American Art Online, October 2023 1,134% OF LOW ESTIMATE

FRIDA KAHLO Portrait of Christina, My Sister, 1928 Estimate: $8,000,000-12,000,000 Sold for $8,230,000 Christie’s New York, 20th Century Evening Sale, November 2023 103% OF LOW ESTIMATE THIRD-HIGHEST PRICE FOR THE ARTSIT AT AUCTION

ART OF THE SURREAL EVENING SALE CASE STUDY | SALE OVERVIEW In February of 2023, Christie’s presented works by Latin American artists within the broader context of the Art of the Surreal Evening Sale in London. These works performed exceptionally well, achieving 147% of the aggregate low estimate with every work finding a buyer.

Christie’s proudly provides the opportunity for clients to offer their Latin American works in the context of various-owner Latin American Art sales, or specialized sales, such as the Art of the Surreal.

LATIN AMERICAN ART SOLD IN THE ART OF THE SURREAL EVENING SALE | LONDON | FEBRUARY 2023 SOLD TOTAL

$8.4 million

ESTIMATE

$5.7-8.5 million

% SOLD OF LOW ESTIMATE

147%

SELL-THROUGH RATE

100%

100% SOLD

KEY HIGHLIGHTS

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LEONORA CARRINGTON Quería ser pájaro, 1960

REMEDIOS VARO Retrato del Doctor Ignacio Chávez, 1957

LEONORA CARRINGTON Lepidoptera, 1968

Estimate: £900,000-1,400,000 Sold for £882,000 ($1.1 million)

Estimate: £2,500,000-3,500,000 Sold for £3,882,000 ($4.7 million)

Estimate: £160,000-240,000 Sold for £579,600 ($701,015)

Christie’s London, The Art of the Surreal Evening Sale, February 2023

Christie’s London, The Art of the Surreal Evening Sale, February 2023

Christie’s London, The Art of the Surreal Evening Sale, February 2023

98% OF LOW ESTIMATE

155% OF LOW ESTIMATE

362% OF LOW ESTIMATE

Fernando Botero: Joy of Life, Private Selling exhibition, Palm Beach Florida, December 2021

KEY HIGHLIGHTS

FERNANDO BOTERO ARTIST OVERVIEW 2023

Christie’s is the undisputed market leader for Fernando Botero, having achieved record prices in both the current and historic markets.

Christie’s has achieved each of the top five prices for Botero in 2023, as well as the historic top price for the artist at auction. Christie’s dominates the Botero market, capturing 61% of all sales with a 94% sell through rate, our closest competitor trails with only 39% capture.

FERNANDO BOTERO SOLD AT CHRISTIES | NEW YORK | 2023

FERNANDO BOTERO The Musicians, 1979

FERNANDO BOTERO Man Eating, 1978

FERNANDO BOTERO En La Plaza, 1987

Estimate: $2,500,000-3,500,000 Sold for $5,132,000

Estimate: $900,000-1,200,000 Sold for $1,071,000

Estimate: $800,000-1,200,000 Sold for $1,332,600

Christie’s New York, November 2023

Christie’s New York, September 2023

Christie’s New York, September 2023

205% OF LOW ESTIMATE

119% OF LOW ESTIMATE

167% OF LOW ESTIMATE

WORLD AUCTION RECORD FOR ARTIST

SOLD TOTAL

$18.5 million

ESTIMATE

$11.8-17.2 million

% SOLD OF LOW ESTIMATE

157%

SELL-THROUGH RATE

94%

61%

$18.5 million CHRISTIE’S SOTHEBY’S

39% $11.8 million

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FERNANDO BOTERO Madame Ingres, 1994

FERNANDO BOTERO Parrot, 1981

FERNANDO BOTERO Rendering for a Backdrop of Carmen, 1994

Estimate: €250,000-350,000 Sold for €504,000 ($538,027)

Estimate: $200,000-300,000 Sold for $1,865,000

Estimate: $25,000-35,000 Sold for $138,600

Christie’s Paris, June 2023

Christie’s New York, November 2023

Christie’s New York, March 2023

202% OF LOW ESTIMATE

933% OF LOW ESTIMATE

554% OF LOW ESTIMATE

SPOTLIGHT ON CUBAN CONTEMPORARY ARTISTS 2023

LANDMARK YEAR FOR CUBAN ARTISTS • Maria Magdelena Compos-Pons’ Soy una fuente (I Am a Fountain), 1990 established a world auction record price for the artist realizing $100,800.

The work achieved five times its pre-sale low estimate.

TOMAS SANCHEZ Sonido de nube, 2023 Estimate: $200,000-300,000

• Belkis Ayon’s Untitled (Sikan with goat), 1993 achieved 210% of the pre-sale low estimate, achieving $63,000. Christie’s achieved the top price for the artist earlier in 2022. Christie’s currently holds 8 of the the top 10 historic prices for Belkis Ayon works at auction.

• Roberto Fabelo’s Naturaleza y mito, 2023 rounded out a strong year for the artist, achieving $239,400 a total of 299% of the pre-sale low estimate.

Sold for $327,600 Christie’s New York, Latin American Art, September 2023 164% OF LOW ESTIMATE

Christie’s captured 71% of the artist’s market in 2023 with over $250,000 in sales with all works achieving prices well over their low estimates.

WORLD AUCTION RECORD FOR THE ARTIST

MARÍA MAGDALENA CAMPOS-PONS

ROBERTO FABELO

Untitled (Sikán with goat) 1993

Soy una fuente (I Am a Fountain), 1990

Naturaleza y mito, 2023

Farber Collection

Farber Collection

Estimate: $80,000-120,000

Estimate: S30,000–40,000

Estimate: $20,000-25,000

Sold for $239,400

Sold for $63,000

Sold for $100,800

Christie’s New York, September 2014

Christie’s New York, March 2023

Christie’s New York, March 2023

299% OF LOW ESTIMATE

210% OF LOW ESTIMATE

504% OF LOW ESTIMATE

BOUGHT BY A EUROPEAN CLIENT

BOUGHT BY AN AMERICAN CLIENT

BOUGHT BY AN AMERICAN MUSEUM

BELKIS AYÓN

MARIA MAGDELENA CAMPOS-PONS Soy una Fuente (I am a Fountain), 1990 Estimate: $20,000-25,000

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Sold for $100,800 Christie’s New York, Latin American Art, September 2023 504% OF LOW ESTIMATE

GLOBAL LATIN AMERICAN ART TEAM In order to achieve the greatest financial return, sales of Latin American art must be handled by the most experienced, respected team in the art industry located throughout Latin America.

NE W YORK

MIAMI

KRISTEN FRANCE

MARYSOL NIEVES

DIANA BRAMHAM

JESSICA KATZ

Vice President, Head of Department

Vice President, Senior Specialist

Vice President, Specialist

Senior Vice President, Regional Director

13 Years at Christie’s

12 Years at Christie’s

13 Years at Christie’s

15 Years at Christie’s

ARGEN T INA

CHILE

ME XICO

BR A ZIL

CRISTINA CARLISLE

DENISE RATINOFF DE LIRA

GABRIELA LOBO

MARINA BERTOLDI

Vice President, Regional Director

Senior Vice President, Regional Director

Senior Vice President, Managing Director

Vice President, Regional Director

24 Years at Christie’s

28 Years at Christie’s

30 Years at Christie’s

5 Years at Christie’s

{ 11 } Latin American art client event at pre-sale exhibition.

APPENDIX TARGETING BUYERS

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TARGETING BUYERS

L ATIN AMERICAN ART | ONLINE AND LIVE | NE W YORK | 2023

This map illustrates the unique number of clients active in our recent dedicated Latin American art online and live sales.

2%

OF CLIENTS

7 BIDDERS

UNITED KINGDOM

2%

OF CLIENTS

72%

1%

OF CLIENTS

OF CLIENTS

262 BIDDERS

9 BIDDERS

ASIA

5 BIDDERS

UNITED STATES OF AMERICA & CANADA

MIDDLE EAST

8%

OF CLIENTS

30 BIDDERS

6%

EUROPE

OF CLIENTS

23 BIDDERS

MEXICO

1 MAJOR BIDDER

7%

OF CLIENTS

27 BIDDERS

CENTRAL & SOUTH AMERICA

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1%

OF CLIENTS AUSTRALIA

LATIN AMERICAN ART MARCH 2024 SALES Christie’s will host dedicated live and online sales of Latin American Art in March 2024. Scheduled concurrently with Contemporary Art Week, these Latin American Art sales will mark the opening of Christie’s Spring sale season, and are a major convening moment for the art world. All eyes will be on Christie’s as we build on the success of our 2023 sales.

Among the consigned works for this sale, are important and fresh to the market paintings by Diego Rivera and Fernando Botero, which will generate high levels of attention from collectors. Offering your work(s) in this exciting sale context will engage the largest pool of likely buyers, maximizing your return.

The deadline to consign to these sales is February 10th. We look forward to discussing your consignment further.

D I EG O R I V ER A

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F ER N A N D O B OT ER O