Latin American Art

Latin American Art Achieves $112 Million in Sales at Sotheby’s in 2024: A Testament to Market Growth and Strategic Innovation

In 2024, Sotheby’s achieved a landmark $112 million in total sales of Latin American art, underscoring the category’s growing prominence in the global art market. This extraordinary result reflects the strength of Sotheby’s innovative approach to integrating Latin American art into our Global Fine Art auctions, a proven strategy that has redefined the category and consistently delivered exceptional returns for consignors.

The Market’s Evolution and Growing Demand

The market for Latin American art has entered a new phase of global recognition, fueled by collectors’ increasing interest in works that combine cultural heritage with modernist and contemporary innovation. Sotheby’s has been at the forefront of this trend, successfully broadening the audience for this market art by presenting Latin American art alongside blue-chip works in marquee auctions.

Since the integration of the category in 2017, Sotheby’s has set over 20 world auction records for major modern and contemporary Latin American artists, including Wifredo Lam, Remedios Varo, Joaquín Torres-García, Carlos Cruz-Diez, Carmen Herrera, and Olga de Amaral. This strategic positioning within global sales has introduced Latin American art to a broader collector base, fostering a 61% increase in new bidders for the category in 2024.

Proven Integration Success

Sotheby’s commitment to integrating Latin American art into its global platform has delivered exceptional results. By leveraging our international salesforce—the largest dedicated to this category in the industry—we ensure maximum visibility for consignors. Latin American art is now regularly featured in our marquee and mid-season New York sales as well as biannual Evening and Day Sales in London, Paris, Milan, and Hong Kong.

This approach is financially advantageous. The $112 million achieved in 2024 includes standout performances by celebrated artists such as Leonora Carrington, Remedios Varo, Wifredo Lam, and Frida Kahlo, as well as groundbreaking sales of works by Rufino Tamayo, Torres-Garcia, Lygia Clark, and Olga de Amaral. These results demonstrate the category’s growing appeal across diverse markets and its ability to resonate with collectors worldwide.

A Dynamic Category in the Global Market

Sotheby’s platform has positioned Latin American art as an essential part of global collections. Works by iconic figures like Diego Rivera and Leonora Carrington are now viewed alongside modern and contemporary masters from around the world, further enhancing their appeal and market value. The global art market has responded, with more than 641 bidders from 50 countries competing for Latin American works at Sotheby’s in 2024.

Leadership and Long-Term Growth

The $112 million in sales achieved in 2024 is a clear indication of the category’s upward trajectory and Sotheby’s leadership in this field. By integrating Latin American art into our global sales, we have elevated its market presence and created unmatched opportunities for collectors to engage with these extraordinary works. As the definitive market leader, Sotheby’s remains committed to championing Latin American art, ensuring its ongoing growth, and solidifying its position as one of the most dynamic categories in the global art market.