Fernando Botero Leads Christie's $9.93m 'Latin American Art' Auction in New York

A work by Fernando Botero was the headline sale at Christie's 'Latin American Art' auction on February 28 in New York.

• The sale totaled $9.93m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 46 works sold totaling $9.93m.
• Estimates totaled: $10.7m (low) and $15.71m (high), excluding premiums.
• The sell-through rate was 78% of the original 59 lots announced.

The star lot was: Fernando Botero, Shoeshine (1989), which sold for $1.17m, 46% above its $800,000 low estimate. It has been traded 4 times in the past.

The outperformer sold for 467% above its low estimate. Anonymous 18th century, La dinastía Inca (Undated), sold for $226,800 ($40,000 low estimate). It has been traded twice in the past.

• 17 works, or 37%, sold above their high estimate.
• 23 works, or 50%, sold within their low and high estimate.
• 6 works, or 13%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

10 works were bought-in, including: Rufino Tamayo, Mujer con sandía (1959), estimated at $800,000 (low) to $1.2m (high). It has been traded 5 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Roberto Matta, Les enfants craignent les idoles, I (Children Fear Idols, I) (1943) estimated at $300,000 (low) to $500,000 (high).

Terms and definitions

All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.

Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.

Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.

Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.

Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.