Fernando Botero Leads Christie's $14.24m 'Latin American Art' Auction in New York

A work by Fernando Botero was the headline sale at Christie's 'Latin American Art' auction on March 12 in New York.

• The sale totaled $14.24m, meeting the pre-sale estimate.

Snapshot of the sale

• 43 works sold totaling $14.24m.
• Estimates totaled: $10.87m (low) and $16.22m (high), excluding premiums.
• The sell-through rate was 72% of the original 60 lots announced.

The star lot was: Fernando Botero, Dancers (2000), which sold for $3.92m, 150% above its $1.5m low estimate. It has been traded once in the past.

The outperformer sold for 325% above its low estimate. Fernando Botero, Hombre que fuma (1976), sold for $428,400 ($100,000 low estimate).

• 22 works, or 51%, sold above their high estimate.
• 16 works, or 37%, sold within their low and high estimate.
• 5 works, or 12%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

16 works were bought-in, including: Fernando Botero, Bather in the River (2018), estimated at $800,000 (low) to $1.2m (high). It has been traded once in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Wifredo Lam, Untitled (1941) estimated at $300,000 (low) to $400,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.