Insights
By: Anna Smith
Stonehage Fleming Art Circular
Insights from Stonehage Fleming's Art Management team
In conversation with Anders Petterson, Vivian Pfeiffer, Maurizio Rigillo, Tulsi Karpio and Hanna Ballón Carneiro
Art Basel Miami returns this year on Friday, December 6 running through Sunday, December 8. Over its 22-year lifespan, the fair has become a mainstay in the international art scene, attracting collectors and galleries from across the world. Miami’s unique culture, geography and connection to Latin American art lends the event a character all its own. In anticipation of its opening, we had the pleasure of speaking with several art experts coming from various fields about their insights into the Latin American art market, and what they are most looking forward to seeing at this year’s Miami Basel.
Below are some excerpts from our conversation. Please see the link below to view the whole conversation.
Anders Petterson – Founder and CEO of ArtTactic Ltd, a London-based art market research and analysis company.
Can you talk us through the dynamics of the Latin American art market and tell us a bit more about the trends of the past few years?
“Over the last few years, we’ve seen a very challenging environment for the global art market – particularly in 2023 but continuing in 2024. In the first half of 2024, sales were down overall about 27%, and about the same for post-war contemporary and modern impressionist. In Latin America, we’ve seen the opposite – a sort of counter trend. Over the last ten years, the market has actually been quite stable, despite the pandemic in 2020. Though the market was affected, it showed more resilience than, say London or New York.”
What does your research tell us about the sales of works of art by women artists and artists of different generations?
“I can think of no other market in which women are so strongly represented in terms of sales. With the caveat that we are talking about the relatively few artists that have made a strong impact on the market, I think it sends a signal of confidence. It is a trend that will hopefully benefit artists that have maybe not yet received the attention and recognition they deserve and is one that we haven’t really seen in many other markets. Yes, women artists are gradually creeping into the European, US and Asian markets, but we’re talking 13-14% of sales. In the South American market, we’re talking almost half this year.”
Vivian Pfeiffer - Deputy Chairman, Senior International Specialist, New Markets at Phillips
How has your role as an auction house had an impact on the development of the Latin American art market?
“When Phillips and others started to offer works by Latin American artists in the marque Modern and Contemporary sales, it had an immediate effect. At the time of its reopening, New York’s MoMA no longer had a ‘Latin American’ floor or separate exhibits – Latin American art was hung with its global peers. More galleries at the art fairs showed Latin American art alongside Contemporary and Modern. Collectors from Latin America got very involved in the global contemporary art market and collectors from everywhere else got introduced to Latin American art. Everybody benefited.”
How have you seen Miami Basel change over the years? Does it still have something unique to offer?
“When I came to Miami in the 1990s, it was almost viewed as a developing country by the rest of the US. It’s amazing to see where it is right now. Everybody wants to live in Miami. Financial institutions are moving in, Latin American families do most of their business and management in Miami.”
Who are the biggest buyers of Latin American art?
“Latin Americans used to collect only Latin American art. That’s no longer the case. Today, they collect international art and Latin American art only when it is an ‘A+’ piece. They have become very choosy about what it is they’re going to bring home, partly because they have to consider high art import tariffs into Latin America. ”
Maurizio Rigillo – Co-founder of Galleria Continua
How has Miami Basel changed over the years?
“Art Basel for me, has changed character since Covid. Before the pandemic, from about 2010-2013, the audience was unchanged – the crowd was more like Hong Kong or Basel. You risked meeting half the same people, because they were traveling globally. Now in Miami for the last two years, the audience is more Latin American. It being more local has attracted its own group of visitors.”
Hanna Ballón Carneiro, art curator at La Mancha Galería
Can you give us an overview of the Peruvian art scene?
“Despite its relatively small size – there are only a handful of museums in Lima and around a dozen galleries in the whole of Peru – Peruvian art is in high demand due to a due to a healthy pool of collectors, mainly international but local collectors too.”
Tulsi Karpio, Latin American art collector and adviser
“There is a big craving for collecting. The Peruvian collectors are very important for creating an eco-system within the local market.”
Many thanks to our five speakers for sharing with us their fascinating insights and unique perspectives on Miami Basel and the Latin American art market. With great interest, we look forward to watching this rapidly growing market continue to expand and change.
If you would like to learn more about this topic, please watch the full webinar here.