Fernando Botero's 1972 "Nuestra Senora de Cajica" (est. $600-$800K) sold for $872,500 to a North American private collector at Sotheby's. Photo: Courtesy Sotheby's

By Mackie Healy, Art Market Views Contributor

A third of Sotheby’s 65-lot Latin American art auction failed to sell last night, but there was plenty of spending power for certain works. Eight auction records were established.

“There are definitely chunks of money out there for very good things,” New York dealer Mary-Anne Martin said in an interview with Art Market Views.

The sale tallied $14.8 million, chump change compared with last week’s $222.4 million contemporary art auction at Sotheby’s, but quite respectable for a market with minimal cross-over from non-Latin buyers. The total skimmed the sale’s $14.5 million low presale estimate. The tally was down from $15.9 million a year ago.

A group of works were consigned by Aspen-based collectors, whom dealers say were slammed by Madoff-associated losses. They sold Wifredo Lam’s eight-foot wide 1970 voodoo-inspired painting which made an auction record $2.2 million. (Sotheby’s had sold work for the same collectors in May and a third tranche is still to be sold).

The high rate of casualties contributed to a tense mood in the salesroom. Several pricey lots, including an important Leonora Carrington, tagged $500,000 to $700,000, failed to sell. Three Rufino Tamayos also tanked.

“There’s been a shift in taste,” said Martin. “The shift is towards Op art, conceptual art and geometrical abstraction.”

As usual, Botero –the Latin American market’s own Andy Warhol — was among the heavy hitters. “Botero has become a brand name like Coca-Cola,” said Martin. “Everyone knows who Botero is.”

A group of 19th century Mexican works fared well. Jose Agustin Arrieta’s El Requiebro and Eugenio Landesio’s Cruzando el Lago de Texcoco con Volcanes both fetched $482,500 – an auction record for both. The works were sold subject to national patrimony laws and restricted to a Mexican buyer.

Despite the choppy results, eight auction records were set, including Alejandro Otero’s Coloritmo 9 which whipped up a bidding battle, selling for $752,500, double the high estimate.  Other records were set for Luis Tomasello and Abraham Palatnik.

Christie’s evening sale takes place tonight.

The top ten:

Title/date/artist/selling price/estimate/buyer info provided by auction house

1. Les Abalochas Dansent pour Dhambala, Dieu de l’Unite (1970) by Wifredo Lam $2.2 million (est. $1.75 – $2.25 million) Anonymous Buyer
2. Nuestra Senor de Cajica (1972) by Fernando Botero $872,500 (est. $600,000 – $800,000) North American Private
3. Coloritmo 9 (1956) by Alejandro Otero $752,500 (est. $250,000 – $350,000) North American Private
4. Reclining Nude (circa 1987) by Fernando Botero $674,500 (est. $400,000 – $500,000) Latin American Private
5. Children’s Fear of Idols II (1944) by Matta $518,500 (est. $500,000 – $700,000)U.S. Trade
6. No. 232 (1969) by Sergio Camargo $482,500 (est. $400,000 – $600,000) International Collector
7. Cruzando el Lago de Texcoco con Volcanes (1865) by Eugenio Landesio $482,500 (est. $180,000 – $220,000) Mexican Collector
8. El Requiebro (circa 1850) by Jose Agustin Arrieta $482,500  (est. $180,000 – $220,000) Mexican Collector
9. Untitled (circa 1944-1945) by Wifredo Lam $470,500 (est. $400,000 – $600,000) Mexican Collector
10. Mujeres de California con Flores (circa 1937) by Alfredo Ramos Martinez $458,500 (est. $400,000 – $600,000) Mexican Collector

Sergio Camargo's 1969 "No. 232" (est. $400-$600K) sold for $482,500 at Sotheby's. Photo: Courtesy Sotheby's

Wifredo Lam's 1970 "Les Abalochas Dansent pour Dhambala, Dieu de l'Unite" (est. $1.75M-$2.25M) sold for $2.2 at Sotheby's. Photo: Courtesy Sotheby's