Latin America: the Wealthy Stand Out in Art Patronage

In recent years, the number of high net-worth individuals has been on the rise in Latin America. By 2023, the continent boasted over 100 billionaires, most of whom are based in Brazil and Mexico. A number that continues to increase, as Forbes recorded 105 billionaires on the continent in 2024.

In a nevertheless fragile context, with enormous challenges still ahead, culture seems to emerge as an answer to some business leaders who are passionate about their region’s art, and whose involvement in major exhibitions is now significantly influencing both the art world and its market. In November 2024, the Latin American Art auction, organized by Christie’s at the Rockefeller Center in New York, raised around $22.7 million, with paintings from Mexico’s greatest artists such as Rufino Tamayo, Frida Kahlo, and Diego Rivera, as well as works by Brazilian sculptor Sergio Camargo and Colombian painter Fernando Botero. Similarly, in May 2024, a piece by famed British-Mexican surrealist artist Leonora Carrington, The Distractions of Dagobert (1945), was hammered down for $28.5 million at Sotheby’s, setting a record for the artist. This work was acquired by Argentine businessman Eduardo Costantini, who sought to strengthen both his collection and his commitment to Latin American art - A perfect example of how Latin America's business world is shaping the dynamism of the art market, whose vitality appears to be at its peak.