The scarcity and surging demand that pump-up prices also
contribute to one of this market’s biggest challenges: rampant fakes. Insiders
in the Latin American art world say these counterfeits are exceptional both in
scale and nature. Martin says that in the past year alone she was offered 25
fakes purportedly from the hand of Mexican social realist muralist David Alfaro
Siqueiros. After spending a substantial sum on a fake Siqueiros painting eight
years ago, Aaron waged a battle against both a Siqueiros family member, whom he
says assured him that the painting was genuine, and the Mexican government
officials he alleges are complicit in the racket. (The Siqueiros family and
Mexican government officials denied any wrongdoing.)
 | FERNANDO BOTERO’S Jugadoras de Cartas II garnered $1.7
million. |
If collectors haven’t bought a fake or two, they aren’t
collectors of Latin American art, Aaron adds. Despite what he refers to as his
"scars," Aaron takes obvious pleasure in this endeavor. He and his wife, Erika,
once traveled to Los Angeles to secure La Mexicana by Manuel Gonzalez
Serrano, while Erika was experiencing contractions leading to the birth of their
first child. A photo in a Mexican magazine from 1934 sparked another quest.
Aaron was determined to acquire the painting Life of a Harlequin by Federico Cantu,
which he had never seen anywhere else. A six-month search led him to a parking
garage in San Diego where the painting had been stored for nearly 60 years.
"Part of the greatest emotion is the search," he says.
Because these works also represent investments, Aaron and other
veteran collectors recommend taking a systematic approach, researching an artist
as much as possible before making a purchase. He has amassed 3,000 books and
created a ranking system based on which artists were important exhibitors in
various museums and the highest prices their works have commanded.
VALUE JUDGMENT
Latin American art prices are on the rise as a broadening pool of
collectors fuels demand for the wide range of genres available. According to
collectors and dealers, limited supply and an especially hazardous danger of
fakes present challenges in the field. But the works remain bargains compared to
those of many other modern and contemporary masters. And collectors who fall for
Latin American art tend to fall hard, so financial returns are usually far
from their minds. |
Stanley and Pearl Goodman, collectors who live in Florida, also
spend ample time researching pieces before they make purchases. They talk with
dealers, attend art exhibits in Miami, collect auction catalogs and travel to
New York twice a year for major sales. They also spend time in Argentina and
Brazil, relying on guides and Pearl’s college-level command of Spanish.
The Goodmans began collecting 15 years ago because they enjoyed
Mexican muralists, and then realized there was more to Latin American art. They
have assembled more than 50 works that they refer to as "Latin American Art 101"
in their home. Among their favorite pieces is a 1933 oil by Mexican muralist
Jose Clemente Orozco. To avoid getting swept up in the auction frenzy, the
Goodmans usually agree on their limit beforehand. For this particular work,
however, they went up one extra bid to secure it for about $60,000.
They enjoy the humor of the painting, entitled Successful People,
as well as its history. From 1932 to 1934, Orozco was an artist-in-residence at
Dartmouth College, and his work reflects the impressions he formed of American
art-goers. In the piece, two priggish WASPs in evening dress peer out from the
canvas, noses raised in distaste as though they regard a work of art that is not
to their liking. "It’s not the most expensive painting in the collection, but
it’s so funny," Pearl says. "Everybody gets a chuckle out of it when they think
this was a Latin American artist looking on us."
Like the Goodmans, Rico Garcia became captivated by Mexican art
when he first saw murals by Diego Rivera and Orozco. Garcia is the CEO of
Indigenous Wealth Consulting and a member of the San Manuel Band of Mission
Indians located outside of Los Angeles. He is also Mexican American, and enjoys
focusing on art that merges the modern and native perspectives. Garcia values
his collection at about $1 million, and says he devotes about 35 percent of his
investment funds to Latin American art. His pieces include works by Gunther
Gerzso, Carlos Merida and Fernando de Szyszlo.
For Garcia, finding resources for information on the artists
presents a serious challenge, because he is not fluent in Spanish. He relies on
dealers, including Martin and Latin American Masters, as well as the website
Artnet.com, for information. Garcia counts an abstract work by de Szyszlo,
Trashumantes Diptico, as a favorite piece. Measuring roughly 5 feet by 7 feet, the
painting dominates the wall above his desk. "I often find myself looking at it
and staring, and maybe not doing work," Garcia says. "Maybe that’s why you have
art."
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