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."

Personal Effects
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."