How Art Auctions Work in Latin America

Art auctions in Latin America have experienced sustained growth over the last few decades, becoming a key component of the regional market. Their operation combines international practices with the continent's own cultural and economic dynamics.
Generally, an auction house—such as Bogotá Auctions, Odalys, Morton Subastas, or Bolsa de Arte—selects a group of works after a professional appraisal process that includes authentication, provenance, and condition assessment. Subsequently, the pieces are presented to the public through physical or digital catalogs and preview exhibitions open to collectors and art enthusiasts.
During the auction, the auctioneer directs the bidding while participants offer increments above the starting price, which is usually based on pre-established estimates. In Latin America, auctions can be in person, by telephone, online, or a combination of both.

The region is characterized by a strong presence of modern and contemporary art, as well as by the growing appreciation of Indigenous, Afro-descendant, and women artists. Furthermore, economic fluctuations directly influence prices, creating opportunities for both experienced buyers and new collectors.
Auctions allow for transparency in the market and, at the same time, contribute to positioning regional artists internationally. Their importance goes beyond economic exchange: they help build collective memory, legitimize artistic trajectories, and energize the Latin American art scene.

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