The Art Market in Madrid

Wealthy Latin Americans are revolutionizing the art market in Madrid: "They are more impulsive; they arrive with the decision to buy, even before stepping inside—often deciding right from the storefront window."
A new generation of galleries has emerged in the capital, tailored to the Latin American community in the Barrio de Salamanca. "They are impulsive clients. They buy right from the storefront window."

At least 14 art galleries—founded by Latin American professionals and often serving as branches of galleries already active in Mexico City, Lima, Bogotá, or Buenos Aires—have opened their doors in Madrid. These include Crisis, La Cometa, Villa Magdalena, El Apartamento, Bombón, Hilario Galguera, Fernando Pradilla, Iberoamérica Art Gallery, and Yuri López Kullins. This boom in Latin American art reflects the impact of Latin American expatriates who, over the last decade, have chosen to reside in Spain—drawn by the country’s safety, public services, and affordability, as well as the emergence of a cultural scene specifically designed for them.

"When someone leaves their home country to settle elsewhere, they feel a need to showcase their history—to share where they come from and their cultural roots," explains Paloma Jaramillo, a Colombian national and director of La Cometa in Madrid. "Art is a way to maintain that connection. I’d say our clientele is 20% Spanish and 80% Latin American—and by 'Latin American,' I mean from anywhere in the Americas, from Argentina to Mexico, and even the United States. We have a higher number of Colombians, which is natural given our personal networks, but our Latin American clients identify with us regardless of where they are from."

"Many Latin Americans have purchased homes in Madrid over the past few years. Some were already clients of ours back in Mexico, and we’ve reconnected with them here in Spain," says Paloma García-Moreno, director of the Madrid branch of Galería Hilario Galguera, which originated in Mexico City. "We also have European clients—Germans and Belgians—who are looking for Latin American art; for them, it is much easier to travel to Madrid than to Mexico. Spanish clients, by contrast, are few and far between for us. Engaging with institutions, meanwhile, is notably difficult."

The remarks from Jaramillo and García-Moreno encapsulate the situation facing Latin American galleries: as is well known, wealthy Latin Americans who once settled in Miami are now moving to Spain—a country often romanticized as the land of their ancestors, where high-end real estate remains more affordable than in Florida, and the lifestyle is more agreeable.
According to data from the INE (National Statistics Institute), 29,000 Latin American citizens reside in Madrid’s Barrio de Salamanca. While not all of them are wealthy or art collectors, there is a critical mass sufficient to have drawn the galleries that served them back home across the Atlantic. Furthermore, these affluent Latin Americans have new homes to furnish; they must adapt to the social norms of this "new-yet-old" world, while simultaneously seeking out artworks from their home countries—pieces that serve as a reminder of their origins and their personal history.

That, in short, is the situation. Álvaro de Benito serves as the European correspondent for *Arte al Día International*, a magazine dedicated to Latin American art that also promotes art fairs throughout the Hispanic world. Drawing on his professional experience, he offers further insight: "Twenty years ago, there was only one Latin American gallery owner in Madrid: Fernando Pradilla, from Colombia. He brought contemporary Latin American art—works by established artists—and he continues to do so today. The real surge began six or seven years ago. Latin American galleries have sought a presence in Madrid, much as South African galleries have sought one in London. There is a sort of neocolonial trend at play, drawing great fortunes back toward the former imperial center." “Sometimes, setting up here doesn’t make great financial sense, nor does it offer an immediate, direct benefit. The investment is more about being close to the artists and to ARCO, being part of the circuit, and getting to know the institutions.”
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