Miami Beach prepares to host its annual International Miami art fair, one of the worlds most important fair for contemporary art. On this year's edition, the organizing are expecting a surge of big ticket buyer specially from Latin American.
Axel Stein, the manager of the Latin America department for auction house Sotheby's said that business coming from countries like Mexico, Brazil and Chile have grown exponentially in the last few years. That grow has been fueled by strong performances of sectors like commodities and real state. Analysts expect the growing trend to consolidate in the years to come, making the Miami art fair a must attend event for art collectors from Latin American looking to expand their portfolios.
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The proximity of Miami to Latin America makes it a very appealing event for art collectors in the region when compared to other major events held in Europe in places like switzerland. This year fair, which is held in the first week of December, comes right after record setting sales of Latin American artist like Fernando Botero who recently saw one of his paintings auction in New York for near 1 millon dollars.
According to art analysts, Latin American art still perceived as undervalued, making it a safe investment for art collectors. Current top sellers of art like English sculptor Henry Moore can get up to $30 million for their works. This make in comparison Latin Art very attractive to investors.
The Latin American art market has changed in the past decades. 15 years ago, collectors would mostly buy works from the region. Today, thanks to strong economies at home, they are more likely to buy also European and Middle Eastern art.
Miami Beach Art Fair is held Dec 6-9. For more information and tickets visit:
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