Indonesia’s growing wealth has also came into play as its collectors compete for the Balinese work of Mexican artist Miguel Covarrubias.
And the explanation is here:
“Before the Indonesians wanted the art but didn’t have the money to pay for it,” said Martin. “Now they do.”
At Christie’s in May, Covarrubias’ 1932 “Offering of Fruits for the Temple” set an auction record for the artist at $1.02 million, This week Covarrubias work on paper also hit a new high, selling for $290,500 also at Christie’s.
Here is the full report, mostly about the boom in Latin American art.