It’s a little disappointing to see the coverage of ArtBasel Miami Beach mention South American collectors as if they were new to the market. ABMB was produced in Miami because of the presence of Latin collectors, not the other way around. Nevertheless, there does seem to be real momentum in the Latin American market judging by the long-term trend in sales volumes, though it is hard to say that something is undervalued if the work cannot be resold easily at a greater price:

“A Latin American buy is not going to be flipped for $1 million or $2 million more, it’s a safe bet, prices are still undervalued,” said Heather Russell, senior specialist in contemporary Latin American art for ArtNet, a New York City-based online auction house. […]

“In 10 years we have more than doubled our numbers in sales,” said Stein. For a 250-lot auction, split into two session, total sales used to be between $10 million and $13 million “and now they’re bringing in $20 … $25 million,” he added.

Russell said Brazilian artist Vik Muniz was the second-most searched artist on ArtNet’s website in October, between Warhol, who ranked number one, and Pablo Picasso, who ranked number three.

Miami Art Fair Attracts Growing Latin American Market (NBC News)