America by Ruffino Tamayo
The NY Times reports:
A mural by Mexican artist Rufino Tamayo -- one of five exhibited in the United States still in private hands -- was sold Tuesday for nearly $7 million at an auction of Latin American art.
''America,'' measuring 13 feet by 15 feet, fetched $6.8 million, just below its pre-sale estimate of $7 million to $9 million, a spokeswoman for Sotheby's auction house said. The buyer's identity wasn't released.
The lower-than-expected price echoed the slowdown in the art auction market in recent weeks. The buying habits of wealthy collectors have been shifting as they confront the global financial crisis.
In May, Tamayo's ''Troubadour'' sold for $7.2 million at Christie's, setting an auction record for the artist and Latin American artwork. Frida Khalo's ''Roots'' previously held the Latin American record when it sold for $5.6 million at Sotheby's in 2006.