Miguel Covarrubias, Joven Balinesa, c. 1931
Main reasons to invest
Return Potential📈: An investment of 500 EUR is projected to be worth approximately 690 EUR in 3 years.
Cost-to-Return Ratio⚖️: With just 2.0% annual total costs (including exit fees), your net profit could be an impressive 11.3% per year.
Auctions Presence 🖼: Covarrubias, highly sought after for his paper works, including drawings, watercolors, and gouaches, contributes 46% to his auction sales turnover. This proportion, significantly higher than other artists', is attributed to market appreciation for his magazine and newspaper illustrations and depictions of Southern Asian traditional life, mostly on paper. Reduced artwork volume on the market also affects an index movement that consistently outperforms the Artprice Global Index.
See our successful exit achieved by Artemundi: Chagall +15.4% net return in 1.5 months
Description
“ The Covarrubias works on paper market more than doubled since 2011. Especially, his enigmatic works of folkloristic scenes like this one realize top prices of up to 450’000 USD.” - Javier Lumbreras, CEO at Artemundi
Who is Miguel Covarrubias?
Miguel Covarrubias (1904-1957)
Was a Mexican painter, caricaturist, illustrator, ethnologist and art historian, who lastingly influenced American art and promoted Mexican culture beyond its borders. After he moved to New York, Covarrubias started drawing for several top magazines, eventually becoming one of Vanity Fair magazine's premier caricaturists. Today, his work is recognized alongside the artistic contributions of Frida Kahlo, her husband Diego Rivera and other key-figures of 20th century Mexican art. The Covarrubias market has particularly increased since 2011 and its index grew by around 170% points, outperforming the index of art market greats such as Pablo Picasso and Claude Monet during the respective period.
Born in the same year as Salvador Dali and friends with Frida Kahlo and her husband Diego Rivera, dedicated an important period of his oeuvre to his time in Bali and Southern Asia. As a passionate ethnologist, he captured the local traditions and saved his impressions of Balinese life in the first half of 20th century for posterity.
The “Mexican Gauguin”
Showed deep interest in ethnological studies and dedicated a great part of his art to depicting rural, traditional life of natives in Mexico and in Southern Asia. Like artist Paul Gauguin, Covarrubias immersed himself in the life of the natives he painted, and his art of this period is the result of careful observation and the aim to transmit the beauty of this way of life to the supposedly “civilized” world. Today, works by Gauguin reach nine-figure prices and confirm the strong market interest in ethnologically inspired art.
Investment Potential: Covarrubias' Market Allure
Especially Covarrubias’ depictions of traditional and folkloristic scenes enjoy market appreciation and sell consistently above high estimate. Further, the current market valuation for this artwork is significantly higher than the purchase price, creating a built-in margin for investors above the ambitious scenario.
Why this Art Piece?
The artwork shows a girl sitting on her knees with her hands delicately placed over her legs. Barefoot and topless only wearing a dark long skirt with green and yellow details on her waist, the girl is joined by a hen picking corn from the ground. Her head is surrounded by a light pink/orange scarf leaving uncovered some of her dark hair and a prominent circular earring. With an alert expression on her face, we find her on a bright carpet in front of a house with woven walls. On the back of this poignant depiction of a traditional Balinese girl in traditional habitat Covarrubias sketched a first attempt to a caricature in the Nickolas Muray collection entitled "Tourist saved by Cheap Chinese Labor'' which was published in Vanity Fair Magazine, March 1931.
Muray, for many years the affair of Frida Kahlo, was a close friend of Covarrubias and colleague as they both worked for Vanity Fair and the connection of this work to Muray certainly adds to its attractiveness in the market.
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Expert
Since our foundation in 1989, Artemundi has evolved into an industry-leading art investment company with thousands of successful transactions and over a billion dollars managed in art. Artemundi is the trusted advisor of Spectrum Utilis, S.L.
