The Brazilian art market continued to grow and expand at a rapid pace in 2013, according to a study released today by Latitude, a trade association described as “a platform for Brazilian galleries abroad.” The study, which is based on data compiled from 45 contemporary primary market galleries in Brazil, found that 90 percent of those galleries reported growth in their volume of business in 2013, up from 80 percent in 2012. Average growth among the galleries surveyed was 27.5 percent, an increase from 22.5 percent in 2012.

The study’s research coordinator, Dr. Ana Leticia Fialho, told artnet News, “The Brazilian economy is more stable now. It may not be growing as fast as it was, but it’s still growing. And the number of Brazilian collectors is rising,” she said, a trend fueled by the fact that younger galleries showing emerging art are not necessarily charging “super-high prices,” as she put it.

One clear indication of the nascent growth in the country’s art scene:  The study reports that 66 percent of Latitude’s member galleries were established after the year 2000. Despite being relatively young, says Dr. Fialho, these galleries have gained international visibility and acceptance at major fairs pretty quickly.

The study’s findings, which coincide with the opening of the 10th annual SP-Arte fair in São Paulo, found that total export sales for the galleries surveyed was US$51.3 million, up nearly 90 percent from $27.1 million in 2012. The majority of the artworks were exported to the US, the UK, Switzerland, France, Spain, and Colombia, a new addition to the list.