Latin America is a growth market for sure, but what of its local artist market? Sales at auction of Latin American modern and contemporary art are mostly purchased by buyers of Latin American ancestry. But there is much potential for this relatively small sector of the art market.

We’ve characterized Latin American countries as those that are south of the United States and where Romance languages are officially spoken.

On the list you’ll find the much buzzed about Oscar Murillo, Gabriel Orozco, Beatriz Milhazes (who just had a show at the Pérez Art Museum Miami this past December—see Beatriz Milhazes and Mario Garcia Torres Show Boldly at the Pérez Art Museum), and Tomás Sánchez, perhaps the most well-known living Cuban artist.

With help from the artnet Analytics team and the artnet Price Database team, we sifted through the numbers and results to find out more about what’s moving in the Latin American art market.

Overall, the fine art auction market for living Latin American artists is quite small, making up less than 2 percent of the global auction market. From January 2011 to March 2015, the total for all currently living fine art Latin American artists was just over $261 million, according to the artnet Price Database. That’s a small fraction compared to the $4.4 billion at auction that is attributed to artists of Chinese descent (see Top 50 Most Expensive Chinese Artists of 2014 at Auction).

The top 50 living Latin American artists brought in $209 million of that $261 million sum, and dominating the list is heavy-hitter Fernando Botero, who sold $79 million worth of art (four times the value of the next artist on the list).

Are you curious about other artists who didn’t make the list? Browse more Latin American artworks for sale on artnet.