Wealthy Latin Americans are revolutionizing the art market in Madrid: "They are more impulsive, they come in with the decision to buy from the window"

At least 14 Latin American art galleries have opened in Madrid, reflecting the growing presence of expatriates from the region. These galleries, often branches of established ones from cities like Mexico City and Bogotá, cater primarily to Latin American clients, with a smaller percentage of Spanish customers. The influx of wealthy Latin Americans moving to Spain is driven by factors such as safety, cultural offerings, and more affordable high-end housing compared to places like Miami. The trend has led to increased exhibitions of Latin American art in major institutions like the Reina Sofía and Thyssen museums. The establishment of these galleries is not only about following clients but also about accessing local artists and networks. The economic aspect is significant, with the golden visa policy introduced in 2013 facilitating residency for wealthy foreigners, further boosting the art market in Madrid.