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JUAN VEREZ APPOINTED HEAD OF LATIN AMERICAN ART DEPARTMENT

NEW YORK CITY -- Christie's has announced the appointment of Juan Varez to

head of the Latin art department in New York.

The announcement follows two seasons of Latin American art sales in 1998 that

totaled nearly $22 million. In his new capacity, effective immediately, Varez

will pay an active role in further broadening the Latin American art market

worldwide.

"We have seen a steady increase in the level of participation in Latin

American art sales. This season alone, more than half of the buyers were from

countries outside of Central and South America, demonstrating a changing

demand and confirming that Latin American art has found a more international

audience," comments Patricia G. Hambrecht, president of Christie's North and

South America.

Varez adds: "To further broaden the Latin American art market beyond the

traditional Latin American audience, we'll keep a watchful eye on changing

trends which will help us respond quickly to client needs, while introducing

Latin American art to established clients in other collecting categories. To

do this, we will work more closely with Christie's representatives in Latin

America, Canada, and the United States, using their expertise of the market,

combined with an academic knowledge of art. In addition, our sales will be

strongly focused as we concentrate on the importance of the works from both a

historic and collecting point of view."

A native of Madrid, Varez started his career in the Old Master paintings

department at Christie's London and went on to establish and head the

specialist departments at Christie's Madrid. Among Varez's accomplishments

while at Christie's was the private sale of two paintings by Goya, the

portrait of the "Duchess of Abrantes" to the Prado Museum and a portrait of

the "Queen of Spain" to the Savings Bank of Zaragoza, Goya's hometown.

Varez also has expertise in Latin American art and since his transfer to New

York has worked extensively with clients in South and Central America.

Recently, he was responsible for the sale of Wifredo Lam's 1947 painting

"Nativite" to the Spanish Government for the collection of the Museo Nacional

Centro de Arte Reina Sofia in Madrid. The painting sold on November 24 for

$882,500.

Ana Sokoloff, who was director of exhibitions and cultural activities at the

Permanent Mission of Colombia to the United Nations and has been a senior

specialist in Christie's Latin American paintings department for the last two

years, will support Varez in his new role.

Fernando Gutierrez, after two years as head of the department, has decided to

pursue a career outside of Christie's. He was responsible for annual sales of

over $420 million during his tenure, and in the spring of 1998 achieved the

second highest total for Latin American art at Christie's.