Stumbling No More

Stumbling No More

Mexico

One evening in late January, a crowd gathered at the Luis C. Morton gallery in Mexico City. Those present had come to bid for more than 200 works of art as they went under the hammer. On the list were works by Mexican and foreign artists such as Manuel Felguerez, John Frederick Herring and Luis Nishizawa. The government arranged the auction after it had become a temporary owner of the works after intervening in nearly 30 Mexican financial institutions in the long wake of the 1994 peso crisis. The proceeds of the sale, along with those from loan porfolios, hotels, golf courses, a marina and entire banks that have been sold in the past few years, will be set against the estimated $

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