institutions who have promoted the Spanish arts and culture. Soon after, Zóbel died of a heart attack while traveling in Rome, Italy on June 2, 1984 at the age of 59. Legacy Since Zóbel's passing in 1984, the Ateneo Art Gallery in the Philippines and the Museo de Arte Abstracto Español in Spain, have since become hallmarks of Spanish and Philippine modern and contemporary art. In 1967, the Ayala Museum originally envisioned by Zóbel to be a museum for Philippine history and iconography was established by the Filipinas Foundation (present-day Ayala Foundation). In 2003, a retrospective was held at the Museo Nacional Centro de Arte Reina Sofía in Madrid. The exhibition had a special exhibition tour at the Casa Museo Zavala in Cuenca and the Sala de Exposiciones de la Caja de San Fernando in Seville. On May 21, 2006, Zóbel was posthumously awarded the Presidential Medal of Merit by the Philippine President Gloria Macapagal Arroyo for his contributions in the arts. From November 15, 2022 to March 5, 2023, "The Future of the Past," an exhibit that pays tribute to the legacy of Zóbel, takes place in the Museo Del Prado, in collaboration with Fundacion Juan March and Ayala Foundation. Record prices at auction Since the 2010s, works by Zóbel have achieved record prices at auctions with the growth of the Philippine art market. On April 6, 2013, Hattecvm, a work from 1949 previously in a European private collection was sold for a record of PHP43.460 million (US$1,056,082) at a Sotheby's auction in Hong Kong. This was subsequently followed by a record price set in May 25, 2013 by Aracili, a similar work from 1959 that sold for PHP37.467 million (US$900,773.20) at a Christie's auction in Hong Kong. Since then, his works have consistently increased in prices at auction in the Philippines and overseas. In 2015, Seated Man (Nothing III), an early 1953 work by Zóbel in the collection of his longtime friends Jim and Reed Pfeufer was sold at the Leon Gallery auction in Manila for a record PHP30.368 million. Subsequently, this record has been broken a 1959 work titled Saeta 52 (Pared Madrileña) from the Saeta series sold for PHP 35.040 million at a Leon Gallery auction in Manila on September 8, 2018. On November 30, 2019, a 1962 work by Zobel titled Perales de Tajuña was sold at Leon Gallery Fine Art and Antiques in Manila