LAMA Sales Reach New High in 2011
Los Angeles Modern Auctions (LAMA) reached $8.5 million in sales for 2011, nearly doubling the previous record of $4.5 million set in 2008. This year LAMA achieved new auction records for works by Reg Butler, Ettore Sottsass, De Wain Valentine, Roland Reiss, Robert Rauschenberg, and Isamu Noguchi, as well as set a new company record for highest price reached at auction. LAMA has increasingly become the preferred auction house on the West Coast for Modern Art and Design.
In 2011 LAMA set new auction records for:
- Reg Butler’s The Unknown Political Prisoner Maquette (Lot 92 est. $20,000 – 30,000), which soared to realize $125,000, establishing a new auction record for the artist
- Isamu Noguchi’s Chess Table (Lot 280 est. $30,000 – 40,000), which established a new auction record for this design, realized $187,500, nearly five times its high estimate
- Robert Rauschenberg’s Sling Shots Lit #6 (Lot 60 est. $30,000 – 50,000) realized $68,750, the highest price ever achieved for any work in this series by the artist
- The custom designed Ettore Sottsass Impressive Entry Table from the Estate of Max Palevsky (Lot 55 est. $10,000 – 15,000) set a new auction record for the artist realizing $75,000
- De Wain Valentine’s Circle (Lot 220 est. $3,000 – 5,000) set a new auction record for the artist bringing $32,500
- Roland Reiss’ The Dancing Lessons: The Reconciliation of Yes and No (Lot 78 est. $4,000 – 6,000) set a new auction record for the artist bringing $15,000
John Baldessari’s 8th and D, National City, offered in the October 9, 2011 Auction of The Collection of Richard Dorso, set a new company record for highest price reached at a LAMA auction, totaling $293,750. Attracting top buyers enabled LAMA to reach a new company record, beating the previous record set in 2007 by Judy Chicago’s Carhood, which brought $288,000.
This year LAMA increased its standard two auctions to four due to the abundance of fresh, original material available on the market. Major estates, including that of computer billionaire Max Palevsky, local TV-producer Richard Dorso, a prominent West Coast collection, and James Byrnes, the first curator of Modern Art at LACMA, anchored the four auctions. The micro-climate LAMA has created – getting both top consignments and top prices – is evidence of a phenomenon that through specialized marketing LAMA has reached a global marketplace.
Peter Loughrey, Director of LAMA:
“Buyers and sellers have been making LAMA a growing success since I founded the company in 1992. As we enter our 20th year, I believe we will continue to prove you don’t have to send your art and design to New York to get the best price.”
Source for auction record data www.artnet.com
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LAMA, Los Angeles’ premier Modern Art auction house, is the leading auction house dedicated to selling 20th century Modern Art and Design. Auctions are held at the LAMA showroom: 16145 Hart St. Van Nuys, CA 91406. The upcoming Modern Art & Design auction is scheduled for spring 2012. October 2012 will mark LAMA’s 20th Anniversary.