LAMA BLOG

February 21 Auction Recap: A LAMA Company Record!

February 24, 2016

On Sunday, LAMA set a new company record, selling a single work for the highest price in the company’s 24-year history; Richard Prince’s Bedtime Story (1988) from the seminal Monochromatic Jokes paintings realized $1.585 million. LAMA additionally set world auction records for artists and designers Mary Corse, Fred Eversley, John Lautner, James Gill, and Joe Brainard. LAMA realized $5.1 million in total auction sales on February 21, selling 116% of the 419 lots by value.

February 21, 2016 Auction, Peter Loughrey & Richard Prince
Peter Loughrey Poses with Richard Prince’s Bedtime Story (1988), Lot 189
February 21, 2016 Modern Art & Design Auction

“Record-setting prices have convinced some important collectors to act locally instead of sending works to New York, which used to be the norm,” stated Peter Loughrey, Director of Modern Design & Fine Art. “The Richard Prince sale underscores our growing strength in the field of contemporary art and demonstrates LAMA’s ability to offer West Coast collectors expanded opportunities to buy and sell.”

February 21, 2016 Modern Art & Design Auction
February 21, 2016 Modern Art & Design Auction

Bedtime Story hit the auction market for the first time on Sunday carrying LAMA’s highest ever pre-sale estimate of $1,000,000–2,000,000. After bidding from local, national, and international collectors, the work realized $1,585,000, marking the highest amount ever paid for a work at LAMA.

February 21, 2016 Modern Art & Design Auction
Peter Loughrey at the February 21, 2016 Modern Art & Design Auction

The highly anticipated offering of art and design from the Jack Larson and James Bridges collection totaled $618,893, exceeding the collection’s pre-sale total estimate of $507,000. Highlights from the collection included a rare, early painting by Alex Katz, Here’s to You (1962), which brought $162,500; Jasper Johns’ Skin with O’Hara poem (1965), which realized $28,750; and a pair of John Lautner floor lamps (c. 1965), which realized $21,250 (Lot 90).

 

Lot 142, Alex Katz, Here's to You (1962)
Lot 142, Alex Katz, Here’s to You (1962)
February 21, 2016 Modern Art & Design Auction

As a dedicated champion of California artists, LAMA is especially proud to have established new world auction records for Southern California modernists: Mary Corse’s Copper-Four Crosses (1979) realized $100,000, a John Lautner floor lamp (1939) brought $43,750 (Lot 96), and a James Gill painting from 1968, when the artist worked in Los Angeles, achieved $22,500.

Lot 23, Nabil Nahas, NN-19 (1987)
Lot 23, Nabil Nahas, NN-19 (c. 1987)
February 21, 2016 Modern Art & Design Auction

A Nabil Nahas oil on canvas titled NN-19 (c. 1987) was the surprise runaway of the day. A golden-hued, meditative abstract work estimated between $30,000–50,000, it realized an astonishing $150,000.

Works by blue-chip veterans also soared past estimates including art and design by Alberto Giacometti, Frank Stella, Alighiero Boetti, De Wain Valentine, and David Hockney.

February 21, 2016 Modern Art & Design Auction featuring Frank Lloyd Wright’s George D. Sturges Residence and property from The Estate of Jack Larson to benefit The Bridges/Larson Foundation, as well as a Richard Prince painting.
Lot 25, Mary Corse, Copper-Four Crosses (1979)
February 21, 2016 Modern Art & Design Auction

Design highlights include an Alberto Giacometti floor lamp, which brought $125,000, a 1939 John Lautner floor lamp, which realized $31,250 (Lot 97), a Sam Maloof circular table, which achieved $21,250, two Frank Lloyd Wright “Origami” lounge chairs, each of which brought $20,000, and a Sam Maloof sculpted armchair, which realized $16,250.

Top Lots: 

 

Stay tuned for LAMA’s next Modern Art & Design auction–scheduled for Spring 2016.

Source for auction record data: www.artnet.com and www.artprice.com // Prices Realized include 25% buyer’s premium on the first $500,000, then tiered after.

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