LAMA BLOG

20 Years Later, the LAMA Market Is Stronger Than Ever

October 9, 2012

For Immediate Release
October 9, 2012

LOS ANGELES, CA – Los Angeles Modern Auctions (LAMA) set new world records for art in the October 7, 2012 auction, celebrating its 20th anniversary. In addition, over 300 lots sold at or above their pre-sale estimates, showing a strong demand for expertly chosen modern and contemporary works. With total sales realizing nearly $2.9 million, selling 87% of the 530 lots by value, Sunday’s auction firmly establishes LAMA’s position as the Modern Art & Design market leader on the West Coast.

Peter Loughrey, Founder of LAMA:
“Twenty years since our first auction, the demand for good art and design is stronger than ever. The results from our carefully curated auctions favor neither the buyer nor the seller: it is a marketplace that allows for record breakers and bargains. Quality material is bringing the highest prices ever right now; however, because LAMA is always championing emerging designs, there are also a number of pieces that sell for low enough prices to attract younger, newer collectors, who in 20 years will be the established buyers driving the market.”

Two Sheila Hicks tapestries, Tahoe Wall and Tahoe (Rainbow) (Lot 48 est. $20,000 – 30,000 and Lot 49 est. $20,000 – 30,000), set new world auction records for the textile artist, together bringing $175,000. Curved Waterwall (Lot 416 est. $50,000 – 100,000), a large-scale sculpture by De Wain Valentine, set a new auction record for the artist, totaling $81,250. Additionally, a George Nelson headboard in spectacular condition (Lot 60 est. $3,000 – 5,000) went five times over the high estimate, fetching $25,000 – not a record for the designer, but certainly beyond expectations.

Fine Art highlights include a Sam Francis egg tempera on paper from 1956, Untitled (SF56-003) (Lot 228 est. $100,000 – 150,000), which realized $125,000; four lots of Richard Pettibone paintings, totaling $135,000; and a rich selection of seven paintings from the Hard Edge School brought a total of $174,375. Additionally, prints and multiples saw strong prices, including an Andy Warhol Chicken Noodle (from Campbell’s Soup I), which brought $33,750 (Lot 178), while Tom Wesselmann’s Still Life with Lichtenstein and Two Oranges (from Portfolio 90) (Lot 184), Ed Ruscha’s OK (State II) (Lot 19), and Ellsworth Kelly’s Camellia II (Lot 30) each more than doubled their high estimates, bringing $16,250, $15,000, and $12,500 respectively.

Design highlights include an exceptional selection of three Greta Grossman floor lamps, which totaled $68,125, with a double cone floor lamp (Lot 90 est. $7,000 – 9,000) bringing $37,500, more than four times the pre-sale estimate. Also, a grouping of George and Mira Nakashima designs brought $121,875, including a set of 14 chairs (Lot 195 est. $14,000 – 18,000), exceeding the high estimate to total $38,750. The sale of all 16 lots of Arts & Crafts, Art Deco, and Modern designs sold by The Los Angeles County Museum of Art to benefit future acquisitions included a rare Charles & Ray Eames red leather lounge and ottoman (Lot 152 est. $3,000 – 5,000), which went double over the high estimate, realizing $11,500, and a Chicago School fireplace surround (Lot 144 est. $2,000 – 3,000), which went four times over the high estimate, bringing $13,437.50.

TOP LOTS:
• Sam Francis, Untitled (SF56-003) (1956)
(Lot 228 est. $100,000 – 150,000) realized $125,000
• Richard Pettibone, Jasper Johns “Light Bulb”, 1958 (red, yellow, blue) (1967)
(Lot 128 est. $90,000 – 125,000) brought $112,500
• Sheila Hicks, Tahoe Wall (c. 1970) (Lot 48 est. $30,000 – 50,000)
set a new auction record for the artist at $93,750
• Richard Diebenkorn, Blue Surround (1982)
(Lot 122 est. $70,000 – 90,000) totaled $82,500
• Sheila Hicks, Tahoe (Rainbow) (c. 1975)
(Lot 49 est. $20,000 – 30,000) fetched $81,250
• De Wain Valentine, Curved Waterwall (1990)
(Lot 416 est. $50,000 – 100,000) set a new auction record for the artist at $81,250
• Andy Warhol, Mao (1972) (Lot 179 est. $40,000 – 60,000) realized $46,875
• George & Mira Nakashima Conoid chairs (14) (designed c. 1960)
(Lot 195 est. $14,000 – 18,000) exceeded estimate, bringing $38,750
• Keith Haring, Untitled (Motorcycle Tank and Side Covers) (1985)
(Lot 251 est. $30,000 – 40,000) realized $38,750

Source for auction record data www.artnet.com // Prices Realized include 25% buyer’s premium. Images available by request.
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Los Angeles Modern Auctions (LAMA), the fastest growing auction house in the modern and contemporary art world, is the leading auction house dedicated to selling 20th century Modern Fine Art and Design. Auctions are held at the LAMA showroom: 16145 Hart St. Van Nuys, CA 91406.

LAMA’s 20th Anniversary Auction [PART TWO]
is scheduled for December 16, 2012.

-END-

Leave a Reply

BID AND FOLLOW ON THE LAMA APP