LAMA BLOG

After 25 Years, LAMA Continues to Grow

October 30, 2017

LOS ANGELES, CA¬†‚Äď Los Angeles Modern Auctions (LAMA) celebrated its 25th Anniversary Auction on Sunday with strong results in the October 22, 2017 Modern Art & Design Auction, proving once again that LAMA, and Los Angeles as a whole, is a global art marketplace. Shannon Loughrey, President of LAMA, noted, “With a record setting number of participants in the audience, bidding on our App, and on the telephone, the auction’s success was attributed to a perfect storm of offering ‘fresh’ material to an eager audience of worldwide bidders.”

The top lot of the auction was an iconic screenprint by Roy Lichtenstein, Reverie (from 11 Pop Artists Portfolio, Vol. II) (1965), estimated at $60,000-$90,000, which nearly doubled the high estimate, realizing $175,000. Important pieces by Paul Klee, Gunther Gerzso, Marcel Duchamp, Nathan Oliveira, and Ed Ruscha all exceeded their pre-auction estimates, with several doubling or tripling expectations. LAMA’s total auction sales for the Modern Art & Design Auction realized $4 million, selling 117% of the total lots by value and 76% by lot count.

Los Angeles Modern Auctions (LAMA)

Lot 37, Roy Lichtenstein, Reverie (from 11 Pop Artists Portfolio, Vol. II), 1965
Est: $60,000-$90,0000, Realized: $175,000

‚ÄúThis auction was an ideal representation of what LAMA has accomplished over 25 years of curating successful¬†auctions. The auction had highlights that recalled design and art icons from our past such as Eames chairs and Ruscha graphics, as well as modern masters LAMA has never auctioned before, such as Paul Klee, Marcel Duchamp, and Joaquim Tenreiro,‚ÄĚ said Peter Loughrey, Founder and Director of LAMA. ‚ÄúThe LAMA brand is still expanding after a quarter century, and these results prove we get the full attention of the art world without the Manhattan address.‚ÄĚ

The top lot in the auction was Reverie (from 11 Pop Artists Portfolio, Vol. II) (1965) by Roy Lichtenstein. The iconic screenprint realized $175,000 on auction day, and holds an impressive provenance as it was once owned by fellow Pop Artist James Rosenquist. Also by Lichtenstein, Reflections on The Scream (from Reflections) (1990) surpassed the pre-auction estimate of $100,000-$150,000 to realize $162,500. Both works feature the Ben-Day dots associated with the artist’s aesthetic and reference pop culture in their compositions.

Los Angeles Modern Auctions (LAMA)

Lot 218, Gunther Gerzso, Blue Square, 1964
Est: $50,000-$70,000, Realized: $137,500

Two works unseen on the market for more than 50 years, Ein Komet am Horizont Einer Stadt by Paul Klee and Blue Square by Gunther Gerzso, both far surpassed their pre-auction estimates realizing $156,250 and $137,500, respectively. One of the most important figures in modern art history, Marcel Duchamp, was featured on the cover of the October 22nd auction catalogue with Nude Descending a Staircase, No. 2, which realized $131,250. This piece also had notable provenance, originating from the estate of Julien Levy.

Los Angeles Modern Auctions (LAMA)

Lot 243, Ed Ruscha, Mocha Standard, 1969
Est: $50,000-$70,000, Realized: $125,000

As the premier West Coast auction house, LAMA is particularly proud to have such strong results for California artists Ed Ruscha, Nathan Oliveira, Ken Price, and Judy Chicago. Mocha Standard (1969) by Ed Ruscha nearly doubled the auction estimate to realize $125,000. LAMA was thrilled that this example set a new world auction record. After an intense bidding war between two bidders, Untitled, Standing Figure #1 by Nathan Oliveira realized $131,250, far exceeding the estimate of $30,000-$50,000. McShann (2004) by Ken Price realized $75,000, while Pasadena Lifesavers Yellow #5 (1969-1970) by Judy Chicago realized $59,375 in the packed auction gallery.

Los Angeles Modern Auctions (LAMA)

Lot 65, Claude Lalanne, La Dormeuse, 1994
Est: $40,000-$60,000, Realized: $62,500

The design portion of the auction was highlighted by the sale of La Dormeuse (1994) by Claude Lalanne, as the bronze and copper sculpture realized $62,500. A set of dining chairs by Brazilian designer Joaquim Tenreiro realized $50,000, while a KEM Weber ‚ÄėAirline chair‚Äô surpassed the high estimate realizing $17,500. A ceramic by Pablo Picasso, Bearded Man‚Äôs Wife (1953), landed at $28,750 to round out the design highlights.

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