LAMA BLOG

Andy Warhol breaks world auction record at June 3, 2007 Auction

June 13, 2007

You don’t have to consign to a New York auction house to obtain world record prices.

In keeping with their now established tradition of offering fantastic 20th Century design & fine art items, Los Angeles Modern Auctions (LAMA) once again broke several world auction records in realized sales.

Andy Warhol’s “Marilyn” (#28) sold for a world auction record of $144,000 while an Edouard Marcel Sandoz “Monkey” sculpture with impeccable provenance realized $18,600 (a record for the artist), and the Paul Schreckengost Teapot also topped the world auction record realizing $48,000 (estimated at $10,000-15,000) clearly beating out the unsold teapot from the Philips Auction sale just a few weeks prior.

The “Marilyn” (lot #101) was estimated at $30,000-50,000 but with absentee bids and 8 active phone lines dedicated to anonymous bidders, the opening bid started at $80,000 and quickly topped $100,000 in one breath. The hammer went down at $120,000 with a realized price of $144,000.

The standing room only bidding together with the heavy phone bidders seeking anonymity sparked another auction season where hundreds of happy buyers and sellers sold their treasured belongings through LAMA.

With bidders participating as far away as China, Korea, Japan, Australia, England and Europe, it was exciting just to watch the flurry of action on each lot at such a quick pace –selling on average 70 lots per hour.

The total sale realized $1.33M against a low estimate of $950,000. The average lot sold for $4,000 and once again LAMA was pleased with their 84% sell through rate (one of the highest in the business).

For more information contact: Shannon Loughrey, 323-904-1950

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