Los Angeles Modern Auctions Spring sale proves it is still a buyer’s market.

June 9, 2009

Van Nuys – Los Angeles Modern Auctions (LAMA) Spring 2009 sale held on June 7th, 2009 totaled $1,252,452 (including buyer’s premium) selling just under 60% of the 588 lots available.

Over 250 people participated in the sale, making it a very popular event. However buyers came out the better with many items selling for bargain prices.  For the first time New York and European buyers were mostly absent, leaving local bidders the opportunity to collect many items uncontested.

However, there were still a number of items that reached historic highs:

  • A rare pair of Giacometti hanging lanterns sold for $204,000
  • An Elaine de Kooning oil on canvas brought $54,000
  • George Nelson tray table sold for $3,840
  • Roy McMakin custom set of tables sold for $9,000
  • Set of 8 Walter Lamb Dining Chairs sold for $15,600
  • Roy Lichtenstein “Composition 1” $39,600

Shannon Loughrey, Managing Partner of LAMA:
“This sale shows that people are still coming out to buy. There was a lot of action, a lot of participation. Buyers and sellers both seem to think prices right now are reasonable.”

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