LAMA Sets New World Auction Records in February 2019 Auction
FOR IMMEDIATE RELEASE
Los Angeles Modern Auctions (LAMA) held another record-breaking auction of fine art, furniture, and design on Sunday, February 17, 2019 at their Van Nuys showroom.
Several important works of art by American artists surpassed expectations and set new records, including a painting by Kenneth Noland which soared to $550,000 against a pre-auction expected range of $100,000-150,000. The price paid for this example is now the highest ever achieved at auction for a work from this series, and also the highest for any of his work from this period (the 1980s and 1990s). The previous record ($407,251) was set and held by Sotheby’s London in June of 2018 for a nearly identical work.
An important sculpture by Fred Eversley also went beyond expectations to sell at $281,250. This shatters the previous world auction record of $50,000 (previously set by LAMA in February of 2016).
Two pop art prints also set new world auction records. Andy Mouse, a humorous screenprint by Keith Haring depicting Andy Warhol as a cartoon mouse, sold for $212,500, which just barely eclipsed the previous record of $209,000 set by Christie’s New York in 2016. Ed Ruscha’s classic Mocha Standard also upped the ante for the edition by bringing $168,750. The previous high of $125,000 had also been set by LAMA in October of 2017.
Clo Pazera, LAMA’s senior fine arts specialist, remarked: “The auction market is strong for modern and contemporary works, and LAMA continues its dominance on offering the best examples on the West Coast. Consignors are now seeing the best results by entering the market through Los Angeles.”
Design highlights include an exceptionally high price for a cabinet by George Nakashima. The Japanese-inspired American walnut cabinet built by the craftsman in 1975 sold for $46,875 against a pre-auction estimate of $30,000-50,000. A unique cardboard prototype chair created by Robert Irwin, Frank Gehry, and Jack Brogan sold for $28,125. A small hoard of rare jewelry by Margaret De Patta sold for $67,625.
The auction was among the company’s best results to date, with 81% sold by lot, while the value equaled 166% of the expected pre-auction value. Average lot prices hit $22,670 per item, which was also a company record.
TOP LOTS LIST:
Kenneth Noland, Songs: Yesterdays. Lot 197. Est.: $100,000-150,000. Realized $550,000.
Fred Eversley, Untitled. Lot 133. Est.: $30,000-50,000. Realized $281,250.
Keith Haring, Plate from Andy Mouse Portfolio. Lot 25. Est.: $120,000-180,000. Realized $212,500.
Ed Ruscha, Mocha Standard. Lot 143. Est.: $80,000-120,000. Realized $168,750.
Frederick Hammersley, Black for more. Lot 182. Est.: $60,000-80,000. Realized $150,000.
Andy Warhol, Mickey Mouse (from Myths). Lot 24. Est.: $100,000-150,000. Realized $143,750.
Jennifer Bartlett, Bayshore Walk. Lot 198. Est.: $30,000-50,000. Realized $137,500.
George Nakashima, Triple Sliding Door Cabinet. Lot 122. Est.: $30,000-50,000. Realized $46,875.
Margaret de Patta, Pin. Lot 164. Est.: $7,000-10,000. Realized $18,750.
For more details or high resolution images, please contact Shannon@lamodern.com.
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. Images available by request.