LAMA Sets New World Auction Records in September 2018 Auction
For Immediate Release
Los Angeles Modern Auctions (LAMA) announces the results from the September 30, 2018 auction of Modern Art and Design.
Along with several new world auction records for Mary Corse, Ed Ruscha, Carole Feuerman, and Andy Warhol, LAMA achieved the highest sale total in company history with $5.17 million in sales achieving 125% over the low estimate.
The top lot in the auction was a recently rediscovered masterpiece by Brazilian artist Sergio Camargo that brought a total of $1,165,000, including buyer’s premium. The painting Untitled (Relief No. 261), was sold on behalf of a Los Angeles collector who owned it for 48 years and was purchased at the auction by a Los Angeles collector, showing that the local market is both a rich area for sourcing material as well as a leading marketplace for selling exceptional works. The result is now the third highest price for a single work sold at LAMA.
Several iconic prints, drawings, and collages by Andy Warhol crossed the block with two works setting new world auction records. Apple and Chanel, both from the 1985 suite based on popular advertisements, sold for $118,750 and $175,000, respectively, which surpasses any previous auction result for examples from this edition. 12 works by Warhol sold on the day for a total of $869,375.
Two small but hotly contested works by legendary Los Angeles artists sent prices soaring to multiple times over their estimates. A work by Mary Corse (estimated at $5,000-7,000) became the highest price achieved at auction for a work on paper by the artist at $31,250. (LAMA set the artist’s world auction record in June 2018 realizing $312,500). A rare edition by Ed Ruscha became the latest work by the artist to set a record at LAMA. The artwork, Zoo, sold for $51,250, more than doubling the previous auction record for this edition, and realizing over triple the presale estimate of $15,000-20,000.
Other strong performances include a hyperrealist sculpture by Carole Feuerman which sold for $118,750 (estimated at $60,000-80,000) and set a new world auction record for the artist; an early painting by Vija Celmins sold for $175,000 (estimated at $80,000-120,000); two small works on paper by Sam Gilliam each sold for ten times over their low estimates of $3,000-5,000, reaching $37,500 and $34,375.
Top design lots were led by two exceptional works by George Nakashima. A set of eight dining chairs selling for $34,375 and the matching dining table bringing $22,500. Two rare chairs by Hans Wegner sold for $18,750 and $10,325, and an early rocking chair with original leather upholstery by Sam Maloof went for $17,500.
Top Fine Art Lots:
Sergio Camargo, Untitled (Relief No. 261), lot 144, est. $500,000-700,000. Realized $1,165,000
Vija Celmins, Untitled (Shoes), lot 211, est. $80,000-120,000. Realized $175,000
Andy Warhol, Apple, lot 276, est. $40,000-60,000. Realized $118,750
Andy Warhol, Chanel, lot 275, est. $70,000-100,000. Realized $175,000
Mary Corse, Untitled, lot 164, est. $5,000-7,000. Realized $31,250
Ed Ruscha, Zoo, lot 204, est. $15,000-20,000. Realized $51,250
Carole Feuerman, Bibi on the Ball, lot 239, est. $60,000-80,000. Realized $118,750
Sam Gilliam, Untitled, lot 40, est. $3,000-5,000. Realized $37,500
Top Design Lots:
George Nakashima, Conoid dining chairs, lot 22, est. $30,000-50,000. Realized $34,375
George Nakashima, Dining table, lot 23, est. $20,000-30,000. Realized $22,500
Hans Wegner, Flag Halyard chair, lot 136, est. $10,000-15,000. Realized $18,750
Hans Wegner, Valet chair, lot 137, est. $10,000-15,000. Realized $18,750
Sam Maloof, Rocking chair, lot 183, est. $10,000-15,000. Realized $17,500
LAMA announced its next auction to be held on November 18, 2018 featuring the Estate of Gerard L. Cafesjian. The single-owner auction will encompass over 400 lots of fine art and design spanning over 50 years of Mr. Cafesjian’s collecting.
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.