LAMA BLOG

Results Are In – West Coast Art Market Continues Upward

October 11, 2016

For Immediate Release

October 11, 2016

LOS ANGELES, CA – Los Angeles Modern Auctions (LAMA) answered questions regarding the health of the art market on Sunday with strong results from its October 9, 2016 Modern Art & Design Auction. The top lot in the auction was an iconic painting by Ed Ruscha—Crescent Heights Becomes Laurel Canyon (2000), estimated at $150,000-200,000—which soared three times over estimate to $468,750. LAMA set a new world auction record for Bay Area artist Jay DeFeo, selling her 1982 painting Apex for $281,250, and a rare 1955 painting by Southern California Hard Edge master John McLaughlin realized $250,000. LAMA’s total auction sales for the Modern Art & Design Auction realized $4.6 million, selling 113% of the 431 lots by value.

“After 24 years of showing the market our ability to sell his prints, books and drawings, LAMA has been more than ready to represent an original work on canvas by Ed Ruscha. Sunday’s auction proved the L.A. market is where this material is most valued. With a larger example from the same series selling for less in New York just a week prior, LAMA has sent a clear signal to the art market: you don’t have to send your items to New York anymore, top prices happen in Los Angeles,” states Peter Loughrey, director of LAMA. “LAMA is quickly becoming the most efficient and effective gateway into the global marketplace.”

Los Angeles Modern Auctions (LAMA)

Lot 137, Ed Ruscha, Crescent Heights Becomes Laurel Canyon (2000)
Estimate: $150,000-200,000. Realized: $468,750.
October 9 , 2016 Modern Art & Design Auction

Additional Fine Art highlights include quintessential prints by Andy Warhol, including ‪Rebel Without a Cause, realizing $125,000, Vik Muniz’s ‪Standard Station‪ (Night) after Ed Ruscha bringing $75,000, two George Rickey kinetic sculptures together totaled $109,375, a complete portfolio, Ten From Leo Castelli, fetched $43,750, and a Larry Bell “Vapor Drawing” soared to $31,250.

Lot-227-1-Apex-Jay-DeFeo-Oct-9-2016-Auction-Los-Angeles-Modern-Auctions-LAMA

Lot 227, Jay DeFeo, Apex (1982)
Estimate: $80,000-120,000. Realized: $281,250, setting a new world auction record for the artist.
October 9 , 2016 Modern Art & Design Auction

Design and decorative arts highlights include a pair of Georges Jouve sconces and table lamp which brought $28,125 each, a Sam Maloof rocking chair realized $25,000, an early Peter Voulkos vase brought $25,000, a Hans Wegner “Hammock” lounge chair fetched $22,500, and a pair of Rudolph M. Schindler armchairs from ‪Sardi’s Restaurant realized $13,750 and $17,500.

TOP LOTS:

  • Ed Ruscha, Crescent Heights Becomes Laurel Canyon (2000) (Lot 137, est. $150,000–200,000) realized $468,750
  • Jay DeFeo, Apex (1982), (Lot 227, est. $80,000–120,000) brought $281,250, setting a new world auction record for the artist
  • John McLaughlin, Untitled (1955), (Lot 57, est. $200,000–250,000) realized $250,000
  • Andy Warhol, Rebel Without A Cause (James Dean) (1985), (Lot 317, est. $120,000–$150,000) fetched $125,000
  • George Rickey, Divided Quadrilateral III, (Lot 252, est. $30,000–50,000) realized $62,500
  • Andy Warhol, San Francisco Silverspot (Lot 315, est. $35,000–45,000) totaled $56,250
  • Karl Benjamin, Untitled (1956), (Lot 60, est. $40,000–50,000) brought $50,000
  • George Rickey, Open Rectangles One up One Down Excentric Variation III (1981),
    (Lot 253, est. $18,000–25,000) realized $46,875
  • Andy Warhol, Orangutan (1983), (Lot 316, est. $30,000–40,000) brought $45,000

 

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.

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Los Angeles Modern Auctions (LAMA), the fastest growing auction house in the modern and contemporary art world, is the leading auction house dedicated to selling Modern and Contemporary Fine Art and Design. LAMA’s next auction of Modern Art & Design is scheduled for March 2017.

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