May 6, 2012

MODERN ART & DESIGN AUCTION

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MODERN ART & DESIGN AUCTION
May 6, 2012


Los Angeles Modern Auctions (LAMA) set new world records for art and design in the May 6, 2012 Modern Art & Design Auction. Total sales realized $3 million, a new company sales record, selling 81% of the 502 lots by value.

The May 6, 2012 Modern Art & Design Auction featured over 100 lots from an important Santa Barbara collection, which included major works by George Rickey, Chuck Close, Karl Benjamin, Frederick Hammersley, and David Hockney.

New World auction records:

The Le Corbusier tapestry, Bogota, 1950, (Lot 169 est. $40,000 - 60,000), set a new world auction record for the highest amount ever paid for a tapestry by the designer. Bidding from international and local buyers drove the final price to $131,250, further confirming LAMA's ability to achieve exceptional prices for works of international importance.

A rich selection of nine paintings from the Hard Edge School brought a total of $361,875. Frederick Hammersley's Figure of Speech, 1974-75, (Lot 139 est. $30,000 - 50,000), nearly doubled the previous auction record (also set by LAMA) bringing $87,500. Karl Benjamin's, Yellow Landscape (1953), exceeded the pre-sale estimate, realizing $46,875, setting a new auction record for the artist. Five lots later, a new world auction record was set for Karl Benjamin with Lot 138, #14, (estimate $30,000 - 50,000), which soared to $58,750.

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