October 11, 2015

MODERN ART & DESIGN AUCTION

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MODERN ART & DESIGN AUCTION
October 11, 2015

The auction house that brought you Mid-Century Modern, The Cool School, Hard Edge, and International Style is now at the forefront of the Light and Space movement. On Sunday, Los Angeles Modern Auctions (LAMA) set two new world auction records for artists Mary Corse and June Harwood; additional auction records were set for works by Ed Ruscha and De Wain Valentine. The top lot was a rare resin work by Light and Space artist John McCracken, which skyrocketed three times over the pre-sale estimate to $275,000. Another work by McCracken soared 15 times over the pre-sale estimate to $237,500. The top six lots in the auction totaled over $1 million. LAMA’s total auction sales for the October 11, 2015 Modern Art & Design auction realized $4.1 million, selling 122% of the 477 lots by value.

“Since 1992, LAMA’s mission has been to represent the best of what is available on the market – our dedication to the Light and Space artists is now paying off,” states Peter Loughrey, Director of Modern Design & Fine Art. “Whether it’s Pop or Cool School, blue-chip or emerging, many artists who got their start in California are now appealing to the global contemporary art market.”

Five Paintings III (1974), a highly anticipated resin work by John McCracken, hit the auction market for the first time on Sunday carrying a pre-sale estimate of $90,000–120,000. After vigorous bidding from local, national, and international collectors, the work realized $275,000. The following lot, John McCracken’s Painting #6 (1973), estimated at $15,000–20,000, went far above the estimate to $237,500. A Mary Corse prismatic painting realized $87,500, setting a new auction record for the artist, breaking the previous world auction record also set by LAMA. De Wain Valentine’s Disk Purple (1968) went three times over its pre-sale estimate realizing $37,500 and setting a record for this type of composition.

As a dedicated champion of California artists, LAMA is especially proud to have established new world auction records for Southern California modernists: June Harwood’s Untitled (from the Sliver Series) (1963) realized $45,000, exceeding the previous world auction record, also set by LAMA in May 2015. Ed Ruscha’s Made in California (1971) realized $52,500 and Sin (1970) realized $31,250, both records for these prints at auction; and an architectural rending of the Linn Residence by Richard Neutra realized $20,000, a record for a drawing by the architect.

Works by blue-chip veterans also soared past estimates including ceramics by Pablo Picasso, multiples by Andy Warhol, Frank Stella, and Jeff Koons, as well as paintings by Richard Pettibone and Man Ray.

Design highlights include: a pair of George Nakashima Free-edge armchairs brought $35,000; a Fernando & Humberto Campana Cake Stool realized $22,500; an Ico Parisi console table brought $22,500; a Dan Johnson Gazelle chair realized $13,750; and an Edward Wormley La Gondola sofa tripled pre-sale estimates realizing $18,750.

BID AND FOLLOW ON THE LAMA APP