The house was buzzing at the May 17 auction when Los Angeles Modern Auctions (LAMA) realized prices identical to New York auction house results for similar works by Alexander Calder, Andy Warhol, and Pablo Picasso. The top lot was an impressive standing mobile by Alexander Calder that brought $826,250. Additionally, LAMA broke three world auction records for California artists (previously set by LAMA), proving it is the maker of markets as made evident with total auction sales for Sunday’s auction realizing $3 million, selling 119% of the 310 lots by value.
“We are continuing to show the marketplace that sellers no longer have to ship their modern art to New York to get the highest price,” states Peter Loughrey, director of LAMA. “Whether it’s $1,000 or $1,000,000, sellers can get the same price in Los Angeles.”