October 12, 2016
Los Angeles Modern Auctions (LAMA) is delighted by the success of the October 9 Modern Art & Design Auction. The auction was defined by a number of outstanding moments. With an estimate of $150,000 – 200,000, Lot 137 Ed Ruscha’s “Canyon Heights Becomes Laurel Canyon” far exceeded expectations, selling for $468,750. Most significantly, perhaps, LAMA set a new world auction record for a work by Bay area artist Jay DeFeo. Lot 227 Apex, an oil painting made in 1987, was estimated at $80,000-120,000 and went on to realize a phenomenal $281,250 on the day. Total auction sales for the Modern Art & Design Auction totaled $3.9 million, selling 94% of the 431 lots by value.
February 24, 2016
On Sunday, LAMA set a new company record, selling a single work for the highest price in the company’s 23-year history; Richard Prince’s Bedtime Story (1988) from the seminal Monochromatic Jokes paintings series realized $1.585 million. LAMA additionally set world auction records for artists and designers Mary Corse, Fred Eversley, John Lautner, James Gill, Steve Roden, and Joe Brainard. LAMA realized $5 million in total auction sales on February 21, selling 116% of the 419 lots by value. “Record-setting prices have convinced some important collectors to act locally instead of sending works to New York, which used to be the norm,” stated Peter Loughrey, Director of Modern Design & Fine Art. “The Richard Prince sale underscores our growing strength in the field of contemporary art and demonstrates LAMA’s ability to offer West Coast collectors expanded opportunities to buy and sell.”