VAN NUYS, CA.- Los Angeles Modern Auctions
(LAMA) October 17, 2010 Modern Art & Design auction, LAMA's 50th auction since 1992, totaled $1.55 million (including buyer's premium) selling 65% of the 509 lots offered.
Over 250 people registered for the auction, including in-house participants who filled the gallery to standing room only. Several buyers came from Italy, Japan, France, as well as an overwhelming amount of clients from California and New York.
The auction brought together an assortment of high quality 20th century modern fine art, furniture, design, and decorative objects, many of which never traded hands until Sunday. A large number of offerings were from original owners and estates, which caused bidding action to increase dramatically.
Buyers were happy with the prices for furniture, which is still selling for below the highs of 2008, while consignors came away better selling art, which has made up most of the losses since the same period.
Lot 310, Andy Warhol Mao, $36,750 (est. $35,000 40,000)
Lot 6, Roy Lichtenstein The Living Room, 36,750 (est. $30,000 50,000)
Lot 210, Diego Rivera Stone Cutter, 36,750 (est. $30,000 40,000)
Lot 1, David Hockney Swimming Pool, $30,625 (est. $25,000 30,000)
Lot 307, Andy Warhol Flowers, $33,075 (est. $25,000 35,000)
Lot 279, Thomas Hart Benton Mining Village, $23,275 (est. 15,000 18,000)
Lot 8, Roy Lichtenstein Brushstroke, $18,375 (est. 8,000 10,000)
Lot 93, William Billy Haines Lanai Couch, $25,725 (est. 20,000 30,000)
Lot 410, Alberto Giacometti Bronze Lamp, $27,562 (est. 8,000 10,000)
Lot 426, Otto & Gertrud Natzler Ceramic Bowl, $39,812 (est. 15,000 25,000)
Lot 332, Pablo Picasso Woman with Flowery Hat $22,662 (est. $12,000 15,000)
Peter Loughrey, Director of LAMA said Once again there are large numbers of bidders who are active in the antique and art world. Consumer confidence in this sector is high, which has made for a more stable marketplace.