LOS ANGELES, CA.- Los Angeles Modern Auctions
set a new world auction record for a painting by Frederick Hammersley on Sunday, February 25, 2018, after the artists 1967-68 oil on canvas, aptly named Home run, soared to sell for $200,000.
The continued popularity of Hammersley and his peers from the California Hard Edge school of abstract painters reveals that the market appeal has broadened to an international following. The top three bidders on Home run were all from outside California. The new record is exactly double the previous world auction record of $100,000, which had been set in 2015 (also at LAMA). As interest in California painters continues to attract worldwide attention, LAMA is quickly becoming the center of attention for these artists.
Peter Loughrey, founder of LAMA, states "we have always maintained that local sellers don't need to send their art to New York auctions anymore, but the smartest sellers in the world are now sending art to the California market.
Other records set at the auction were for prints and multiples. Cheese Mold Standard with Olive by Ed Ruscha, a screenprint from a 1969 edition of 150 sold for $106,250, which beat the old record of $87,500 set at Doyles auction in New York only 10 months ago. Two other Ruscha works, the etching Jumping Fish and screenprint Main Street also sold for more than ever before at auction.
The 1967 etching, Note II, by Cy Twombly brought a new auction record of $112,500, beating the previous high for the series of $81,250 at Christies in 2015.
Ad Reinhardts Ten Screenprints by Ad Reinhardt, a portfolio originally published by the Wadsworth Atheneum in 1966, set a new auction record of $23,750, besting the previous top price of $16,250 at Sothebys in 2014.
Roy Lichtensteins 1980 woodcut American Indian Theme III took the top recorded spot of $22,500 from Christies 2016 price of $20,000 for another example from the same series.
The entire auction was 78% sold by lot and 135% by presale estimated value. The total amount sold was $2.7 million.
Frederick Hammersley, Home run (1967-68), (Lot 169, Est: $50,000-70,000). Realized: $200,000
Ed Ruscha, Cheese Mold Standard with Olive (1969), (Lot 46, Est: $50,000-70,000). Realized: $106,250
Cy Twombly, Note II (1967), (Lot 125, Est: $60,000-90,000). Realized: $112,500
Ad Reinhardt, Ten Screenprints by Ad Reinhardt (1966), (Lot 154, Est: $5,000-7,000). Realized: $23,750
Roy Lichtenstein, American Indian Theme III (1980), (Lot 202, Est: $10,000-15,000). Realized: $22,500
As proven leaders in modern and contemporary California art and design, LAMAs next auction will be held in the June 2018 auction.