LOS ANGELES, CA.- Los Angeles Modern Auctions
answered questions regarding the health of the art market on Sunday with strong results from its October 9, 2016 Modern Art & Design Auction. The top lot in the auction was an iconic painting by Ed RuschaCrescent Heights Becomes Laurel Canyon (2000), estimated at $150,000-200,000which soared three times over estimate to $468,750. LAMA set a new world auction record for Bay Area artist Jay DeFeo, selling her 1982 painting Apex for $281,250, and a rare 1955 painting by Southern California Hard Edge master John McLaughlin realized $250,000. LAMAs total auction sales for the Modern Art & Design Auction realized $3.8 million, selling 94% of the 431 lots by value.
After 24 years of showing the market our ability to sell his prints, books and drawings, LAMA has been more than ready to represent an original work on canvas by Ed Ruscha. Sundays auction proved the L.A. market is where this material is most valued. With a larger example from the same series selling for less in New York just a week prior, LAMA has sent a clear signal to the art market: you dont have to send your items to New York anymore, top prices happen in Los Angeles, states Peter Loughrey, director of LAMA. LAMA is quickly becoming the most efficient and effective gateway into the global marketplace.
Additional Fine Art highlights include quintessential prints by Andy Warhol, including Rebel Without a Cause, realizing $125,000, Vik Munizs Standard Station (Night) after Ed Ruscha bringing $75,000, two George Rickey kinetic sculptures together totaled $109,375, a complete portfolio, Ten From Leo Castelli, fetched $43,750, and a Larry Bell Vapor Drawing soared to $31,250.
Design and decorative arts highlights include a pair of Georges Jouve sconces and table lamp which brought $28,125 each, a Sam Maloof rocking chair realized $25,000, an early Peter Voulkos vase brought $25,000, a Hans Wegner Hammock lounge chair fetched $22,500, and a pair of Rudolph M. Schindler armchairs from Sardis Restaurant realized $13,750 and $17,500.
Ed Ruscha, Crescent Heights Becomes Laurel Canyon (2000) (Lot 137, est. $150,000200,000) realized $468,750
Jay DeFeo, Apex (1982), (Lot 227, est. $80,000120,000) brought $281,250, setting a new world auction record for the artist
John McLaughlin, Untitled (1955), (Lot 57, est. $200,000250,000) realized $250,000
Andy Warhol, Rebel Without A Cause (James Dean) (1985), (Lot 317, est. $120,000$150,000) fetched $125,000
Vik Muniz, Standard Station (Night) After Ed Ruscha (2008), (Lot 149, est. $50,00070,000) realized $75,000
George Rickey, Divided Quadrilateral III, (Lot 252, est. $30,00050,000) realized $62,500
Andy Warhol, San Francisco Silverspot (Lot 315, est. $35,00045,000) totaled $56,250
Karl Benjamin, Untitled (1956), (Lot 60, est. $40,00050,000) brought $50,000
George Rickey, Open Rectangles One up One Down Excentric Variation III (1981), (Lot 253, est. $18,00025,000) realized $46,875
Andy Warhol, Orangutan (1983), (Lot 316, est. $30,00040,000) brought $45,000