LOS ANGELES, CA.- Los Angeles Modern Auctions set new world records for art and design in the May 6, 2012 Modern Art & Design Auction. Total sales realized $2.97 million, a new company sales record, selling 81% of the 502 lots by value.

The Le Corbusier tapestry, Bogota, 1950, (Lot 169 est. $40,000 – 60,000), set a new world auction record for the highest amount ever paid for a tapestry by the designer. Bidding from international and local buyers drove the final price to $131,250, further confirming LAMA’s ability to achieve exceptional prices for works of international importance.

A rich selection of nine paintings from the Hard Edge School brought a total of $361,875. Frederick Hammersley’s Figure of Speech, 1974-75, (Lot 139 est. $30,000 – 50,000), nearly doubled the previous auction record (also set by LAMA) bringing $87,500. Karl Benjamin’s, Yellow Landscape (1953), exceeded the pre-sale estimate, realizing $46,875.

Design highlights include a strong grouping of George Nakashima furniture, totaling $95,000. The standout of the group was a Nakashima couch (Lot 118 est. $6,000 – 9,000), going five times over the low estimate bringing $35,000. An exceptional selection of seven Greta Grossman designs totaled $70,000, with a pair of couches (Lot 32 est. $5,000 – 7,000) bringing $17,500, exceeding the pre-sale estimate.

An important Santa Barbara collection, consisting of over 100 lots, helped propel the sale to new highs. The collection of Hard Edge paintings, contemporary sculpture, and rare photographs brought a global audience, resulting in standing-room-only attendance, as well as a large number of registered bidders on the phones and on the Internet.

TOP LOTS:
• Le Corbusier Bogota,1950 (Lot 169 est. $40,000-60,000) set a new auction record realizing $131,250

• George Rickey Tidal IV, 1962 (Lot 185 est. $100,000 – 150,000) brought $118,750

• Frederick Hammersley Figure of Speech, 1974-75(Lot 139 est. $30,000 – 50,000)
set a new auction record for the artist $87,500

• Roy Lichtenstein Thunderbolt, 1966 (Lot 240 est. $80,000 – 120,000) brought $87,500

• Richard Pettibone Roy Lichtenstein. Tex. 1962. (Lot 235 est. $40,000 – 60,000) totaled $68,750

• Karl Benjamin #14 (Lot 138 est. $30,000 – 50,000) fetched $58,750

• Ann Hamilton Body/Object series (Lot 184 est. $20,000 – 30,000) realized $53,125

• Karl Benjamin Yellow Landscape, 1953 (Lot 134 est. $25,000 – 35,000)
exceeded estimate bringing $46,875

• Andy Warhol Liz, 1965(Lot 233 est. $25,000 – 35,000) realized $43,750

Peter Loughrey, Director of Modern & Contemporary Fine Art: “LAMA has long been the premier auction house for Los Angeles artists and designers, however, Sunday’s auction demonstrated our capacity to obtain world records prices for international and East Coast artists as well. Once again, you don’t have to send your art to New York, Paris, or London to get the best price.”