LOS ANGELES, CA.- Los Angeles Modern Auctions held another record-breaking auction of fine art, furniture, and design on Sunday, February 17, 2019 at their Van Nuys, California showroom.
Along with several new world auction records for Kenneth Noland, Fred Eversley, Ed Ruscha, and Keith Haring, the auction was among the company’s best results to date, with 81% sold by lot. While the value exceeded 166% of the expected pre-auction value, the average lot prices hit $22,670 per item, which was also a company record.
Several important works of art by American artists surpassed expectations and set new records, including a painting by Kenneth Noland which soared to $550,000 against a pre-auction expected range of $100,000-150,000. The price paid for this example is now the highest ever achieved at auction for a work from this series, and also the highest for any of his work from this period (the 1980s and 1990s). The previous record ($407,251) was set and held by Sotheby's London in June of 2018 for a nearly identical work.
An important sculpture by Fred Eversley also went beyond expectations to sell at $281,250. This shatters the previous world auction record of $50,000 (previously set by LAMA in February of 2016).
Two pop art prints also set new world auction records. Andy Mouse, a humorous screenprint by Keith Haring depicting Andy Warhol as a cartoon mouse, sold for $212,500, which just barely eclipsed the previous record of $209,000 set by Christie’s New York in 2016. Ed Ruscha’s classic, Mocha Standard also upped the ante for the edition by bringing $168,750. The previous high of $125,000 had also been set by LAMA in October of 2017.
Clo Pazera, LAMA’s senior fine arts specialist, remarked: “The auction market is strong for modern and contemporary works, and LAMA continues its dominance on offering the best examples on the West Coast. Consignors are now seeing the best results by entering the market through Los Angeles.”
Design highlights include an exceptionally high price for a cabinet by George Nakashima. The Japanese-inspired American walnut cabinet built by the craftsman in 1975 sold for $46,875 against a pre-auction estimate of $30,000-50,000. A unique cardboard prototype chair created by Robert Irwin, Frank Gehry, and Jack Brogan sold for $28,125. A small hoard of rare jewelry by Margaret De Patta sold for $67,625.
