MODERN ART & DESIGN AUCTION
June 3, 2007
In keeping with their now established tradition of offering fantastic 20th century design and fine art items, Los Angeles Modern Auctions (LAMA) once again broke several world auction records in realized sales at the June 3, 2007 Modern Art ; Design auction. ;The total sale realized $1.33M against a low estimate of $950,000. The average lot sold for $4,000 and once again LAMA was pleased with their 84% sell through rate.
LAMA brought a world auction record for Andy Warhol's Marilyn (#28) of $144,000 (Lot 101), while an Edouard Marcel Sandoz Monkey sculpture with impeccable provenance (Lot 324 est. $5,000 - 7,000) realized $18,600 (a record for the artist), and the Paul Schreckengost Teapot also topped the world auction record realizing $48,000 (Lot 168a, est. $10,000 - 15,000).
The Marilyn was estimated at $30,000 - 50,000, but with absentee bids and 8 active phone lines dedicated to anonymous bidders, the opening bid started at $80,000 and quickly topped $100,000 in one breath. The hammer went down at $120,000 with a realized price of $144,000.