LAMA spring sale brings record price for
Francois-Xavier Lalanne bronze monkeys
The art and design auction was one of the modern auction house's best ever, selling 64% of the 451 lots available and totaling $1.67 million.
"The last two sales have been very strong," said LAMA director Peter Loughrey. "What we've done is move towards a slightly higher price point. The top-priced pieces in the sale, such as the Warhols, did extremely well. I think people who have a lot more expendable income don't want to put it in to traditional monetary instruments."
Other surprises included intense bidding on the Eames "hang-it-all" (lower right) from the home of the late A. Quincy Jones and his wife Elaine K. Sewell Jones.
"The rack was a gift from Ray Eames to Elaine," said Loughery. "The condition was perfect. A major, major museum almost got the piece."
Other items that far exceeded expectations: a collection of Pipsan Saarinen Swanson outdoor patio furniture sold for $14,700 and one of John McLaughlin's smaller paintings, sold for $27,563.
"The higher-end buyers are there and they want to buy things," said Loughrey. "People think it's a bad time to sell? It's a good time to sell."
-- Lisa Boone
Photo credits: Los Angeles Modern Auctions