Los Angeles Modern Auctions (LAMA), the premier auction house for modern art and design on the West Coast, held its Spring auction on May 22, which yielded $2,006,000.
Many small lots sold over their price estimate but the main surprise consisting of two specific lots: an untitled work by Sheila Hicks and Love of Ariel by Jules Olitski exceeded expectations by selling way over their high estimate.
Woven by the artist in Kerala, South India and finished in her Paris atelier, this artwork sold for $125,000, way above the price estimate $40,000 – $60,000.
The other surprisingly high price was paid for the abstract painting “Love of Ariel” by Jules Olitski. The price estimate was around $20,000 – $30,000 but the hammer fell at $102,500, putting the crowd at awe.
Photos courtesy of LAMA website.