Today we’d like to introduce you to Peter Loughrey.
Peter, can you briefly walk us through your story – how you started and how you got to where you are today.
Los Angeles Modern Auctions (LAMA) held its first auction on October 12, 1992. After one year of operations, I chose to temporarily close LAMA so I could attend Sotheby’s Institute of Art in London in order to gain further education and insight into the auction world. In 1995, I reopened LAMA with my wife, Shannon. There have been many important moments and auctions over the past 25 years, but a few really stand out. In 1997, LAMA represented contents of the Silver Lake architectural offices of Richard Neutra, one of the most iconic architects in history. Up until 1999, LAMA was focused on modern design and decorative arts, but in this year LAMA was chosen by the Atlantic Ritchfield Corporation (ARCO) to liquidate the company’s fine art collection. This was the year that truly moved the company to be a fine art and design auction house, no longer simply focusing on design. More recently, on February 23, 2014, LAMA offered a custom commission by artist Ruth Asawa that was subject to intense bidding, and realized $1.4 million, which was our highest lot at that time. This sculpture was in the home of the original owner for nearly 60 years! Another great moment for LAMA was on February 21, 2016 when a painting by Richard Prince realized $1.58 million, surpassing the Asawa for highest price paid in LAMA history.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
Starting your own auction house at 24 years old is asking for a difficult road, particularly in an industry where overnight success is nearly impossible. Like most business sectors, the art world is built upon trust and reputation. I am proud of the reputation LAMA has established, one that has been cultivated by years of strong results and treating both buyers and sellers fairly. But in LAMA’s early years, it was difficult to gain access to collectors with great items, simply because we were such a young company. However, after major moments like selling the ARCO corporate art collection or the contents of legendary architect Richard Neutra, we posted strong results, thereby giving us the necessary clout to be offered even better collections. It is a snowball effect, where each good result leads to even better opportunities.
Please tell us about Los Angeles Modern Auctions (LAMA).
Los Angeles Modern Auctions (LAMA) is the first auction house to specialize in 20th century modern design and fine art. Auctions are held three times a year at our location in Van Nuys. At each auction you will find amazing works by well-known designers and architects, as well as modern and contemporary art by blue-chip artists. Notably, LAMA has carved a niche in the international market through milestone auctions dedicated to individual designers, and for achieving record prices for artists such as Ed Ruscha, Mike Kelley, Charles & Ray Eames and Ruth Asawa. As I mentioned earlier, I am very proud of LAMA’s reputation in the industry. Additionally, I appreciate that LAMA is a more casual environment than many of our competitors. We have food trucks at every auction, and want people to have a good time while they are here! Many people find the art world to be intimidating, but it is my hope that LAMA provides an accessible setting for both novice collectors who are just starting out, as well as the most seasoned buyers who are looking only for blue chip pieces. Further, I have been very proud of the way LAMA has supported local and regional institutions. The ability to work with museums such as LACMA, The Getty and the Palm Springs Art Museum as well as local non-profits, is very humbling and a way to give back to institutions that greatly enrich our community.
If you had to go back in time and start over, would you have done anything differently?
Luckily, with the gift of hindsight, it appears as though I have made many correct decisions. However, there were many moments over the years where I was second-guessing, or questioning my choices. I do think what saved me many times was going with my gut instinct. In short, I wouldn’t change a thing!
Pricing:
- Lot 152, Charles & Ray Eames, ‘Lounge Chair & Ottoman.’ October 7, 2012 auction. $11,500
- Lot 236, Ruth Asawa, ‘Untitled S.437.’ February 23, 2014 auction. $1,430,000
- Lot 137, Ed Ruscha, ‘Crescent Heights Becomes Laurel Canyon.’ October 9, 2016 auction. $468,750
Contact Info:
- Address: 16145 Hart St.
Van Nuys, CA 91406 - Website: www.lamodern.com
- Phone: 323-904-1950
- Instagram: @lamodernauctions
- Facebook: Los Angeles Modern Auctions (LAMA)
- Twitter: @LAModernAuction
