Bonhams' April 2 auction in Los Angeles, entitled Made in California: Contemporary Art, proved highly successful, with four new artist records set.
The auction realised a total of $1.3m, with 90% of lots sold. New records were set for works by Ronald Davis, Ed Moses, Hassel Smith and Jack Zajac.
The most resounding success of the sale was Hassel Smith's Untitled Yellow, a 1960 oil on canvas that achieved an auction record for the artist of $53,790, a 115.1% increase on its $25,000 high estimate.
Following closely behind with another artist record was Ed Moses' 1957 Untitled, a widely admired piece from the early stage of his career. It sold for $50,000.
Ronald Davis' work also fared particularly well, with the auction record for his work set by a cel-vinyl and dry pigment on canvas work entitled Vee Wave, which sold 133.3% above its $15,000 high estimate at $35,000. Another Davis work in the same medium sold for $23,750 - a 97.9% increase on the $12,000 valuation.
Finally, Jack Zajac's bronze sculpture Ram Skull with Broken Horn IV brought the fourth artist record of the auction, realising $20,000 - up 185.7% on estimate.
A record price for a bronze sculpture by Nathan Oliveira at auction was also achieved, with his Figure Three selling within estimate at $62,500.
2013 has seen the art market looking towards emerging contemporary artists as a new place to invest; Christie's First Open sale, held on March 8 in New York, achieved a record total for an auction of its kind. Bonhams' auction of the Laverty Collection also set a new record for a contemporary art sale in Australia.
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