They were mostly wholesale, and "to the trade"- decorators and architects. I certainly dont consider them "master blacksmiths". In essence, they were a lighting manufacturer, who used some relatively simple forged elements. There used to be a lot of lighting manufacturers in LA, but the margins just arent very high, compared to aerospace, medical parts, or even high end mansions. These guys were no way good enough to get the high end mansion jobs.
Guys like Mike Bondi get those jobs, in Beverly Hills or wherever.
compare his work to theirs-
http://www.michaelbondi.com/
I was in this business, albeit on a much smaller scale, in the 80s and 90s, and the writing was on the wall then.
Shops like Murrays are expected to sell at 50% retail to stores, and maybe 70% retail if you are lucky to decorators- often only 50% there as well.
The Pakistanis, Chinese, and Indians started to jump into the lighting and furniture markets Murrays served as early as 88 or so, and their prices, then, were 30% or so of Murrays expected wholesale. I used to make a barstool that wholesaled for $125, and freight was $12 to $18 per to most US cities. The Chinese started doing watered down knockoffs for $25, including freight. I dont know how they did it, but I stopped making those kinds of things and moved upmarket to more custom stuff.
Murrays was still living the 70s dream.
And I had my shop south of Slauson, where they are- it still aint cheap. LA is great for manufacturing, in terms of suppliers and subs, but they charge real money. Those crappy side tables and chandeliers that Murrays lists would need to wholesale for 5 to 10 grand apiece to make the numbers work. And the chinese are coming in at a grand. I would guess the real estate is worth far more than the business model, the equipment, and the inventory combined.