Prints Calendar

Research Notes: Kiechelart

· Apr 11, 2026

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Sale overview

Kiechelart

Date: Apr 11, 2026

Status: Researching

Quick notes

https://auction.kiechelart.com/auctions/5-29KWVM/19th-21st-century-american-art-low-reserves?limit=96

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Research / Arbitrage Dossier Markdown-style headings and bullet points work well here.

I screened the print/multiples lots in the uploaded KIECHEL sale sheet and narrowed the field to **8 actionable auction-arbitrage candidates** plus a short watchlist. The sale sheet shows the lot universe, estimates, current-bid snapshots, and catalog links; the lots I focused on are in the prints-heavy run that includes Benton, Curry, Catlin, Spruance, and related works.

The sale itself is listed for **April 11, 2026 at 11:00 AM CST in Lincoln, Nebraska**. Kiechel/Invaluable’s terms state, verbatim, **“A Buyer's Premium of 25% is added to the final hammer price of every lot.”** The same terms also note that third-party platform fees may apply, so the cheapest execution path is likely direct bidding with Kiechel rather than through an aggregator. ([Invaluable](https://www.invaluable.com/catalog/HGT83UNJ2Z?page=1&size=48&utm_source=chatgpt.com))

For tax, I modeled **0% sales tax** on the assumption you are buying under a valid business resale exemption. If that exemption is not accepted, the fallback combined Lincoln rate is **7.25%** based on Nebraska’s 5.5% state sales tax and Lincoln’s 1.75% local rate. ([Nebraska Department of Revenue](https://revenue.nebraska.gov/businesses/local-sales-and-use-tax-rates?utm_source=chatgpt.com))

I used only **auction comps outside Kiechel** for valuation. Where public realized-price pages exposed buyer’s-premium-inclusive sold totals, I normalized to an estimated hammer only when the premium schedule was visible; otherwise I treated the realized figure as directional evidence and kept the fair-value range conservative. All usable comps I found were in **USD**, so no FX conversion was needed. The all-in acquisition numbers below are based on the **current-bid snapshots in the uploaded sale sheet**, not final hammer, and assume **$150 inbound shipping/insurance for framed Catlins and similar works, $100–150 outbound shipping at resale, 12% seller fee for Benton/Curry placements, and 15% seller fee for Catlin/Spruance specialist placements**.

## **Market \& arbitrage summary**

|Rank|Lot|Artist / Title|KIECHEL Estimate|Base Fair Value (hammer)|All-in Cost (est.)\*|Optimal Resale Venue|Value Realization|Placement Fit|Base ROI|Liquidity|Notes|
|-|-|-|-|-|-|-|-|-|-|-|-|
|1|62|George Catlin, *Buffalo Hunt, On Snow Shoes*|$300–$500|$1,500|$525|Heritage Americana / Western Art|+275%|84|+114%|B|Strong exact comp support from Jackson Hole and older Heritage; Kiechel estimate looks far too low. ([Jackson Hole](https://www.jacksonholeartauction.com/auction-lot/george-catlin-1796-1872-buffalo-hunt-on-snow_6ef4297a98?utm_source=chatgpt.com))|
|2|59|George Catlin, *Buffalo Bull Grazing*|$1,000–$1,500|$3,000|$1,400|Heritage Americana / Western Art|+140%|88|+71%|B|Best Catlin in the sale after lot 62; exact Heritage sold result is the anchor. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))|
|3|47|Benton Spruance, *A Short Gain*|$400–$600|$1,400|$400|Swann, Prints \& Drawings|+180%|82|+173%|B|Thin but very compelling spread versus Swann exact comp and Eldred’s exact comparable description. ([Swann Galleries](https://www.swanngalleries.com/auction-lot/benton-spruance-a-short-gain._D834069911))|
|4|42|Thomas Hart Benton, *Prayer Meeting*|$2,000–$3,000|$2,800|$775|Circle Auction, Benton lithograph sale|+12%|90|+205%|A|Not a low estimate, but a very attractive live-bid anomaly if the room stays sleepy. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-prayer-meeting-lithograph-1949-7899723?utm_source=chatgpt.com))|
|5|44|Thomas Hart Benton, *Shallow Creek*|$3,000–$4,000|$3,750|$2,025|Circle Auction, Benton lithograph sale|+7%|92|+56%|A|Exact recent comp is excellent, but the spread disappears fast if bidding advances much beyond current level. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-shallow-creek-lithograph-1939-8654030?utm_source=chatgpt.com))|
|6|61|George Catlin, *Buffalo Hunt, Dying Bull in a Snow-Drift*|$300–$500|$1,100|$525|Trillium Antique Prints \& Rare Books|+175%|78|+50%|B|Asymmetric but condition/state-sensitive; low-case outcome can be negative. ([Invaluable](https://www.invaluable.com/auction-lot/george-catlin-buffalo-hunt-dying-bull-in-a-snow-d-61-c-8b641d7bcf))|
|7|57|George Catlin, *Antelope Shooting*|$500–$700|$1,500|$775|Trillium Antique Prints \& Rare Books|+150%|80|+45%|B|Viable only because current bid is still low; public sold-price evidence is thinner than for 59/62. ([Kiechel Fine Art](https://kiechelart.com/product/antelope-shooting-4/))|
|8|45|John Steuart Curry, *Prize Stallions*|$2,000–$3,000|$1,500|$775|Swann / Soulis|-40%|88|+57%|A|This is **not** a true estimate-driven mispricing; only interesting if hammer stays abnormally low. ([Skinner Auctioneers](https://www.skinnerinc.com/auctions/4115t/lots/1027))|

\*All-in cost here = current bid snapshot from the uploaded sale sheet × 1.25 BP + assumed inbound shipping, with tax modeled at 0% under resale-exemption assumption.

## **Full dossiers**

### **1) Lot 62 — George Catlin, *Buffalo Hunt, On Snow Shoes***

**Kiechel details:** estimate **$300–$500**, current bid snapshot **$300** in the uploaded sheet. Kiechel’s own public listing for the matching image describes an **1844 hand-colored lithograph**, framed, deluxe edition, about **12 x 17.75 in.** ([Kiechel Fine Art](https://kiechelart.com/product/buffalo-hunt-on-snow-shoes-2/))

**Key comps:** Jackson Hole sold the exact title on **May 18, 2024** for **$1,000** against a **$1,500–$2,500** estimate; the work there was cataloged as a lithograph on paper, **13 x 18½ in.**, with title and inscription in the lower margin. Heritage’s 2012 result for the same title was **$3,125 sold-for**; with Heritage’s then-visible 25% premium tier, that implies roughly **$2,500 hammer**. Trillium later estimated an on-card example at **$2,500–$3,500**. ([Jackson Hole](https://www.jacksonholeartauction.com/auction-lot/george-catlin-1796-1872-buffalo-hunt-on-snow_6ef4297a98?utm_source=chatgpt.com))

**Fair value:** low **$1,000**, base **$1,500**, high **$2,500** hammer. I set the base below the Heritage-equivalent hammer because Jackson Hole’s 2024 exact result came in soft and because framed Catlins can hide trimming, toning, or card-mount issues. ([Jackson Hole](https://www.jacksonholeartauction.com/auction-lot/george-catlin-1796-1872-buffalo-hunt-on-snow_6ef4297a98?utm_source=chatgpt.com))

**Economics at current bid:** all-in acquisition about **$525**. Resale net-to-owner at a specialist venue: low **$700**, base **$1,125**, high **$1,975**. Expected profit: **$175 / $600 / $1,450**. Expected ROI: **33% / 114% / 276%**.

**Best resale venues:** Heritage Americana / Western Art; Jackson Hole Art Auction online or lower-mid-tier sale; Trillium Antique Prints \& Rare Books. Those are the cleanest audiences for Catlin hunting scenes at the low-four-figure level. ([Jackson Hole](https://www.jacksonholeartauction.com/auction-lot/george-catlin-1796-1872-buffalo-hunt-on-snow_6ef4297a98?utm_source=chatgpt.com))

**Call:** **Best estimate-driven mispricing in the sale.**  
**Max hammer bid:** about **$600**.  
**Main risks:** trim/margin loss, later card-mount states, frame-hidden restoration.

\---

### **2) Lot 59 — George Catlin, *Buffalo Bull Grazing***

**Kiechel details:** estimate **$1,000–$1,500**, current bid snapshot **$1,000**. Kiechel’s public listing for the matching work describes an **1844 hand-colored lithograph**, framed, deluxe edition, roughly **12 x 17.5 in.** ([Kiechel Fine Art](https://kiechelart.com/product/buffalo-bull-grazing-2/))

**Key comps:** Heritage sold the exact title in 2012 for **$4,687.50 sold-for**; under Heritage’s visible BP ladder that equates to roughly **$3,750 hammer**. Altermann cataloged the exact title in 2018 at **$3,000–$5,000** with dimensions about **16¼ x 21½ in.** unframed. Austin’s 2017 exact title example carried a much lower **$400–$600** estimate, which is useful as a reminder that state/format/condition can widen the market substantially. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))

**Fair value:** low **$2,200**, base **$3,000**, high **$3,750** hammer. I haircut the Heritage-equivalent hammer because that sale is older and because Catlin examples vary sharply by paper, margins, and whether they are full-folio or trimmed-to-image. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))

**Economics at current bid:** all-in acquisition about **$1,400**. Net-to-owner: low **$1,720**, base **$2,400**, high **$3,037.50**. Profit: **$320 / $1,000 / $1,637.50**. ROI: **23% / 71% / 117%**.

**Best resale venues:** Heritage Americana / Western Art; Trillium; Jackson Hole as a secondary route. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))

**Call:** **Strong Catlin, but more capital-intensive than lot 62.**  
**Max hammer bid:** about **$1,400**.  
**Main risks:** capital tied up, deluxe-vs-standard state ambiguity, full-sheet survival.

\---

### **3) Lot 47 — Benton Spruance, *A Short Gain***

**Kiechel details:** estimate **$400–$600**, current bid snapshot **$200**. Kiechel’s public descriptions of the same image in prior listings describe a **1936 lithograph**, framed, around **9.25–9.5 x 14.5–15 in.**, signed lower right, with edition cited as unknown or approximately **200**, and condition described as good while in frame. ([Invaluable](https://www.invaluable.com/auction-lot/benton-spruance-a-short-gain-70-c-005467f963?utm_source=chatgpt.com))

**Key comps:** Swann sold the exact work in 2018 for **$1,875 sold-for including BP**; Swann’s catalog described it as a **1936 lithograph**, **9¼ x 14⅝ in.**, edition of approximately **200**, published by American Artists Group, and a “very good, dark impression.” Eldred’s also cataloged an exact example in 2024 as a **superb, dark impression** with full margins and an estimate of **$600–$900**. ([Swann Galleries](https://www.swanngalleries.com/auction-lot/benton-spruance-a-short-gain._D834069911))

**Fair value:** low **$1,000**, base **$1,400**, high **$1,700** hammer. The base is conservative relative to the old Swann sold-for because Spruance is less liquid than Benton and because this Kiechel example is framed. ([Swann Galleries](https://www.swanngalleries.com/auction-lot/benton-spruance-a-short-gain._D834069911))

**Economics at current bid:** all-in acquisition about **$400**. Net-to-owner: low **$750**, base **$1,090**, high **$1,345**. Profit: **$350 / $690 / $945**. ROI: **88% / 173% / 236%**.

**Best resale venues:** Swann Prints \& Drawings; a works-on-paper specialist with American print depth; possibly Eldred’s if you want a lower-fee regional route. ([Swann Galleries](https://www.swanngalleries.com/auction-lot/benton-spruance-a-short-gain._D834069911))

**Call:** **A real small-ticket arbitrage candidate.**  
**Max hammer bid:** about **$550**.  
**Main risks:** framed-only condition visibility, edition not explicitly stated on the current lot page, thinner buyer pool than Benton or Catlin.

\---

### **4) Lot 42 — Thomas Hart Benton, *Prayer Meeting***

**Kiechel details:** estimate **$2,000–$3,000**, current bid snapshot **$500**. The current Kiechel/Invaluable listing describes a **1949 lithograph**, image about **9 x 12 in.**, sheet **12 x 16 in.**, signed lower right in pencil. ([Invaluable](https://www.invaluable.com/auction-lot/Thomas-Hart-Benton-Prayer-Meeting-42-c-B4186CAED8))

**Key comps:** Circle sold the exact title on **February 21, 2026** for **$3,700 hammer**, cataloging it as a **1949 lithograph on paper**, image about **9 x 12¼ in.**, **edition of 300**, pencil-signed, with only **mild mat burn** and archival hinging. Circle’s broader 2026 Benton-only sale shows strong recent demand across the series, with many 1938–1950 lithographs materially outperforming estimates. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-prayer-meeting-lithograph-1949-7899723?utm_source=chatgpt.com))

**Fair value:** low **$2,200**, base **$2,800**, high **$3,700** hammer. I kept the base below the Circle result because Circle’s single-owner Benton sale had concentrated buyer attention and strong sell-through. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-prayer-meeting-lithograph-1949-7899723?utm_source=chatgpt.com))

**Economics at current bid:** all-in acquisition about **$775**. Net-to-owner: low **$1,836**, base **$2,364**, high **$3,156**. Profit: **$1,061 / $1,589 / $2,381**. ROI: **137% / 205% / 307%**.

**Best resale venues:** Circle Auction’s Benton lithograph format; Swann; a strong Midwestern American-print venue such as Soulis or Hindman if fee structure is favorable. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-prayer-meeting-lithograph-1949-7899723?utm_source=chatgpt.com))

**Call:** **Excellent live-bid anomaly, but not a low-estimate anomaly.**  
**Max hammer bid:** about **$1,400**.  
**Main risks:** if bidding wakes up, the spread collapses; margin quality and mat burn matter.

\---

### **5) Lot 44 — Thomas Hart Benton, *Shallow Creek***

**Kiechel details:** estimate **$3,000–$4,000**, current bid snapshot **$1,500**. Kiechel’s public listing describes a **1939 lithograph**, roughly **14.25 x 9.31 in.**, signed lower right, **edition of 250**. ([Kiechel Fine Art](https://kiechelart.com/product/shallow-creek/))

**Key comps:** Circle sold the exact title on **February 21, 2026** for **$5,250 hammer**. Circle cataloged it as **1939**, lithograph on Rives paper, **9¼ x 14¼ in. image**, **edition of 250**, pencil-signed. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-shallow-creek-lithograph-1939-8654030?utm_source=chatgpt.com))

**Fair value:** low **$2,500**, base **$3,750**, high **$5,250** hammer. The base is deliberately below the Circle outlier because Kiechel’s framed example may not match the best fresh-market Benton examples. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-shallow-creek-lithograph-1939-8654030?utm_source=chatgpt.com))

**Economics at current bid:** all-in acquisition about **$2,025**. Net-to-owner: low **$2,050**, base **$3,150**, high **$4,470**. Profit: **$25 / $1,125 / $2,445**. ROI: **1% / 56% / 121%**.

**Best resale venues:** Circle; Swann; Hindman or a comparable American works-on-paper department. ([Circle Auction](https://bid.circle-auction.com/online-auctions/circle-auction/thomas-hart-benton-shallow-creek-lithograph-1939-8654030?utm_source=chatgpt.com))

**Call:** **Good but fragile spread.**  
**Max hammer bid:** about **$1,900**.  
**Main risks:** capital heavier than lot 42; one more serious bidder can erase the edge.

\---

### **6) Lot 61 — George Catlin, *Buffalo Hunt, Dying Bull in a Snow-Drift***

**Kiechel details:** estimate **$300–$500**, current bid snapshot **$300**. The current Kiechel/Invaluable page describes **1844**, hand-colored lithograph, **deluxe edition**, framed, **12 x 17.5 in.**, frame **24 x 29 in.** ([Invaluable](https://www.invaluable.com/auction-lot/george-catlin-buffalo-hunt-dying-bull-in-a-snow-d-61-c-8b641d7bcf))

**Key comps:** Heritage sold the exact subject in 2012 for **$625 sold-for**; under Heritage’s visible 25% premium tier, that implies roughly **$500 hammer**. Trillium later estimated an on-card example at **$2,500–$3,500** in late 2025. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))

**Fair value:** low **$650**, base **$1,100**, high **$2,000** hammer. That wide band reflects thin public realized data and major state/condition sensitivity. ([Invaluable](https://www.invaluable.com/auction-lot/catlin-folio-on-card-dying-buffalo-bull-in-snow-d-6272-c-b8d3553037))

**Economics at current bid:** all-in acquisition about **$525**. Net-to-owner: low **$402.50**, base **$785**, high **$1,550**. Profit: **-$122.50 / $260 / $1,025**. ROI: **-23% / 50% / 195%**.

**Best resale venues:** Trillium first, Heritage second. ([Invaluable](https://www.invaluable.com/auction-lot/catlin-folio-on-card-dying-buffalo-bull-in-snow-d-6272-c-b8d3553037))

**Call:** **Speculative but asymmetric.**  
**Max hammer bid:** about **$375**.  
**Main risks:** low-case loss, thin exact comp record, hidden condition.

\---

### **7) Lot 57 — George Catlin, *Antelope Shooting***

**Kiechel details:** estimate **$500–$700**, current bid snapshot **$500**. Kiechel’s public listing for the matching image describes an **1844 hand-colored lithograph**, framed, deluxe edition, about **12 x 17.5 in.** ([Kiechel Fine Art](https://kiechelart.com/product/antelope-shooting-4/))

**Key comps:** Trillium estimated an on-card example at **$3,000–$5,000** in January 2025. Altermann cataloged an exact title example in 2020 at **$1,500–$2,500**. I also found an older Christie’s realized result around **$3,055**, but it is older than preferred and I only treat it as secondary support. ([Invaluable](https://www.invaluable.com/auction-lot/catlin-on-card-antelope-shooting-69479-c-4564925a3c?utm_source=chatgpt.com))

**Fair value:** low **$900**, base **$1,500**, high **$2,500** hammer. This is conservative because recent public sold-price evidence is not as transparent as on lots 59 and 62. ([Invaluable](https://www.invaluable.com/auction-lot/catlin-on-card-antelope-shooting-69479-c-4564925a3c?utm_source=chatgpt.com))

**Economics at current bid:** all-in acquisition about **$775**. Net-to-owner: low **$615**, base **$1,125**, high **$1,975**. Profit: **-$160 / $350 / $1,200**. ROI: **-21% / 45% / 155%**.

**Best resale venues:** Trillium; Heritage as secondary; Christie’s only if condition and margins are materially better than expected. ([Invaluable](https://www.invaluable.com/auction-lot/catlin-on-card-antelope-shooting-69479-c-4564925a3c?utm_source=chatgpt.com))

**Call:** **Borderline, but still tradeable at the current bid snapshot.**  
**Max hammer bid:** about **$600**.  
**Main risks:** sparse recent public hammer evidence, high condition sensitivity.

\---

### **8) Lot 45 — John Steuart Curry, *Prize Stallions***

**Kiechel details:** estimate **$2,000–$3,000**, current bid snapshot **$500**. Kiechel’s public listing describes a **1938 lithograph**, **12.75 x 8.75 in.**, titled lower left, signed lower right. Kiechel’s prior auction descriptions of the same image describe **edition of 250**, published by Associated American Artists, with good condition. ([Kiechel Fine Art](https://kiechelart.com/product/prize-stallions-2/))

**Key comps:** Skinner sold the exact title in **May 2022** for **$938 sold-for / $750 hammer**. Swann estimated the exact title at **$1,200–$1,800** in October 2024 and cataloged the edition of **250** with full margins. ([Skinner Auctioneers](https://www.skinnerinc.com/auctions/4115t/lots/1027))

**Fair value:** low **$900**, base **$1,500**, high **$2,000** hammer. This is a modest, realistic auction value band. Importantly, it sits **below Kiechel’s own midpoint estimate**, so this is not an estimate-based inefficiency. ([Skinner Auctioneers](https://www.skinnerinc.com/auctions/4115t/lots/1027))

**Economics at current bid:** all-in acquisition about **$775**. Net-to-owner: low **$692**, base **$1,220**, high **$1,660**. Profit: **-$83 / $445 / $885**. ROI: **-11% / 57% / 114%**.

**Best resale venues:** Swann; Soulis; possibly a Midwestern American-print sale. ([Invaluable](https://www.invaluable.com/auction-lot/john-steuart-curry-prize-stallions-222-c-d0e4f0a803?utm_source=chatgpt.com))

**Call:** **Only bid if the room remains irrationally quiet.**  
**Max hammer bid:** about **$650**.  
**Main risks:** no estimate edge, only current-bid edge.

## **Watchlist**

**Lot 43 — Thomas Hart Benton, *In the Ozarks (Homestead)*.** Exact work is marketable, but Kiechel’s estimate is already full and I do not see enough margin unless hammer stays close to the current snapshot. Needs a hard condition read and a better upside case. ([Invaluable](https://www.invaluable.com/auction-lot/thomas-hart-benton-in-the-ozarks-homestead-43-c-0dddc3cbdc))

**Lot 60 — George Catlin, *Buffalo Hunt, Chase*.** Better-than-average Catlin plate, but current bid is already high enough that the spread is much thinner than on lots 62 and 59. Worth watching only if bidding stalls. ([Kiechel Fine Art](https://kiechelart.com/product/buffalo-hunt-chase-4/))

**Lot 65 — George Catlin, *Wild Horses at Play*.** Good image, but by the time I compared public evidence, the bid level no longer looked cheap enough to support a clean auction flip. ([Heritage Auctions](https://fineart.ha.com/artist-index/george-catlin.s?id=500004854))

**Lot 71 — Wolf Kahn, *Memorial Bridge, Springfield, MA 1982*.** Potential cataloging/medium issue: public records for the exact image describe it as an **etching and aquatint**, edition **88/90**, but recent Larsen offerings appear to have passed. Needs medium verification and a stronger sold comp before underwriting. ([Invaluable](https://www.invaluable.com/auction-lot/wolf-kahn-memorial-bridge-springfield-ma-1982-135-c-2c5451c9d0))

**Lot 27 — Marie Laurencin, *Lady Rider on Horse*.** Kiechel’s public description flags margin loss, staining, and old-mat adhesion, which likely kills the trade even if the estimate looks light. ([Invaluable](https://www.invaluable.com/auction-lot/marie-laurencin-lady-rider-on-horse-27-c-e095f318fb?algIndex=upcoming_lots_lotNumber_asc_prod&objectID=203104979&queryID=e4cfc459c3804ad3e85693f122281f1c))

**Lot 126 — Norman Rockwell, *After Christmas*.** Needs edition/blindstamp/size reconciliation. I found mixed public evidence, but not enough clean auction-only proof to underwrite it confidently. ([Invaluable](https://www.invaluable.com/auction-lot/Norman-Rockwell-After-Christmas-126-c-D9027EB81F))

## **Bidding \& execution playbook**

Bid **direct with Kiechel if possible**. Their terms explicitly say third-party platform fees may apply, and on slim-spread lots that extra friction matters. ([Invaluable](https://www.invaluable.com/auction-lot/john-steuart-curry-prize-stallions-45-c-2f822e96a8))

For sequencing, I would prioritize the sale this way: **62 first, then 59, then 47, then 42, then 44, then 61, then 57, and only then 45**. The reason is simple: 62 and 59 are the cleanest estimate-driven Catlin inefficiencies; 47 is the best cheap non-Catlin trade; 42 and 44 are strong but depend on the room staying asleep; 61 and 57 are more condition-sensitive; 45 is only viable as a bid anomaly, not as a catalog mispricing. The lot order in the uploaded sheet supports that sequencing.

**Recommended max hammer bids**

* Lot 62: **$600**
* Lot 59: **$1,400**
* Lot 47: **$550**
* Lot 42: **$1,400**
* Lot 44: **$1,900**
* Lot 61: **$375**
* Lot 57: **$600**
* Lot 45: **$650**

Use **absentee bids** on the thinner Catlins and on Spruance, because those are exactly the lots where a disciplined cap matters more than in-the-room momentum. Save live attention for Benton lots 42 and 44, where the decision depends more on how active the room becomes.

Operationally, secure the **invoice, full lot-page screenshots, any condition report, and out-of-frame photos** before paying. For Catlins, trimming and card-mount state are the big swing factors; for Benton/Curry/Spruance, confirm **full margins, mat burn, tape stain, and whether the signature is on sheet or merely on the mat**. Those issues are the main reason some superficially similar auction records diverge so much. ([Invaluable](https://www.invaluable.com/auction-lot/george-catlin-buffalo-hunt-dying-bull-in-a-snow-d-61-c-8b641d7bcf))

What I did **not** complete as fully as your ideal brief would want: a few current Kiechel/Invaluable lot pages would not expose full descriptions cleanly in search snippets, so for some lots I supplemented the identification details with Kiechel’s own public product pages or older Kiechel descriptions of the same image, while keeping **valuation comps strictly outside Kiechel**. The arbitrage conclusions above are still usable, but for lots 57, 59, and 62 I would still want **one last out-of-frame condition confirmation** before bidding aggressively.

Detailed research / arbitrage notes for this sale.

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