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Research Notes: Larsen
Larsen · AZ · Apr 18, 2026
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Larsen
Larsen · AZ
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Apr 18, 2026
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# LARSEN Spring Prints Arbitrage Scan ## Scope and method I screened the uploaded LARSEN sale files as the lot universe, then cross-checked live lot pages for condition language, sale terms, and platform-visible bidding status. The uploaded files show a 117-lot print-centered subset with lot numbers, artists, titles, estimates, live bid snapshots, and catalog links. fileciteturn0file1 The live catalog and individual lot pages confirm the sale is the **2026 Spring Larsen Art Auction**, held in Scottsdale on April 18, 2026, and that direct Larsen bidding carries a stepped buyer’s premium of **22% up to $500,000, 17% from $500,001 to $5,000,000, and 12% above $5,000,000**; they also state that Arizona sales tax applies unless the buyer provides proof of exemption, and that third-party platforms add extra premium. [\[1\]](https://www.larsenartauction.com/auction-catalog/2026-spring-larsen-art-auction_1VICKEYMQ6) For comp normalization, I used recent auction sales outside Larsen, preferred exact-work results, and backed into **approximate hammer** whenever a source exposed only the all-in “price realised / sold for” figure. FX assumptions used were **EUR/USD 1.1797** from the European Central Bank’s April 17, 2026 reference rate and **GBP/USD 1.3518** from XE’s April 18, 2026 mid-market quote. [\[2\]](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html) My economic model is deliberately conservative. I assumed **tax \= 0%** under your stated business-exemption/re-sale-certificate scenario; **shipping in/out** is an explicit assumption based on framed size and complexity, not a quoted rate: about **$125 each way** for small framed prints, **$150–175 each way** for standard framed works, and **$300+ each way** for oversize or Perspex multiples. I modeled resale through auction only, using a **10% seller-side load** for stronger-fit mid-market print venues and **12%** where the fit is slightly weaker or the venue is more generalized. Because live-bid snapshots were not perfectly synchronized across Larsen and aggregator pages during research, I anchored recommendations to **max hammer ceilings**, not to any single “current bid” snapshot. Lot 224, for example, displayed conflicting current-bid figures across sources while I was working. [\[3\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) The bottom-line finding is that this is **not** a sale full of easy arbitrage after buyer’s premium, shipping, and re-consignment friction. I found only a small group of lots where the spread is still actionable if you stay disciplined on hammer. The best edges are concentrated in lower-estimate editions where Larsen’s estimate sits below external auction evidence and where a better-targeted prints venue should do better than a regional mixed sale. [\[4\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) ## Market and arbitrage summary | Lot No | Artist / Title | LARSEN Estimate | Your Fair Value Base Hammer | All-in Cost Est. | Optimal Resale Venue | Value Realization | Expected ROI Base | Liquidity | Notes | | :---- | :---- | ----: | ----: | ----: | :---- | ----: | ----: | :---- | :---- | | 56 | **Robert Rauschenberg[\[5\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF)** / Prophecy | $1,000–2,000 | $1,700 | $1,004 at **$700 max hammer** | Swann / Heritage | \+13% | **\+34%** | B | Best risk-adjusted trade in the sale **if** you can still buy below about $700 hammer; Christie's exact-work results support the valuation band. | | 225 | **Joan Miró[\[6\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90)** / Miró à l'Encre II | $300–500 | $1,600 | $979 at **$700 max hammer** | Swann / Bonhams | **\+300%** | **\+31%** | B | Huge paper spread, but this one is **edition-sensitive** because the lot page/file details do not clearly publish the edition number; verify before bidding hard. [\[7\]](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com) | | 224 | Miró / El sobreviviente vista los pájaros I | $1,000–2,000 | $1,900 | $1,223 at **$900 max hammer** | Swann / Bonhams | \+27% | **\+26%** | B | Exact Dupin 560 comps support a fair hammer materially above Larsen’s estimate floor. [\[8\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) | | 38 | **Cleon Peterson[\[9\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b)** / River of Blood | $300–500 | $700 | $430 at **$250 max hammer** | Heritage | \+75% | \+17% | A | Small-dollar, real edge. Heritage has exact-sales evidence; condition dispersion is the key variable. [\[10\]](https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115&utm_source=chatgpt.com) | | 40 | **Kiki Smith[\[11\]](https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/)** / Little Chicks | $500–1,000 | $850 | $552 at **$350 max hammer** | Rago/Wright / Bonhams | \+13% | \+16% | B | Narrow but usable spread; do not chase. Exact 2025 Rago result is the anchor. [\[12\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) | | 22 | **Karel Appel[\[13\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b)** / Femme avec Oiseau | $500–1,000 | $1,050 | $735 at **$500 max hammer** | Swann / Bonhams | \+40% | \+12% | B | Actionable only below $500 hammer. Swann’s sold result supports the thesis, but the margin is not wide. [\[14\]](https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1) | | 24 | Appel / Singing Hands (Gold) | $300–500 | $750 | $491 at **$300 max hammer** | Swann / Bonhams | \+88% | \+12% | C | Better paper spread than lot 22, but thinner audience and more condition sensitivity. [\[15\]](https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978_c12579a527) | | 279 | **Norval Morrisseau[\[16\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b)** / Sacred Fish | $300–500 | $650 | $394 at **$200 max hammer** | Waddington's / Canadian Indigenous sale | \+63% | \+7% | C | Small-edge, Canada-centric trade. It works only if bought very cheaply and routed back into a Canadian venue. [\[17\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) | ## Dossiers ### Lot 56 Robert Rauschenberg **Lot details.** Lot 56 is a Robert Rauschenberg print from the *Romances* suite, catalogued by Larsen at $1,000–2,000. I am treating it as saleable only under a **strict $700 hammer cap** because the print market for this work is real but not forgiving once Larsen’s 22% premium and two-way shipping are included. The base case assumes roughly **$150 inbound shipping**, no tax under your resale-certificate assumption, and a later resale via a better-targeted prints venue at about a **12% seller-side load**. fileciteturn0file1 [\[18\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) **Comps and fair value.** Christie's exposed two exact-work results for *Prophecy, from Romances (G. 763\)* at **$2,640** and **$1,750** total price realised. Because Christie’s result field is an all-in number, I reverse-engineer an approximate hammer using a standard low-tier premium assumption, which implies a hammer band of roughly **$1,400–2,100**, with a conservative **base hammer of $1,700**. Under that base case, a $700 hammer at Larsen yields about **$1,004 all-in**, versus about **$1,346 net to owner** on resale after seller costs and outbound shipping, or roughly **$342 profit / 34% ROI**. Best routing is first to **Swann Galleries[\[19\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF)** for a clean prints-and-multiples placement, with **Heritage Auctions[\[20\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b)** as the secondary outlet if timing matters more than top dollar. Main risk: if the bidding is already above your ceiling, the trade is gone. ### Lot 225 Miró à l'Encre II **Lot details.** This is one of the few places in the sale where the estimate itself looks plainly too low. Larsen has it at **$300–500**. The appeal is obvious: signed Miró sheet, modest acquisition base, and the possibility of routing it into a specialist print room rather than leaving it in a regional mixed sale. The issue is equally obvious: the sale materials I could see do **not** clearly publish the edition number, and that matters a lot for this title. fileciteturn0file1 **Comps and fair value.** Christie’s showed **Miró à l'Encre: One Plate (M. 838; Cramer 161\)** at **$3,120** price realised; that specific result was for a signed, numbered impression from the edition of 70\. Because the Larsen lot lacks the same degree of edition transparency, I haircut it and use a conservative fair hammer range of **$1,200 / $1,600 / $2,200** rather than simply importing the Christie’s number. That still makes it attractive if you can hold the hammer to about **$700 max**, which produces an estimated **$979 all-in cost** and roughly **$1,283 net-to-owner** at the base case, or about **$304 / 31% ROI**. Preferred exits are **Swann** or **Bonhams[\[21\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com)** in a dedicated prints sale. Main risk: if the lot turns out to be a weaker unsigned or non-numbered trade impression, the edge compresses sharply. [\[7\]](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com) ### Lot 224 El sobreviviente vista los pájaros I **Lot details.** Lot 224 is a signed **hors de commerce** Miró etching and aquatint, catalogued at **$1,000–2,000**, with published references **Dupin 560 / Cramer 157** and good basic condition language on the Larsen page. For this lot, I would still cap hammer around **$900**, because the profit is real but not enormous after friction. [\[22\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) **Comps and fair value.** The strongest exact comp I found was **Swann**, where *El Sobreviviente Visita los Pájaros* sold for **$2,160 including buyer’s premium**; that implies an approximate hammer in the high-$1,700s/low-$1,800s depending on the premium schedule. I also found an Aguttes result for the same image at **€2,437.50**, which converts to roughly **$2,876** at the April 17, 2026 ECB rate, again an all-in number that points to a hammer solidly above Larsen’s estimate floor. On that evidence, I use **$1,600 / $1,900 / $2,200** as the fair hammer band. At a $900 Larsen hammer, the economics come out to roughly **$1,223 all-in**, **$1,547 net** at the base case, and about **$324 / 26% ROI**. Best venues are Swann first, Bonhams second. This is one of the cleaner, more executable trades in the sale. [\[23\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) ### Lot 38 River of Blood **Lot details.** The Larsen lot is the full-size 2015 print, edition **150/150**, signed and dated, estimated at **$300–500**. This is the kind of piece that does not belong in a broad “fine art / general” bucket if the only objective is resale efficiency; it belongs in a targeted urban / contemporary online sale. [\[24\]](https://www.larsenartauction.com/auction-lot/cleon-peterson-river-of-blood-2015_8537f2d391?utm_source=chatgpt.com) **Comps and fair value.** **Heritage** sold the same work in 2021 for **$1,000**, and again in 2023 for **$425** on a materially weaker example with scuffs/creases and rolled handling. That gives a sensible fair hammer range of **$550 / $700 / $850** for a framed, presentable example like Larsen’s. With a firm **$250 hammer cap**, the all-in is about **$430**, base-case resale net about **$505**, and expected profit about **$75 / 17% ROI**. The trade is modest in dollars but quick, so I rate liquidity **A**. Best route is Heritage’s urban/contemporary lane. Main risk: this is a volatile artist with wider condition-driven variance than the estimate alone suggests. [\[25\]](https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115&utm_source=chatgpt.com) ### Lot 40 Little Chicks **Lot details.** Larsen’s lot is the signed, dated, numbered 1998 etching from the edition of 100, estimated at **$500–1,000**. The paper is good, the publication is legitimate, and the work fits a venue that routinely handles contemporary editions better than Larsen does. [\[26\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) **Comps and fair value.** **Rago/Wright[\[27\]](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com)** sold the exact work in August 2025 with a posted result of **$953** against an $800–1,200 estimate. Roseberys also showed the title in the expected estimate range, which supports the same general level even if the sale result was not exposed in the snippet. I therefore use a fair hammer range of **$750 / $850 / $1,000**. At a strict **$350 max hammer**, the Larsen all-in is about **$552**; base-case resale net is about **$640**, for roughly **$88 / 16% ROI**. Venue fit is best at Rago/Wright; Bonhams is the backup. Main risk: the edge disappears fast if bidding moves materially above $350. [\[28\]](https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266) ### Lot 22 Femme avec Oiseau **Lot details.** This signed Appel serigraph is estimated at **$500–1,000** and appears visually cleaner than many secondary-market examples. The central question is not authenticity or paper quality; it is simply whether you can own it cheaply enough to survive fees. [\[29\]](https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1) **Comps and fair value.** **Swann Galleries[\[19\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF)** sold *Femme avec Oiseau* for **$1,500 including buyer’s premium** in 2019, implying an approximate hammer in the mid-$1,200s. That supports a fair hammer band of **$900 / $1,050 / $1,250**. If you cap the Larsen hammer at **$500**, you are roughly **$735 all-in**; the base-case resale net is about **$820**, which leaves about **$85 / 12% ROI**. This is not a “must-have,” but it is an acceptable small trade if it stays cheap. Bonhams is the secondary route. Main risk: low-dollar Appel editions can linger if they are not priced exactly right. [\[30\]](https://www.swanngalleries.com/auction-lot/karel-appel-femme-avec-oiseau._BEB4C628DB) ### Lot 24 Singing Hands **Lot details.** This is the gold foil Appel sheet, catalogued as an **épreuve d’artiste** and estimated at **$300–500**. It has a more niche audience than lot 22, but the estimate is also lighter. [\[31\]](https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978_c12579a527) **Comps and fair value.** Christie’s exposed a closely related *Kool Luke singing hands* result at **€1,037** price realised, and RoGallery later offered the exact gold version at a much higher estimate but it passed. I do **not** use the passed estimate as a comp; I use it only as evidence that the work is not a $300 object in the trade. On the sold evidence, I use **$650 / $750 / $900** as the fair hammer range. At **$300 hammer max**, the all-in is about **$491** and the base-case resale net about **$550**, leaving about **$59 / 12% ROI**. This works only if you buy very well and consign into a contemporary department that actually understands CoBrA editions. Swann or Bonhams are the logical exits. Main risk: thinner demand and greater sensitivity to condition and presentation. [\[32\]](https://www.christies.com/lot/karel-appel-blue-mask-1363706/?intObjectID=1363706&lid=1) ### Lot 279 Sacred Fish **Lot details.** Larsen’s Morrisseau is a 1976 signed, titled, numbered serigraph estimated at **$300–500**. This is the right kind of object for a Canadian Indigenous art venue, and the wrong kind of object for a generic U.S. regional mixed sale if you want to maximize resale odds. [\[33\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) **Comps and fair value.** Katilvik’s auction archive for the same title shows **Waddington’s** sold results of **300–400 estimate / 180 sold** in 2015 on a condition-problem example and **1,500–2,000 estimate / 1,260 sold** in 2011 on a materially better one. That produces a wide but still useful fair hammer band of **$550 / $650 / $800**. Under a **$200 hammer cap**, the all-in is about **$394**, base-case resale net about **$422**, and expected profit about **$28 / 7% ROI**. That is the weakest dossier in the group, but it still belongs on the board because venue mismatch—not just estimate—may be suppressing the U.S. sale-room outcome. Best route is **Waddington's[\[34\]](https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266)** or another Canadian Indigenous auction. Main risk: thin U.S. liquidity and a market that is visibly condition-sensitive. [\[35\]](https://www.katilvik.com/browse/artists/9448-norval-h-morrisseau-rca/artwork/34256-sacred-fish/?indigenous=true) ## Watchlist The first watchlist name is **Patrick Hughes, Lot 94, Library Doors**. There is real market support for the title—Christie’s sold a printer’s proof at **GBP 5,625**, while Bonhams sold a regular-numbered example at **GBP 1,920 including premium**—but those same comps also show how sharply value diverges between printer’s proofs and regular edition examples. In plain English: this lot is interesting, but not underwritten enough to chase near estimate. It upgrades only if you can verify pristine Perspex-box condition and buy materially below estimate. [\[36\]](https://www.christies.com/en/lot/lot-6254578?utm_source=chatgpt.com) The next watchlist group is **Fritz Scholder**—especially *Indian with Feather Fan (State I)* and *Sioux Chief*. The comps prove these are real auction works: Bonhams sold *Indian with Feather Fan* for **$2,816 including premium**, while Heritage exposed lower exact results; Bonhams sold *Sioux Chief* for **$1,530 including premium**, and Heritage / DuMouchelles showed lower but still supportive levels. The problem is not whether they sell. The problem is that **the current live bids already appear close to or above the arbitrage ceiling** in a fee-adjusted model. If bidding softens or the condition report shows something unusually favorable, revisit. Otherwise, let them go. [\[37\]](https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/) **Pablo Picasso, Lot 226** is also a watchlist rather than a primary target. The edition is only 50 and the publisher is right, but the sheet is stamp-signed rather than fully signed and I did not get enough clean, recent, public exact-work sold data exposed during the session to underwrite a confident auction-only arbitrage recommendation. It likely has upside in the right circumstances, but not enough **public, exact-price** support to rank it ahead of the eight lots above. [\[38\]](https://www.larsenartauction.com/auction-lot/pablo-picasso-apres-l-examen-le-pere-remmene-son_2b7a11810d?utm_source=chatgpt.com) **Günther Uecker, Lot 21** is the other interesting uncertainty. The estimate is low and the paper is signed, but the exact-work sold data that surfaced publicly was too fragmentary for a hard recommendation. This is the type of lot that becomes attractive only after you verify whether it belongs to a reliably trading Segura/Sette Arizona edition subgroup and whether specialist German-market venues have actually been clearing that exact format. [\[39\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) ## Bidding and execution playbook The sale should be attacked as a **ceiling-discipline exercise**, not as a broad buying program. My ranking order for actual bidding is: **Lot 56 Rauschenberg, Lot 225 Miró à l'Encre II, Lot 224 Miró, Lot 38 Cleon Peterson, Lot 40 Kiki Smith, Lot 22 Karel Appel, Lot 24 Karel Appel, Lot 279 Morrisseau**. For those lots, the recommended **max hammer ceilings** are roughly **$700, $700, $900, $250, $350, $500, $300, and $200**, respectively. If live bidding runs through those ceilings, the edge is gone and you should stop. Because third-party bidding platforms add premium on top of Larsen’s direct terms, direct absentee or direct live telephone/in-room bidding is preferable whenever possible. [\[40\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) Operationally, secure the following on any win: the final invoice; screenshots of the lot page and condition report; verso/frame/back photographs if available; proof of exemption paperwork; and the literature reference already cited in the listing where relevant. For the two Mirós, preserve all edition/reference details because resale trust depends heavily on exact cataloguing. For the Appels and the Kiki Smith, keep installation/framing notes because presentation affects recoverable value in this price band. For the Morrisseau, venue routing matters more than cosmetic reframing; for the Cleon Peterson, the key is a clean condition narrative and a fast re-placement into a targeted sale rather than a long hold. [\[41\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) ## Bottom line After scanning the uploaded sale universe and checking external auction comps, I do **not** see a broad field of under-estimated, fee-resilient arbitrage. I see a **thin, workable shortlist**. The strongest opportunities are the two Mirós and the Rauschenberg if you can still buy below strict hammer caps; the Cleon Peterson and Kiki Smith are smaller but cleaner trades; the two Appels are acceptable only if bought right; and the Morrisseau is a venue-mismatch speculation, not a slam dunk. Everything else I reviewed was either already too close to fair value, too condition-sensitive, or too weakly supported by public exact-work comps to justify a hard buy recommendation. fileciteturn0file1 [\[42\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) --- [\[1\]](https://www.larsenartauction.com/auction-catalog/2026-spring-larsen-art-auction_1VICKEYMQ6) https://www.larsenartauction.com/auction-catalog/2026-spring-larsen-art-auction\_1VICKEYMQ6 [https://www.larsenartauction.com/auction-catalog/2026-spring-larsen-art-auction\_1VICKEYMQ6](https://www.larsenartauction.com/auction-catalog/2026-spring-larsen-art-auction_1VICKEYMQ6) [\[2\]](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html) https://www.ecb.europa.eu/stats/policy\_and\_exchange\_rates/euro\_reference\_exchange\_rates/html/eurofxref-graph-usd.en.html [https://www.ecb.europa.eu/stats/policy\_and\_exchange\_rates/euro\_reference\_exchange\_rates/html/eurofxref-graph-usd.en.html](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html) [\[3\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[8\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[9\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[13\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[16\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[20\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[22\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[41\]](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-\_30cc98645b [https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-\_30cc98645b](https://www.larsenartauction.com/auction-lot/joan-miro-el-sobreviviente-vista-los-pajaros-i-d-_30cc98645b) [\[4\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) [\[23\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) [\[42\]](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros\_aa1d91c031 [https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros\_aa1d91c031](https://www.swanngalleries.com/auction-lot/joan-miro-el-sobreviviente-visita-los-pajaros_aa1d91c031) [\[5\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) [\[17\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) [\[19\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) [\[33\]](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF [https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF](https://www.invaluable.com/auction-lot/norval-morrisseau-sacred-fish-1976-279-c-84ee058280?srsltid=AfmBOoqZhndo3voWnyk6lOJDMBLa5Vi8Hdy5jv99UfnJAuqw1oPE2gBF) [\[6\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) [\[18\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) [\[39\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) [\[40\]](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984\_b45eae2b90 [https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984\_b45eae2b90](https://www.larsenartauction.com/auction-lot/gunther-uecker-untitled-1984_b45eae2b90) [\[7\]](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com) [\[27\]](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com) JOAN MIRO , Miró a l'Encre: One Plate (M. 838; see C. books 161\) [https://www.christies.com/en/lot/lot-4429847?utm\_source=chatgpt.com](https://www.christies.com/en/lot/lot-4429847?utm_source=chatgpt.com) [\[10\]](https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115&utm_source=chatgpt.com) [\[25\]](https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115&utm_source=chatgpt.com) Cleon Peterson (b. 1973). River of Blood, 2015 ... \- Fine Art auctions [https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115\&utm\_source=chatgpt.com](https://fineart.ha.com/itm/prints-and-multiples/cleon-peterson-b-1973-river-of-blood-2015-screenprint-in-colors-on-coventry-rag-paper-27-x-40-inches-686-x-1016-cm-shee/a/16166-42303.s?ic16=ViewItem-BrowseTabs-Auction-Archive-ThisAuction-120115&utm_source=chatgpt.com) [\[11\]](https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/) [\[37\]](https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/) https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/ [https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/](https://www.bonhams.com/auction/30692/lot/60/a-fritz-scholder-lithograph-indian-with-feather-fan-state-i-1975/) [\[12\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) [\[21\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) [\[26\]](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) Lot \- Kiki Smith Little Chicks, 1998 [https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998\_2108c94361?utm\_source=chatgpt.com](https://www.larsenartauction.com/auction-lot/kiki-smith-little-chicks-1998_2108c94361?utm_source=chatgpt.com) [\[14\]](https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1) [\[29\]](https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1) https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1 [https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1](https://www.invaluable.com/auction-lot/karel-appel-femme-avec-oiseau-woman-with-bird-1975-22-c-33b951a184?srsltid=AfmBOor7tx0xMrjHA6E8curAfnwuA886i7eHg4uXuQfPblGz8QbWVkf1) [\[15\]](https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978_c12579a527) [\[31\]](https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978_c12579a527) https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978\_c12579a527 [https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978\_c12579a527](https://www.larsenartauction.com/auction-lot/karel-appel-singing-hands-gold-1978_c12579a527) [\[24\]](https://www.larsenartauction.com/auction-lot/cleon-peterson-river-of-blood-2015_8537f2d391?utm_source=chatgpt.com) Lot \- Cleon Peterson River of Blood, 2015 [https://www.larsenartauction.com/auction-lot/cleon-peterson-river-of-blood-2015\_8537f2d391?utm\_source=chatgpt.com](https://www.larsenartauction.com/auction-lot/cleon-peterson-river-of-blood-2015_8537f2d391?utm_source=chatgpt.com) [\[28\]](https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266) [\[34\]](https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266) https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266 [https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266](https://www.ragoarts.com/auctions/2025/08/prints-unlimited/266) [\[30\]](https://www.swanngalleries.com/auction-lot/karel-appel-femme-avec-oiseau._BEB4C628DB) https://www.swanngalleries.com/auction-lot/karel-appel-femme-avec-oiseau.\_BEB4C628DB [https://www.swanngalleries.com/auction-lot/karel-appel-femme-avec-oiseau.\_BEB4C628DB](https://www.swanngalleries.com/auction-lot/karel-appel-femme-avec-oiseau._BEB4C628DB) [\[32\]](https://www.christies.com/lot/karel-appel-blue-mask-1363706/?intObjectID=1363706&lid=1) https://www.christies.com/lot/karel-appel-blue-mask-1363706/?intObjectID=1363706\&lid=1 [https://www.christies.com/lot/karel-appel-blue-mask-1363706/?intObjectID=1363706\&lid=1](https://www.christies.com/lot/karel-appel-blue-mask-1363706/?intObjectID=1363706&lid=1) [\[35\]](https://www.katilvik.com/browse/artists/9448-norval-h-morrisseau-rca/artwork/34256-sacred-fish/?indigenous=true) https://www.katilvik.com/browse/artists/9448-norval-h-morrisseau-rca/artwork/34256-sacred-fish/?indigenous=true [https://www.katilvik.com/browse/artists/9448-norval-h-morrisseau-rca/artwork/34256-sacred-fish/?indigenous=true](https://www.katilvik.com/browse/artists/9448-norval-h-morrisseau-rca/artwork/34256-sacred-fish/?indigenous=true) [\[36\]](https://www.christies.com/en/lot/lot-6254578?utm_source=chatgpt.com) PATRICK HUGHES (B. 1939), Library Doors [https://www.christies.com/en/lot/lot-6254578?utm\_source=chatgpt.com](https://www.christies.com/en/lot/lot-6254578?utm_source=chatgpt.com) [\[38\]](https://www.larsenartauction.com/auction-lot/pablo-picasso-apres-l-examen-le-pere-remmene-son_2b7a11810d?utm_source=chatgpt.com) Pablo Picasso Après l'examen: le père remmène son fils, avec la ... [https://www.larsenartauction.com/auction-lot/pablo-picasso-apres-l-examen-le-pere-remmene-son\_2b7a11810d?utm\_source=chatgpt.com](https://www.larsenartauction.com/auction-lot/pablo-picasso-apres-l-examen-le-pere-remmene-son_2b7a11810d?utm_source=chatgpt.com)
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Research Notes: Larsen
Larsen · AZ · Apr 18, 2026
Detailed research / arbitrage notes for this sale.
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