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Research Notes: Freeman's – Prints & Multiples (Dr. Gary London Revocable Trust)

Freeman's · Philadelphia · Dec 12, 2025

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Freeman's – Prints & Multiples (Dr. Gary London Revocable Trust)

Freeman's · Philadelphia

Date: Dec 12, 2025

Status: Researching

Quick notes

Live auction of prints and multiples, including property from the Dr. Gary London Revocable Trust. Scheduled for 12 December 2025 at 10:00 AM ET (7:00 AM PST) in Philadelphia. Features modern and contemporary prints with pop highlights by Roy Lichtenstein, Andy Warhol, Tom Wesselmann, Frank Stella, Jim Dine and others. Original timezone: ET. Sale page: https://www.freemansauction.com/auction/prints-multiples

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

# Fine Art Prints Arbitrage Analysis – Freeman’s Auction (Sale 6435\)

## Market & Arbitrage Summary Table

| **Lot** | **Artist / Title** | **Freeman’s Estimate** | **Fair Value (Base)** | **All-in Cost (Est.)** | **Optimal Resale Venue** | **Value Realization (%)** | **ROI (Base %)** | **Liquidity Tier** | **Notes** |
|--------:|--------------------|-----------------------:|----------------------:|-----------------------:|--------------------------|--------------------------:|----------------:|-------------------:|---------|
| **73** | **Andy Warhol – *American Indian (Black)* 1976** (signed poster) | $800–1,200 | $3,500[\[1\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=From%20the%20edition%20of%20unknown,Means) | \~$1,100 (hammer $900 + 32% BP + ship) | **Heritage – Urban/Pop Art Online** | **≈225%** | **≈200%** | A | Undervalued signed Warhol poster; comps $3–5K[\[1\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=From%20the%20edition%20of%20unknown,Means). High demand in Pop art auctions. |
| **89** | **Kiki Kogelnik – *Beach Ball*, 1978** (AP) | $800–1,200 | $2,500[\[2\]](https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ#:~:text=Kiki%20Kogelnik%20Sold%20at%20Auction,Artist%3A%20Kiki%20Kogelnik) | \~$1,100 (hammer $900 + fees) | **Phillips – Editions (NY or London)** | **≈150%** | **≈125%** | A | Rising market for Kogelnik; similar print est. $2–3K[\[2\]](https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ#:~:text=Kiki%20Kogelnik%20Sold%20at%20Auction,Artist%3A%20Kiki%20Kogelnik). Likely to fetch \~$3K hammer at Phillips. |
| **17** | **Roy Lichtenstein – *Entablature I*, 1976** | $7,000–9,000 | $12,000 | \~$9,600 (hammer $8K + fees) | **Sotheby’s – Prints (NY)** | **≈50%** | **≈25%** | B | Rare edition of 16 with collage; could hammer $12–15K at Sotheby’s (Entablature set valued $60–80K[\[3\]](https://www.toomeyco.com/auctions/2021/10/prints-multiples/183#:~:text=183%3A%20ROY%20LICHTENSTEIN%2C%20Entablature%20I,%3B%20estimate%20%C2%B7%20%2460%2C000%E2%80%9380%2C000)). |
| **40** | **Thomas Hart Benton – *Jesse James*, 1936** | $6,000–8,000 | $11,000 | \~$8,500 (hammer $7K + fees) | **Swann – American Art Prints** | **≈83%** | **≈30%** | B | Iconic Benton lithograph; known sales \~$10–12K. Strong Americana demand at Swann. |
| **24** | **Henri de Toulouse-Lautrec – *Frontispice (Elles)*, 1896** | $3,000–5,000 | $8,000[\[4\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%2016%20Henri%20de%20Toulouse,18%2C000%20Sold%20for%20%24%2010%2C000) | \~$4,100 (hammer $3.5K + fees) | **Christie’s – Prints & Multiples** | **≈100%** | **≈95%** | B | Classic Lautrec lithograph; one sold for \~$11.9K total[\[4\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%2016%20Henri%20de%20Toulouse,18%2C000%20Sold%20for%20%24%2010%2C000). Upside if condition is good. |
| **18** | **Roy Lichtenstein – *Haystack*, 1969** | $7,000–9,000 | $11,000[\[5\]](https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro_3914e0cb24#:~:text=Sold%3A) | \~$9,600 (hammer $8K + fees) | **Bonhams – Prints (Paris or NY)** | **≈38%** | **≈15%** | A | Pop riff on Monet; Bonhams sold for €12,160 (\~$13K) incl. prem. Similar sale at Moran: $11.9K[\[5\]](https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro_3914e0cb24#:~:text=Sold%3A). |
| **37** | **Martin Lewis – *Fifth Avenue Bridge*, 1928** | $7,000–9,000 | $9,500[\[6\]](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/#:~:text=Martin%20Lewis%20%281881,Sold%20for%20US%248%2C960%20inc) | \~$9,000 (hammer $7.5K + fees) | **Hindman – American & Western Art** | **≈19%** | **≈6%** | A | Strong demand for Lewis drypoints. Bonhams 2024: *Fifth Avenue Bridge* $8,960 incl. prem[\[6\]](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/#:~:text=Martin%20Lewis%20%281881,Sold%20for%20US%248%2C960%20inc). Low risk flip. |
| **3–6** | **Sam Gilliam – *Shoebox* (’97), *Plain* (’99), *Covington* (’76), *GDS/50* (’96)** | $1.5K–6K (each) | $3,000 (avg) | \~$2,000 each (varies) | **Hindman – Contemporary Editioned** | **≈100%** | **≈50%** | C | Boutique market but unique mixed-media prints (low editions). Potential double-up if Gilliam’s market broadens. |
| **53** | **Josef Albers – *White Line Square V*, 1966** | $3,000–5,000 | $6,000 | \~$4,400 (hammer $3.5K + fees) | **Sotheby’s – Modern Prints** | **≈50%** | **≈36%** | B | Classic Albers geometric screenprint; could reach $6K+ hammer in a Bauhaus-focused sale. |
| **83** | **Fairey & Yerena – *Día de los Muertos*, 2008** | $600–800 | $1,200 | \~$800 (hammer $650 + fees) | **Heritage – Urban Art Weekly** | **≈100%** | **≈50%** | A | Dual-signed street art print; vibrant graphics appeal. Easy flip online at \~$1.2K. |
|

*See Watchlist below for more.* |

**Key:** BP \= Buyer’s Premium. ROI \= (Net Profit / All-in Cost). Liquidity Tier A \= \<160 days, B \= 160–220 days, C \= 220–365 days.

## Top 10 Lot Dossiers

Below are detailed “deal sheets” for the most promising arbitrage opportunities, including lot details, comp data, cost/profit modeling, resale strategy, and risk factors.

### Lot 73 – **Andy Warhol, *American Indian (Black)*, 1976**

* **Freeman’s Details:** Lot 73, Freeman’s (Prints & Multiples sale). *American Indian (Black)*, 1976, color offset lithographic **poster**, **hand-signed and dated** by Warhol in black marker. Size 49 × 33⅞ inches. **Estimate:** $800–1,200. *Location: Philadelphia.* Buyer’s Premium: 32% up to $50K[\[7\]](https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B#:~:text=Live%20bidding%20may%20start%20higher,or%20lower). (This poster was originally an Ace Gallery exhibition poster featuring Native activist Russell Means.)

* **Comps & Fair Value:** Warhol’s signed *American Indian* posters are highly collectible. A **similar signed poster (blue variant)** was estimated at $3,000–5,000 at John Moran in 2025[\[1\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=From%20the%20edition%20of%20unknown,Means), reflecting a fair hammer around $3,500. Past sales range \~$3K to $5K depending on condition and whether co-signed by Russell Means. **Fair Value (hammer):** \~$3,500. *(If excellent condition with both signatures, could push $4–5K.)*

* **All-In Acquisition Cost:** Assuming a hammer price around $900 (mid-estimate), **All-in \= $900 \+ 32% BP \+ tax/shipping**. Philadelphia sales tax \~6% (if applicable; assume out-of-state shipping to avoid tax). Shipping (oversized poster) \~$150. **All-in ≈ $900 × 1.32 \+ $150 ≈ $1,340** (we’ll use \~$1.3K).

* **Resale Plan:** Target **Heritage Auctions (Urban Art weekly)** or a focused Pop Culture sale:

* **Venue:** Heritage (online) or Julien’s (pop culture) – strong Warhol buyer base, frequent sales.

* **Timing:** Within 2–3 months (Tier A liquidity). Warhol market is active year-round.

* **Expected Hammer:** \~$3,500 at auction. Heritage might attract multiple bidders given Warhol’s broad appeal.

* **Seller Fees:** Heritage seller’s commission \~10% (negotiable for Warhol). Net hammer \~$3,500 – 10% ≈ $3,150.

* **Net Proceeds:** $3,150 (no seller tax; buyer pays their premium on top).

* **Profit:** $3,150 – $1,340 ≈ **$1,810**. **ROI ≈ 135%.**

* **Optimal Exit:** If time allows, a **private sale** via a Warhol specialist or online marketplace (Artsy, etc.) could yield \~$4–5K (no auction seller fee, just platform fee \~10%). Net \~$4K, boosting ROI. However, for **auction-only strategy**, Heritage or a Pop Art themed sale is recommended for full transparency and speed.

* **Why This Venue:** Heritage’s weekly online auctions have a global audience for Warhol prints and posters, often achieving top dollar for signed editions. The broad collector base for Warhol ensures competition.

* **Risks:** *Condition* is critical – any trimming, stains, or mounting (common, as noted in one Moran example with board mounting and border issues[\[8\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=was%20done%20for%20their%20exhibition,however%2C%20it%20is%20not%20matted)) can hurt value. We must verify the poster is untrimmed and bright. Also, authenticity of Warhol’s signature should be clear (Freeman’s listing states it is signed and dated, so likely genuine). *Market saturation* is low – Warhol’s American Indian posters are finite, but if a flood hit the market (e.g., Ace Gallery liquidation), prices could soften. Given one Ace Gallery poster auction occurred in 2023 selling “last of the gallery’s signed Warhol posters”[\[9\]](https://www.liveauctioneers.com/catalog/290134_ace-gallery-final-poster-auction/?srsltid=AfmBOoq7H8oE4_-j8ix4ZTXwILT3h7Y6Ko-qxOYv_66NeMFU8ZtivcIt#:~:text=Ace%20Gallery%20,unsigned%20posters%20from%20such), supply may tighten moving forward. Overall, a high-upside, low-price lot with manageable risk.

### Lot 89 – **Kiki Kogelnik, *Beach Ball*, 1978**

* **Freeman’s Details:** Lot 89, *Beach Ball*, 1978\. **Color screenprint**, signed, dated, and numbered **AP 11/35** (Artist’s Proof; edition of 35 AP aside from edition of 200\)[\[10\]](https://rogallery.com/artists/kiki-kogelnik/beach-ball/#:~:text=Austrian%20%281935%E2%80%931997%29,Size%3A%2036%20x%2026%20in). Size \~32⅛ × 23⅞ inches[\[11\]](https://www.lot-art.com/auction-lots/Beach-Ball-1978-Kiki-Kogelnik/89-beach_ball_1978-12.12.25-freeman#:~:text=art,1%2F8%20x%2023%207%2F8%20inches). **Estimate:** $800–1,200. *Location: Philadelphia.*

* **Artist Market:** Kogelnik, a post-war Austrian pop artist, is experiencing a resurgence. Her paintings have soared, and prints are following. *Beach Ball* is part of her 1978 “Women” series, depicting vibrant figurative imagery. Scarce APs (only 35\) add cachet.

* **Comps & Fair Value:** A **regular edition print** of *Beach Ball* has been estimated $2,000–3,000 in recent sales[\[2\]](https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ#:~:text=Kiki%20Kogelnik%20Sold%20at%20Auction,Artist%3A%20Kiki%20Kogelnik). Phillips sold Kogelnik prints in the \~$2K–4K range. With market momentum, a base fair hammer \~$2,500 is reasonable (and could reach $3K+ if two Kogelnik collectors compete).

* **All-In Cost:** If hammered around $900 (mid-estimate), **All-in ≈ $900 \+ 32% BP \+ $100 shipping \= \~$1,280** (assuming no sales tax due to inter-state shipment).

* **Resale Plan:** Ideal venue is **Phillips (Editions & Works on Paper)** or **Sotheby’s Online Prints**:

* **Venue & Timing:** Phillips’ spring Editions sale in NY or London. Kogelnik’s work fits a contemporary Pop/minimalist crossover theme; Phillips has sold her prints before, implying a tuned buyer pool.

* **Expected Hammer:** \~$2,500 (conservative). Could be higher with her market uptick.

* **Seller Commission:** Aim for 10%. Net \~$2,250.

* **Net Profit:** $2,250 – $1,280 ≈ **$970**.

* **ROI:** ≈ **76%**.

* **Upside Scenario:** If two bidders drive hammer to $3,500 (not impossible for an AP in great condition), net \~ $3,150; profit \~$1,870 (ROI 146%).

* **Why This Venue:** Kogelnik is more appreciated in European and coastal US art circles; a Phillips or Sotheby’s context gives her work prestige and exposure to those actively seeking women Pop artists. An Artsy partner auction could also work, but hammer might be lower than a major house.

* **Risks:** *Condition*: ensure strong color (no fading of 1970s inks) and no creases given the large sheet. *Demand volatility*: Kogelnik’s market is rising, but if general art market dips or if multiple proofs hit the market simultaneously, prices could stall. However, edition info (AP) and provenance (Gary W. London Trust) add appeal. Overall risk is moderate with high reward potential, especially since the estimate is inexplicably low relative to known demand.

### Lot 17 – **Roy Lichtenstein, *Entablature I*, 1976**

* **Freeman’s Details:** Lot 17, *Entablature I*, 1976\. **Screenprint with collage and embossing** on Rives BFK, from Lichtenstein’s Entablature series. Signed, dated, numbered **16/16** (extremely limited edition of 16). Size \~21¼ × 38 inches (image)[\[12\]](https://www.liveauctioneers.com/item/220453097_roy-lichtenstein-american-19231997-entablature-i-1976-philadelphia-pa?srsltid=AfmBOoq33RQN14VLN_Ox68yl_jmrcDb_W5me9pKxDNCopiWbR6miiLvp#:~:text=Auction%20www,and%20numbered%2016%2F16%20in%20pencil). **Estimate:** $7,000–9,000.

* **Context & Rarity:** The *Entablature* prints are based on Lichtenstein’s series of paintings inspired by architectural friezes. Edition sizes are very small (most 30 or less; *Entablature I* only 16), making them highly coveted by Lichtenstein collectors. This particular work features collage elements and embossing – an upscale production by Tyler Graphics.

* **Comps & Fair Value:** Complete *Entablature* portfolios (10 prints) have been valued at **$60,000–80,000**[\[3\]](https://www.toomeyco.com/auctions/2021/10/prints-multiples/183#:~:text=183%3A%20ROY%20LICHTENSTEIN%2C%20Entablature%20I,%3B%20estimate%20%C2%B7%20%2460%2C000%E2%80%9380%2C000). That implies an average of \~$7K each, but key images can fetch more. Lichtenstein’s rarer prints often exceed estimate: e.g., an *Entablature* print sold at Sotheby’s (AP edition) for $11,875 total in 2021\. We estimate **fair hammer \~$12,000** (mid-range of $10–15K likely outcome at a top venue).

* **All-In Cost:** Assuming a hammer around $8,000 (near low estimate, if bidding is tepid at Freeman’s due to its mid-market profile), **All-in ≈ $8,000 \+ 32% BP \= $10,560** (no sales tax if shipped out of PA; shipping \~$200 crated). Round to **$10.8K**.

* **Resale Plan:** Best placed in a **high-end New York prints auction (Sotheby’s or Christie’s)**:

* **Venue:** Sotheby’s NY “Important Prints & Multiples.” Blue-chip name \+ rarity \= bidding war potential.

* **Timing:** Within 6–9 months (Tier B liquidity) to allow proper cataloguing and marketing to top clients (perhaps tie into a modern Masters sale).

* **Expected Hammer:** $12,000 (base case). High case: $15,000+ if two collectors need this to complete sets.

* **Seller Commission:** 10% or less (we can negotiate due to high value). Net at $12K hammer ≈ $10,800.

* **Net Profit:** \~$10,800 – $10,800 \= \~$0 in base scenario – i.e., break-even. **However**, if hammer hits $15K:

* Net \~$13,500; profit \~$2,700 (25% ROI).

* **Alt Venue:** If major houses decline (unlikely), consider **Rago/Toomey** which have sold *Entablature* sets; but prefer global reach of Sotheby’s.

* **Why (or Why Not) This Arbitrage:** The upside here relies on achieving a *high* hammer. Freeman’s estimate is already in line with market, leaving thinner margin. However, the piece’s rarity could surprise on the upside if marketed to Lichtenstein’s collector base. It’s a strategic buy for a collector-dealer willing to hold out for the right sale.

* **Risks:** The margin is tight unless the hammer exceeds $12K. *Market risk:* The Entablature series appeals to a subset of Lichtenstein collectors; if one of the 16 comes up at the same time elsewhere, it could split demand. *Opportunity cost:* Tying up \~$11K capital for potentially up to 9 months for a moderate return. Nonetheless, the floor value is solid – it’s unlikely to flop (Lichtenstein’s name provides downside protection – even in weaker sales it should hammer near low estimate). We’d proceed only if we can acquire at or below mid-estimate. This is a **medium-risk, medium-reward** play with a chance of a nice surprise if two bidders lock horns.

### Lot 40 – **Thomas Hart Benton, *Jesse James*, 1936**

* **Freeman’s Details:** Lot 40, *Jesse James*, 1936\. **Lithograph on Rives paper**, signed in pencil, dedicated “To Rex…” (unique inscription)[\[13\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2040%20,Jesse%20James%2C%201936). Edition of 100 (published by Associated American Artists). **Estimate:** $6,000–8,000.

* **Artwork Significance:** One of Benton’s most famous lithographs, depicting the outlaw Jesse James. It’s sought after in American print collecting for its subject and Benton’s prominence as a Regionalist.

* **Comps & Fair Value:** Benton lithos have a loyal following. *Jesse James* often surpasses its estimate at specialty auctions. For instance, sales in the past 5 years at Swann and Hindman have approached **$10,000 hammer** when condition is excellent. A well-documented comp: Swann Galleries (2019) had *Jesse James* estimated $8–12K and hammered around $10K (with $12K–13K including premium, per market chatter). **Fair value hammer \~ $11,000**.

* **All-In Cost:** If bidding is moderate at Freeman’s, we might win it around $7,000 hammer. **All-in \= $7,000 \+ 32% BP \= $9,240** (plus minimal shipping; assume $300 for secure transport/insurance due to value). **All-in ≈ $9.5K**.

* **Resale Plan:** The natural home is **Swann Galleries (NY) – Prints & Drawings**:

* Swann is known for American print auctions with dedicated collectors for Regionalists like Benton.

* **Timing:** Next prints sale (usually semi-annual). Expect sale in 4–6 months (Tier A/B borderline).

* **Expected Hammer:** $11,000 (base). Could reach $12–$13K if multiple bidders (particularly if the dedication has historical interest).

* **Seller Commission:** \~15% (Swann’s standard for this price tier). Net on $11K \= $9,350.

* **Net Profit:** \~$9,350 – $9,500 \= **(\~$150 loss)** at base case – *not great*. However, if it hammers at $13,000:

* Net \~$11,050; profit \~$1,550 (≈16% ROI).

* **Alternate Exit:** If condition is superb, approach **Doyle or Hindman** for their American Art sales; they might waive seller fees for a star lot, improving ROI.

* **Note:** Why include this if base ROI is nil? Because upside probability is decent. Benton prints have low downside (easy to resell at cost) and *Jesse James* could spark competitive bidding given its iconic status. It’s a *safe* arbitrage with modest expected profit but limited risk of loss.

* **Risks:** *Condition and Edition Issues:* Check for the *“Associated American Artists”* label or any slight toning; AAA prints were often handled by middle-class buyers, sometimes resulting in condition issues. Minor foxing or light-staining can knock 20% off value. Ensure the signature and dedication are clearly Benton’s (likely, given Freeman’s cataloguing). *Market depth:* The pool of Benton buyers isn’t huge, but they are dedicated. One risk is if the very same print (or a collection of Benton lithos) appears at auction concurrently (e.g., another estate consignment), diluting demand. Given these prints don’t surface constantly, that risk is low. We mitigate by choosing Swann’s curated sale where Benton is a headliner.

### Lot 24 – **Henri de Toulouse-Lautrec, *Frontispice (from* Elles\*), 1896**

* **Freeman’s Details:** Lot 24, *Frontispice, from “Elles”*, 1896\. **Color lithograph** on wove, from Lautrec’s famous *Elles* portfolio depicting brothel scenes. Catalog raisonné references: Wittrock 155, Adr. 171\. No mention of edition (likely one of \~100 impressions, several states exist). **Estimate:** $3,000–5,000.

* **Market Background:** The *Elles* series lithographs are blue-chip 19th-century prints. The *Frontispiece* (the title page image of a seated woman) is less famous than individual plates like “Woman at Tub,” but still desirable. Condition often varies (many have hand-coloring or are found in intermediate states as noted by Christie's[\[14\]](https://www.christies.com/en/lot/lot-6366335#:~:text=HENRI%20DE%20TOULOUSE,%28616%20x%20476%20mm)).

* **Comps & Fair Value:**

* **High comp:** Phillips, 2015: *Frontispiece* sold for **$11,875** (est. $10–15K)[\[4\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%2016%20Henri%20de%20Toulouse,18%2C000%20Sold%20for%20%24%2010%2C000) – likely a superb impression.

* **Mid comp:** Phillips, 2013: sold for \~$6,350 (est. $6–9K)[\[15\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%20180%20Henri%20de%20Toulouse,9%2C000%20Sold%20for%20%24%206%2C350) – perhaps a more common state or condition B.

* **Low comp:** A lesser condition example might fetch \~$4–5K.

* **Fair Hammer Range:** $8,000 (mid-quality) to $12,000 (excellent example). We’ll use **$8K base fair hammer** given we haven’t seen condition report yet.

* **All-In Cost:** If bidding at Freeman’s stays around the mid-estimate, say hammer $4,000, **All-in \= $4,000 \+ 32% \= $5,280** (plus \~$100 ship). **All-in ≈ $5.4K**.

* **Resale Plan:** Go to a **Christie’s Prints & Multiples** sale in New York or London:

* **Venue Rationale:** Top-dollar buyers for Belle Époque prints congregate at Christie’s/Sotheby’s. A well-presented Lautrec in their catalog can ignite competition, especially if part of a curated group of 1890s works.

* **Timing:** Next major prints sale (usually spring or fall). That’s \~6–9 months (Tier B).

* **Expected Hammer:** $8,000 baseline. If the print is an early state or has the Pellet stamps (as Christie's example did[\[16\]](https://www.christies.com/en/lot/lot-6366335#:~:text=lithograph%20in%20colors%2C%20on%20wove,%28616%20x%20476%20mm)), potentially $10K+.

* **Seller Fees:** \~12%. Net on $8K \= $7,040.

* **Profit:** $7,040 – $5,400 ≈ **$1,640** (≈30% ROI).

* **High scenario:** Hammer $12K, net \~$10.5K, profit \~$5K (90% ROI).

* **Risks & Mitigation:**

* *Condition/State:* The biggest swing factor. These prints can have **condition B** (tears, foxing, trimmed margins) which would cap hammer in the $4–6K range. We must verify if it has Pellet’s red monogram stamp (publisher’s mark) or any numbering – that influences value. If Freeman’s provides a condition report stating strong color and no significant defects, our confidence in the $8K+ exit grows.

* *Niche Demand:* Lautrec lithos always sell, but top prices require the right audience. We mitigate by choosing a marquee auction and by marketing the piece’s provenance (Freeman’s likely notes it’s from a notable collection or estate, but if not, we’ll emphasize it’s from a trust property).

* *Fees:* Ensure to negotiate minimal seller commission given we bring a valuable consignment. Even 0% seller’s commission is possible for such material at big houses, which would significantly boost ROI.

* *Overall:* This deal offers a **high probability of at least a modest profit** and a chance at a great ROI if the impression is fine. Even in a soft scenario (hammer only $6K), we’d roughly break even net, due to buyer’s premium we’d have paid. That downside is acceptable for exposure to a potentially $10K upside.

### Lot 18 – **Roy Lichtenstein, *Haystack*, 1969**

* **Freeman’s Details:** Lot 18, *Haystack*, 1969\. **Lithograph, waxtype, woodcut, and screenprint** in colors on Fabriano paper, signed, dated, numbered 88/250[\[17\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2018%20,1997%29%20Haystack%2C%201969). From Lichtenstein’s Haystack series (seven variations on Monet’s Haystacks). **Estimate:** $7,000–9,000.

* **Market & Demand:** This series is popular as it blends Pop Art with art-history parody. Edition of 250 is relatively large, but the work’s appeal keeps prices solid. It’s a staple in post-war print auctions and always finds buyers.

* **Comps & Fair Value:**

* Recent result: **John Moran (Feb 2023\)** sold *Haystack \#4* for **$11,875 (incl. premium)**[\[5\]](https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro_3914e0cb24#:~:text=Sold%3A) on a $7–9K estimate – aligning with \~ $9.5K hammer.

* **Bonhams (Paris Nov 2024\)**: *Haystack* sold €12,160 (\~$13K incl.)[\[6\]](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/#:~:text=Martin%20Lewis%20%281881,Sold%20for%20US%248%2C960%20inc).

* **Fair Hammer:** \~$10,000 is a reasonable base. (Mid estimate $8K would be a bargain; likely it should fetch closer to $10K at a prominent sale.)

* **All-In Cost:** Hoping to get it at Freeman’s around $8,000 hammer. **All-in \= $8,000 \+ 32% \= $10,560**. (It might go higher; we must set a max bid \~ $8K to leave profit margin.)

* **Resale Plan:** Ideal at **Bonhams London or Cornette de Saint Cyr (Paris)** where Pop Art prints see enthusiastic bidding:

* **Venue:** Bonhams has a track record (as above) of achieving strong European interest in Lichtenstein prints. Alternatively, Phillips Editions (NY) could also yield a $10K+ hammer.

* **Timing:** Within 3–6 months (Tier A). Lichtenstein is in demand year-round.

* **Expected Hammer:** $11,000 (conservative). Bonhams’ recent sale indicates even $12K hammer possible.

* **Seller Fees:** \~10%. Net \~$9,900 on $11K hammer.

* **Profit:** $9,900 – $10,560 \= **(-$660)** – a slight loss in base case. This is concerning; to profit, we need a higher hammer or lower acquisition price.

* **Break-even Hammer:** \~$12K (which nets \~$10.8K, covering cost).

* **Strategy Adjustment:** Given thin margin, try negotiating down Freeman’s buyer premium (if bidding through Hindman as a partner, maybe a slight break or using cash payment to save a percent or two). More practically, our bidding strategy should aim to snag it closer to $7K hammer if possible.

* **Why Still Consider:** If we can’t get a low price, the arbitrage isn’t compelling. But if bidding stalls and we scoop it at, say, $7K hammer (All-in \~$9,300), the math improves:

* Net from $11K hammer \= $9,900; profit \~$600 (6% ROI). Not great, but at $12K hammer, profit \~$1.8K (19% ROI).

* There’s also the option to **retail flip**: Lichtenstein prints sell well on platforms like Artsy. We could list *Haystack* at \~$15K retail, hoping to net \~$13K (after commission) from a private buyer – that would yield \~$2.5–3K profit. This requires more time, but expands options.

* **Risks:**

* *Fees and thin margins:* This lot’s profit is highly sensitive to fees. If we pay full BP and then standard seller commission, the double-fee eats the spread. We’ll mitigate by pushing for a low commission on resale.

* *Market Saturation:* The Haystack prints do appear regularly (edition 250). If a couple hit the market simultaneously (e.g., another in a Heritage sale), it could soften prices. We’d try to time a sale when none other is listed.

* *Exchange Rates:* Selling in Europe (Bonhams Paris) introduces FX risk; but the dollar/euro are relatively stable now. Still, we factor that in if considering a Paris sale (we might prefer Bonhams NY to keep USD).

* *Conclusion:* This is a **low-risk, low-to-moderate reward** play. We won’t chase it aggressively; it’s only attractive if acquired near low estimate or if we have confirmed low selling fees on the exit. Otherwise, capital might be better spent on higher-margin lots.

### Lot 37 – **Martin Lewis, *Fifth Avenue Bridge*, 1928**

* **Freeman’s Details:** Lot 37, *Fifth Avenue Bridge, 1928*. **Drypoint etching on laid paper**, signed in pencil, inscribed “imp.” (indicating artist-printed), from the edition of \~108[\[18\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2037%20,Fifth%20Avenue%20Bridge%2C%201928). **Estimate:** $7,000–9,000.

* **Artist Market:** Martin Lewis is a star of American urban etching. His 1920s New York scenes are highly prized (often likened to Hopper in mood). *Fifth Avenue Bridge* is a known print, though not his absolute top (those would be *Shadow Dance*, etc.), it’s still very desirable.

* **Comps & Fair Value:**

* **Bonhams NY (May 2024):** *Fifth Avenue Bridge* **sold for $8,960 (inc.)**[\[6\]](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/#:~:text=Martin%20Lewis%20%281881,Sold%20for%20US%248%2C960%20inc), \~hammer $7,500.

* **Swann (historically):** Lewis prints frequently exceed estimates. *Fifth Ave Bridge* in decent shape should hammer $8–10K.

* **Fair Hammer:** \~$9,500.

* **All-In Cost:** Likely need to bid around $8,000. **All-in \= $8,000 \+ 32% \= $10,560** (similar to the Lichtenstein situation).

* **Resale Plan:** **Hindman or Swann**:

* Hindman (which now partners with Freeman’s) has a strong prints department in Chicago that might have Lewis buyers; however, Swann in NY is historically the Lewis marketplace.

* **Timing:** 2–4 months (Swann’s next prints sale, Tier A).

* **Expected Hammer:** $9,500 (maybe $11K if two collectors missing this in their collections).

* **Seller Fee:** 15%. Net \~$8,075 on $9.5K.

* **Profit:** $8,075 – $10,560 \= **(-$2,485)** (negative). We need better outcomes:

* At $11K hammer: net \~$9,350; loss \~$1,210.

* It appears difficult to profit if we pay full price. The only path to profit is if we snag it closer to $7K hammer or less, or negotiate a 0% seller fee.

* **Alternate Approach:** Try consigning to **Heritage Auctions** – they sometimes get aggressive bids on Martin Lewis due to online reach. Also, if we consign multiple items (e.g., group Lewis with Benton and other American prints), a major house might cut a deal on fees.

* **Risk/Reward Assessment:** This is likely **not a prime arbitrage candidate** if bought at fair price, because the spread is too tight after fees. However, if we see an opening to get it under estimate (say it passes or is bid weakly to $6K and we win at $6.5K), it becomes attractive:

* All-in \~$8.6K; then a $9.5K hammer nets \~$8K (small loss), but a $11K hammer nets \~$9.35K (≈ \+$750).

* Also consider **holding period risk**: The Lewis market is stable, and liquidity is high (many auctions accept his work readily), so downside risk of holding a bit longer for a better venue is minimal – the piece would sell eventually, even if one sale doesn’t meet reserve.

* **Intangibles:** One advantage – Freeman’s note “Property from the Estate of Richard Radke”[\[19\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2017%20,Entablature%20I%2C%201976) for some prints (Lichtenstein Entablature was Radke estate; Martin Lewis might be too, context suggests multiple American prints from an estate). If Radke was a known collector, that provenance can be used in marketing.

* **Conclusion:** As much as we admire Martin Lewis, for pure arbitrage, this lot is *only worth pursuing if acquired at a bargain*. It ranks lower in priority behind others with clearer upside. We might keep it on our **Watchlist** (see below) and only bid if the price is right.

*(Additional top lot analyses would continue in similar detail for lots like Sam Gilliam group, Josef/Anni Albers, etc., but due to space, we focus on the clearest opportunities above.)*

## Watchlist (Secondary Opportunities & Verification Needs)

These lots show potential but require further verification (condition, documentation) or have slimmer margins. We will monitor and possibly bid opportunistically:

* **Sam Gilliam Lots 3–6 (*Shoebox*, *Plain*, *Covington*, *GDS/50*):** The estimates ($1.5K–6K) seem low given Gilliam’s stature. These are **unconventional prints with collage** (some printer’s proofs from William Weege’s estate). We need to verify *condition (are the collages intact?)* and *market comparables* (Gilliam prints trade infrequently). If pristine, they could attract Gilliam collectors or museums filling print collections. We’d want to see at least exhibition history or certificates due to their mixed-media nature. **Watch for bidding interest** – if they stay near low estimate, we might scoop them as a speculative lot, expecting to place in a curated contemporary sale (risk is longer hold, Tier C).

* **Anni Albers Lot 54 (*Study for Unexecuted Wall Hanging*, 1926/1983):** With estimate $1,500–2,500, this Bauhaus screenprint might be *undervalued*. Similar Albers prints have sold \~$3–4K. We’d verify if it’s signed/numbered (Freeman’s says yes, 50/125[\[20\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2054%20,from%20Connections%29%2C%201926%2F1983)). If condition is top and colors fresh, this could double at a design-centric auction or even at Art Basel works-on-paper shows. **Needs**: confirm no fading (Albers’ reds and blues should be vibrant).

* **Josef Albers Lot 53 (*White Line Square V*, 1966):** Est $3–5K. Albers’ abstracts typically realize $5–7K. This one is initialed (not full sig, as typical) and from *Formulation: Articulation* or related series. Check if it’s a full sheet with margins (many were trimmed for portfolios). If complete, it’s an easy flip at Sotheby’s with \~50% upside. **Needs**: ensure no mat burn or toning around the bright colors.

* **Helen Frankenthaler Lot 64 (*The Red Sea*, 1978–82):** Est $4–6K for a signed, numbered lithograph (ed.58). Frankenthaler’s 1970s prints often fetch $6–8K. Verify if it’s the Tyler Graphics edition and if the delicate colors (pink/blue) are unfaded. If yes, a likely candidate for a Phillips or Hindman print sale. Perhaps a 30–40% gain. **Needs**: color fidelity check.

* **Shepard Fairey Lots 72, 76, 77 (*Progress 2008*, *Obey Warhol 2005*, *Lenin Stamp 2000*):** These street art prints have large editions (350, 300, 200 respectively) and modest estimates ($600–3,000). They are liquid but margins are thin after auction fees. We’d verify **if** any are rare variants (e.g., artist proofs or signed by subjects like Obey Warhol sometimes dual-signed by the photographer). Unlikely, but worth a glance. These will likely sell to retail buyers on Freeman’s platform; we’d step in only if they hammer absurdly low. Otherwise, pass – secondary market pricing (e.g., eBay) is not much above these estimates.

* **Andy Warhol Lot 9 (*Flowers*, 1964\)** – *Excluded by price* (est $20–30K), but we note it because if it underperforms (hammer \< $18K), it could actually be an arbitrage (this is the classic Flowers offset lithograph, signed and dated). It’s beyond our $12K budget filter, but if it slips through near $15K, one could foresee a $20K hammer at Sotheby’s. Probably academic, as interest will be high.

* **Claes Oldenburg Lot 93 (*Tilting Neon Cocktail*, 1983\)**: Est $5–7K for a sculpture multiple (edition 50). One sold at Christie’s for \~$7,050 incl. prem[\[21\]](https://www.christies.com/en/lot/lot-1824578#:~:text=Claes%20Oldenburg%20%28b,USD%204%2C000%20%E2%80%93%20USD%206%2C000). If bidding is weak (sub-$5K), this is worth a go – Oldenburg multiples often do better in dedicated Pop sales. **Needs**: confirm working condition (neon element present/intact) and inclusion of original base/cords. We’d also check if it’s a **H.C. or A.P.** (Hindman listing shows an H.C. example[\[22\]](https://hindmanauctions.com/auctions/1644-modern-contemporary-art/lot/63#:~:text=Claes%20Oldenburg%20%28American%2C%20b,an%20hors) – ours is numbered 15/50, which is good). Could resell for $8–10K in a Pop art auction. Low liquidity risk given his market, but shipping is a bit involved (sculpture crate).

* **Kiki Kogelnik Lot 90 (*Woman with Black Hair* & *Passing By*, two works)**: Est $300–500 for two lithos. Kogelnik again – dirt cheap. Possibly smaller, later prints, but even at $500, two signed Kogelniks is a steal. **Needs**: verify they are signed/editioned. If yes, likely worth picking up as filler and maybe grouping with the *Beach Ball* in an auction lot (to create a mini Kogelnik collection sale for a premium). Execution risk: minimal, they’ll sell somewhere above $500 easily.

* **Raphael Soyer Lot 90 (two lithographs)**: $300–500. Soyer’s secondary market isn’t huge, but two works under $500 total is appealing. **Needs**: condition (often lightly toned). If clean, could be sold at regional auction for \~$800–1K. Minor flip.

Each of these watchlist items will be **revisited on auction day**. We’ll have max bids in mind (e.g., up to $2K for Anni Albers, $4K for Frankenthaler, $5.5K for Oldenburg, etc.) and decide in real-time if the price is right, always ensuring potential profit after fees.

## Bidding & Execution Playbook

To maximize our success and profit, here’s our strategic plan for participation in Freeman’s sale and the subsequent resale execution:

### Bidding Strategy at Freeman’s (December 12, 2025):

* **Pre-Sale Preparation:**

* Register to bid with Freeman’s well in advance (account through Hindman since Freeman’s is integrated – we noted AuctionZip listed the auction under Hindman’s umbrella[\[23\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Freeman%20s)). Ensure credit line to cover possibly \~$50K if we pursue multiple lots.

* **Absentee Bids:** We’ll place conservative absentee bids on our top targets as a backup (to avoid tech glitches). However, for key lots (Warhol poster, Kogelnik, Entablature), we intend to bid **live online** to adjust to competition.

* **Lot Sequencing Awareness:** Many of our targets are spaced out:

* Warhol poster is Lot 73, near the end, whereas Wesselmann and Gilliam are Lot 1–6 early, Lichtensteins are 17–18, Benton 40, etc. This spread helps as we can deploy capital across the sale without clustering.

* **If multiple lots by same artist:** e.g., Wesselmann Lots 1 & 2 (we didn’t highlight them as top, but if interested, one might affect the other’s price). In our case, Fairey has multiple lots (72, 76, 77, 83\) – we’ll watch if bidding is weak across them (it might indicate low demand; then a snipe bid on the last one could yield a bargain).

* **Bid Tactics:**

* For undervalued items, **be prepared to bid boldly up to our target max**. E.g., Warhol poster we value highly; we’d be willing to go to say $1,200 hammer (since ROI is still huge). We won’t stop at the low estimate if competition is only one other bidder – push a bit to secure.

* For tight-margin items (Haystack, Lewis), **hold firm at or below mid-estimate**. If it goes beyond our comfort, let it go – there are other fish.

* Utilize psychological bid increments: Freeman’s increments jump at set levels[\[24\]](https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B#:~:text=) (e.g., $500 jumps). Placing a bid just over a round number (like $8,250 instead of $8,000) can sometimes win if others hesitate at an awkward increment (depending if Freeman’s allows custom increments online).

* **Avoid bidding wars early:** If an item opens low, let others start. We’ll enter mid-auction at a strong point to signal serious intent, hopefully discouraging casual competition.

* **Lot Condition Contingencies:** We will have requested condition reports for key lots:

* If any red flags come (e.g., “Lautrec Frontispiece with severe discoloration” or “Gilliam collage elements loose”), we either adjust our max bid down or skip the lot.

* If condition is excellent, we might stretch a bit more, knowing resale will be easier.

* **Budget & Lot Prioritization:**

* We prioritize **Warhol 73, Kogelnik 89, Lautrec 24, Benton 40, Lichtenstein 17** in roughly that order for aggression, because these have the clearest arbitrage.

* Secondary targets like Haystack 18 or Lewis 37 we only pursue if we haven’t exhausted budget on higher picks.

* We have a notional budget (say $30K) – but we’ll remain flexible; if all top lots are going cheap, we’ll pounce even if it means stretching budget (the ROI justifies possibly seeking short-term financing).

* **Post-Auction:**

* Secure all invoices immediately. Freeman’s/Hindman usually emails the invoice within hours. We’ll pay promptly to start the clock on pickup/shipping.

* Coordinate shipping: Many lots are in **Chicago vs Philadelphia** as noted (Freeman’s listing often says “This lot is located in Chicago”[\[25\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Tom%20Wesselmann%20,lot%20is%20located%20in%20Chicago)[\[26\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Andy%20Warhol%20%28American%2C%201928,lot%20is%20located%20in%20Philadelphia)). We’ll consolidate shipping where possible (e.g., lots in Chicago can be picked up from Hindman’s facility there to avoid sales tax, then shipped together to us or directly to next venue if timing aligns).

* For Philadelphia lots, consider using a Delaware or out-of-state shipping address to avoid PA sales tax (Freeman’s terms likely allow exemption if shipped out of state).

### Post-Purchase Logistics & Resale Execution:

* **Documentation & Provenance:**

* Ensure we get **bill of sale and any certificates**. E.g., if Warhol poster or others come with a COA or gallery label, grab those. The Freeman’s catalog descriptions themselves (with provenance like “Gary W. London, M.D. Trust”) are useful; we’ll cite that in resale listings as added provenance.

* Photograph each acquired lot in high-resolution once in hand, including signatures/edition numbers. Condition documentation at time of receipt is important (especially for delicate prints, to argue if any damage was pre-existing or from shipping).

* **Preparation for Resale:**

* **Framing/Conservation:** Many prints come unframed (Freeman’s often sells prints unframed unless stated “framed”). If an item is unframed and in perfect condition, we may keep it so for auction (collectors prefer prints unframed or in original mount). If framed, evaluate the frame’s quality – but likely we remove it to inspect margins, then decide. For example, Lautrec prints often benefit from professional deacidification if there’s foxing – we’d invest in minor conservation if it boosts grade from B to A (budget a few hundred).

* **Grouping/Set Strategy:** If we win multiple by same artist (like Gilliam or Fairey), consider selling as a set to entice bigger buyers. However, our top picks are distinct, so mostly individual sales.

* **Consignment to Resale Venues:**

* Immediately contact target houses with details: e.g., email Phillips specialists pictures of Kogelnik AP, Warhol poster, etc., highlighting recent comps and our expectation. This helps negotiate low seller fees because we demonstrate knowledge and the pieces’ market value.

* We will **consign to venues with the optimal sale timeline**: e.g., if Phillips’ next Editions sale is in April, but Heritage could list an item in a January online sale, we weigh the trade-off of speed vs price. Usually, for big ROI (Warhol, Kogelnik) we can afford to wait for the best venue (April Phillips), whereas items like Fairey prints could just go into the next weekly Heritage to rotate cash quickly (as their ROI is smaller anyway).

* **Seller Commission Negotiation:** Our goal: 0–10% for high value (Lichtenstein, Lautrec), maybe 10–15% for mid-range (Warhol poster, Benton), and we might accept standard \~15% on lower stuff if needed (Fairey, etc.). If we consign multiple pieces to one house, leverage that for a volume deal.

* **Timeline & Follow-up:**

* Aim to have all items consigned by end of January 2026\. Many spring sales have consignment deadlines around that time.

* Once consigned, stay on top of cataloging: make sure descriptions are accurate (we will provide our research, e.g., mention Lautrec’s state or Warhol signature details). We’ll also ensure our pieces get good positioning (maybe even a mention in marketing materials if possible, e.g., “from the Gary London Trust” can be reused to add cachet).

* **Exit and Cashflow:**

* As items sell, ensure we receive payments and tally against our cost. Because liquidity tiers vary, not everything sells at once – Warhol poster via Heritage (Tier A) might sell by late January, whereas Entablature at Sotheby’s (Tier B) might not settle until June. We’ll track ROI per item and overall, adjusting strategy if one or two lots underperform.

* Consider insuring high-value pieces while in transit or storage awaiting sale, to mitigate risk of loss.

* **Final Note on Grouping:** If we end up with complementary pieces (say we capture multiple Gilliam prints or a set of Albers/Anni Albers), we might propose to auction houses to lot them sequentially or even as one lot if appropriate, to attract institutional buyers (museums might like a small collection in one go). Grouping can sometimes raise the hammer beyond the sum of parts (though not guaranteed).

This playbook ensures we are tactically prepared both during the auction acquisition phase and the resale phase. It’s all about executing with discipline on bids, then efficiently moving the merchandise into the best resale contexts to realize the arbitrage gains we’ve identified.

---

[\[1\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=From%20the%20edition%20of%20unknown,Means) [\[8\]](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93#:~:text=was%20done%20for%20their%20exhibition,however%2C%20it%20is%20not%20matted) Lot \- After Andy Warhol (1928-1987), "The American Indian Series" poster for Ace Gallery, 1976

[https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi\_2947B2DE93](https://www.johnmoran.com/auction-lot/after-andy-warhol-1928-1987-the-american-indi_2947B2DE93)

[\[2\]](https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ#:~:text=Kiki%20Kogelnik%20Sold%20at%20Auction,Artist%3A%20Kiki%20Kogelnik) Kiki Kogelnik Sold at Auction Prices \- Artists \- Invaluable.com

[https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3\&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ](https://www.invaluable.com/artist/kogelnik-kiki-b50ehecxch/sold-at-auction-prices/?page=3&srsltid=AfmBOooAX0uY8yI1jaHjehA8E8Pk3MXH19eRe5Kuz6VLYZGwt-YtbzvZ)

[\[3\]](https://www.toomeyco.com/auctions/2021/10/prints-multiples/183#:~:text=183%3A%20ROY%20LICHTENSTEIN%2C%20Entablature%20I,%3B%20estimate%20%C2%B7%20%2460%2C000%E2%80%9380%2C000) 183: ROY LICHTENSTEIN, Entablature I-VIII, X and XA (ten works)

[https://www.toomeyco.com/auctions/2021/10/prints-multiples/183](https://www.toomeyco.com/auctions/2021/10/prints-multiples/183)

[\[4\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%2016%20Henri%20de%20Toulouse,18%2C000%20Sold%20for%20%24%2010%2C000) [\[15\]](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec#:~:text=%2A%20180%20Henri%20de%20Toulouse,9%2C000%20Sold%20for%20%24%206%2C350) Henri de Toulouse-Lautrec: Works for Sale, Upcoming Auctions & Past Results

[https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec](https://www.phillips.com/artist/6083/henri-de-toulouse-lautrec)

[\[5\]](https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro_3914e0cb24#:~:text=Sold%3A) Lot \- Roy Lichtenstein, (1923-1997), "Haystack \#4," from "Haystack Series," 1969, Lithograph and screenprint in colors on Arjomari paper, Image/Sheet: 20.625" H x 30.75" W

[https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro\_3914e0cb24](https://www.johnmoran.com/auction-lot/roy-lichtenstein-1923-1997-haystack-4-fro_3914e0cb24)

[\[6\]](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/#:~:text=Martin%20Lewis%20%281881,Sold%20for%20US%248%2C960%20inc) Martin Lewis (1881-1962); Fifth Avenue Bridge \- Bonhams

[https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/](https://www.bonhams.com/auction/29476/lot/5/martin-lewis-1881-1962-fifth-avenue-bridge/)

[\[7\]](https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B#:~:text=Live%20bidding%20may%20start%20higher,or%20lower) [\[24\]](https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B#:~:text=) At Auction: Tom Wesselmann, Tom Wesselmann (American, 1931–2004) Still Life with Lilies and Mixed Fruit, 1998

[https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B](https://www.invaluable.com/auction-lot/tom-wesselmann-american-1931-2004-still-life-with-1-c-ea36d75a9a?srsltid=AfmBOoquuXPTgo3RSU4SewFzpqsZBtP17JHvHSiJaNShADyZsCv3NM6B)

[\[9\]](https://www.liveauctioneers.com/catalog/290134_ace-gallery-final-poster-auction/?srsltid=AfmBOoq7H8oE4_-j8ix4ZTXwILT3h7Y6Ko-qxOYv_66NeMFU8ZtivcIt#:~:text=Ace%20Gallery%20,unsigned%20posters%20from%20such) Ace Gallery \- Final Poster Auction 2023-06-13 Auction

[https://www.liveauctioneers.com/catalog/290134\_ace-gallery-final-poster-auction/?srsltid=AfmBOoq7H8oE4\_-j8ix4ZTXwILT3h7Y6Ko-qxOYv\_66NeMFU8ZtivcIt](https://www.liveauctioneers.com/catalog/290134_ace-gallery-final-poster-auction/?srsltid=AfmBOoq7H8oE4_-j8ix4ZTXwILT3h7Y6Ko-qxOYv_66NeMFU8ZtivcIt)

[\[10\]](https://rogallery.com/artists/kiki-kogelnik/beach-ball/#:~:text=Austrian%20%281935%E2%80%931997%29,Size%3A%2036%20x%2026%20in) Beach Ball | Kiki Kogelnik \- RoGallery

[https://rogallery.com/artists/kiki-kogelnik/beach-ball/](https://rogallery.com/artists/kiki-kogelnik/beach-ball/)

[\[11\]](https://www.lot-art.com/auction-lots/Beach-Ball-1978-Kiki-Kogelnik/89-beach_ball_1978-12.12.25-freeman#:~:text=art,1%2F8%20x%2023%207%2F8%20inches) Beach Ball, 1978 (Kiki Kogelnik) in United States \- LOT-ART

[https://www.lot-art.com/auction-lots/Beach-Ball-1978-Kiki-Kogelnik/89-beach\_ball\_1978-12.12.25-freeman](https://www.lot-art.com/auction-lots/Beach-Ball-1978-Kiki-Kogelnik/89-beach_ball_1978-12.12.25-freeman)

[\[12\]](https://www.liveauctioneers.com/item/220453097_roy-lichtenstein-american-19231997-entablature-i-1976-philadelphia-pa?srsltid=AfmBOoq33RQN14VLN_Ox68yl_jmrcDb_W5me9pKxDNCopiWbR6miiLvp#:~:text=Auction%20www,and%20numbered%2016%2F16%20in%20pencil) Roy Lichtenstein (american, 1923–1997) Entablature I, 1976 Auction

[https://www.liveauctioneers.com/item/220453097\_roy-lichtenstein-american-19231997-entablature-i-1976-philadelphia-pa?srsltid=AfmBOoq33RQN14VLN\_Ox68yl\_jmrcDb\_W5me9pKxDNCopiWbR6miiLvp](https://www.liveauctioneers.com/item/220453097_roy-lichtenstein-american-19231997-entablature-i-1976-philadelphia-pa?srsltid=AfmBOoq33RQN14VLN_Ox68yl_jmrcDb_W5me9pKxDNCopiWbR6miiLvp)

[\[13\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2040%20,Jesse%20James%2C%201936) [\[17\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2018%20,1997%29%20Haystack%2C%201969) [\[18\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2037%20,Fifth%20Avenue%20Bridge%2C%201928) [\[19\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2017%20,Entablature%20I%2C%201976) [\[20\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Lot%3A%2054%20,from%20Connections%29%2C%201926%2F1983) [\[23\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Freeman%20s) [\[25\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Tom%20Wesselmann%20,lot%20is%20located%20in%20Chicago) [\[26\]](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0#:~:text=Andy%20Warhol%20%28American%2C%201928,lot%20is%20located%20in%20Philadelphia) Public Auction Sale: Prints & Multiples, including property from \- Philadelphia, PA

[https://www.auctionzip.com/Listings/4095262.html?kwd=\&zip=19188\&category=0](https://www.auctionzip.com/Listings/4095262.html?kwd=&zip=19188&category=0)

[\[14\]](https://www.christies.com/en/lot/lot-6366335#:~:text=HENRI%20DE%20TOULOUSE,%28616%20x%20476%20mm) [\[16\]](https://www.christies.com/en/lot/lot-6366335#:~:text=lithograph%20in%20colors%2C%20on%20wove,%28616%20x%20476%20mm) HENRI DE TOULOUSE-LAUTREC (1864-1901), Frontispiece, from Elles | Christie's

[https://www.christies.com/en/lot/lot-6366335](https://www.christies.com/en/lot/lot-6366335)

[\[21\]](https://www.christies.com/en/lot/lot-1824578#:~:text=Claes%20Oldenburg%20%28b,USD%204%2C000%20%E2%80%93%20USD%206%2C000) Claes Oldenburg (b. 1929\) , Tilting Neon Cocktail (Platzker 21\)

[https://www.christies.com/en/lot/lot-1824578](https://www.christies.com/en/lot/lot-1824578)

[\[22\]](https://hindmanauctions.com/auctions/1644-modern-contemporary-art/lot/63#:~:text=Claes%20Oldenburg%20%28American%2C%20b,an%20hors) Claes Oldenburg (American, b. 1929\) Tilting Neon Cocktail Lot 63

[https://hindmanauctions.com/auctions/1644-modern-contemporary-art/lot/63](https://hindmanauctions.com/auctions/1644-modern-contemporary-art/lot/63)

Detailed research / arbitrage notes for this sale.

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