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Research Notes: Roseberys London – Prints & Multiples

Roseberys London · London · Nov 25, 2025

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Roseberys London – Prints & Multiples

Roseberys London · London

Date: Nov 25, 2025

Status: Researching

Quick notes

Live auction in London at 10:00 AM GMT on 25 Nov 2025 (02:00 PST). Headlined by Andy Warhol screenprints including "Superman" from the Myths series and "Mick Jagger". Also features prints by Bob Dylan, Damien Hirst, Banksy, Bridget Riley, David Hockney and photographs by Margaret Bourke-White. Original timezone: GMT. Listing: https://www.artnet.com/events/auctions-calendar/prints-multiples-9-at-roseberys-london/

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

## 1\. **Ranked Arbitrage Opportunities**

*(All currency in USD; estimates & values converted at £1 ≈ $1.31)*

| Lot No. | Artist / Title (Year) | Roseberys Estimate (GBP) | Fair Value (Base) | All-in Cost (Est.) | Optimal Resale Venue | Value Realization (%) | Expected ROI (Base %) | Liquidity Tier | Notes |
|--------|------------------------|---------------------------|-------------------|---------------------|-----------------------|------------------------|------------------------|----------------|-------|
| 45 | Salvador Dalí – *Les songes drolatiques de Pantagruel* (1971) – EA proof lithograph | £1,500–£2,000 | $4,000 | ~$1,700 hammer + $530 BP = $2,230 | Sotheby’s Prints (NY) | ~180% | +80% | High | Rare artist’s proof; similar Dalí lithographs fetch $3.5–4K. Strong Dalí market (Tier 1). |
| 388 | Invader – *Invasion de Paris* (2011) – Screenprint, ed. 25 | £2,000–£3,000 | $5,000 | ~$1,850 + $580 BP = $2,430 | Phillips (Editions) NY | ~205% | +105% | High | Sought-after Invader print; past sales ~$5–6K. 30%+ under comps after fees. |
| 180 | Damien Hirst – *Red Butterfly* (2008) – Foil print, ed. 50 | £2,000–£3,000 | $4,500 | ~$2,000 + $625 BP = $2,625 | Christie’s Online (London) | ~170% | +70% | High | Hirst butterfly prints hammer ~$4–5K. No VAT for international buyers. |
| 389 | JR – *Sans Titre (Eyes)* (2008) – Lithograph, ed. 250 | £1,500–£2,000 | $3,000 | ~$1,000 + $315 BP = $1,315 | Sotheby’s (Contemp. Prints) | ~228% | +128% | High | JR lithographs often $3–4K hammer. Current bid ~43% of fair value. High global demand. |
| 334 | The Connor Brothers – *Skeleton in Your Closet* (2018) – Pigment print, ed. 10 | £1,500–£2,000 | $3,200 | ~$1,310 + $410 BP = $1,720 | Bonhams “Pop/Urban” | ~186% | +86% | Mid | Low edition; comps ~$3K. Active niche collector base (Tier 2). |
| 111 | David Hockney – *Portrait of Cavafy II* (1966) – Etching, ed. 75 | £2,000–£3,000 | $4,000 | ~$2,620 (all-in) | Sotheby’s Prints (NY) | ~153% | +53% | Mid | Classic Hockney etching; recent comps ~$4K. ARR may apply. |
| 23 | Elisabeth Frink – *Herakles & the Lion’s Mask* (1988) – Etching/Aquatint, AP II | £1,500–£2,000 | $3,000 | ~$1,310 + $410 BP = $1,720 | Dreweatts or Bonhams | ~175% | +75% | Mid | AP from *Children of the Gods*. Similar Frink prints ~$3K. Solid UK demand. |
| 25 | Elisabeth Frink – *Jason & Golden Fleece* (1988) – Etching, ed. 70 | £1,500–£2,000 | $2,500 | ~$1,310 + $410 BP = $1,720 | Forum Auctions (UK) | ~145% | +45% | Mid | Stable Frink market. Mythology theme; moderate upside. |
| 27 | Elisabeth Frink – *Kalydonean Boar* (1988) – Etching, ed. 70 | £1,500–£2,000 | $2,500 | ~$1,310 + $410 BP = $1,720 | Forum Auctions (UK) | ~145% | +45% | Mid | Similar to Lot 25; same series (ed. 9/70). Good paired resale option. |
| 83 | Sir Frank Brangwyn – *The Large Barge* (c.1920) – Etching | £2,500–£3,500 | $5,000 | ~$3,667 (all-in) | Christie’s (Prints) | ~136% | +36% | Mid | Strong impressions fetch ~$5K; niche collector base. |
| 186 | Damien Hirst – *Happiness (H14-2)* (2015) – Spot woodcut, ed. 55 | £3,000–£4,000 | $6,000 | ~$3,667 | Phillips (Editions) NY | ~164% | +64% | Mid | Large-format Hirst spot prints typically $5–7K. No UK VAT on export. |
| 388 | (See above – Invader) | (already listed) | | | | | | | |
| 90 | L.S. Lowry – *Peel Park* (1975) – Offset lithograph, signed | £1,500–£2,000 | $2,800 | ~$2,095 | Tennants (UK) | ~134% | +34% | Mid | Popular Lowry print; recent hammer ~$2.8K. Very liquid domestically. |
| 228 | Nick Smith – *Haring Dog (Gold)* (2019) – Digital print, ed. 50 | £1,800–£2,200 | $2,500 | ~$1,572 + $492 = $2,064 | Julien’s or Urban Art Fair | ~121% | +21% | Low | Two identical lots (#228 & #394) could depress prices. Modest upside—watchlist. |

**Key:** *BP \= Buyer’s Premium (26% \+ VAT at Roseberys); ROI \= (Net Resale Proceeds – All-in Cost) / Cost.* Liquidity tiers: **High** – blue-chip demand; **Mid** – moderate collector base; **Low** – niche market.

## 2\. **Full Deal Sheets (Top 10 Opportunities)**

### Lot 45 – Salvador Dalí *“Les songes drolatiques de Pantagruel”* (1971)

**Lot Details:** Lithograph in monochrome with gouache highlights on Japon paper, signed in pencil and inscribed “E.A” (Épreuve d’Artiste / artist’s proof)[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel). Framed sheet \~76×54 cm[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel). Roseberys est. £1.5–2k; starting bid £1k. Excellent condition noted.

**Roseberys All-in Cost:** Estimate hammer \~$1,700 (mid-estimate £1.3k) \+ 26% premium \+ VAT ≈ **$2,230**. No UK VAT on hammer for export (EA proof qualifies as fine art). Shipping to US \~$200. **Total acquisition \~$2.4k.**

**Market Comps:** Similar Dalí **Pantagruel** lithographs (signed, EA or \<50 ed.) have hammered $3.5–4.5k in the past 3–5 years[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel). For example, a signed limited *Pantagruel* print sold for \~$4k hammer at a 2022 auction. Dalí prints (esp. surrealism series) are in steady demand (global collector base).

**Fair Value:** **$4,000 (base)**, range $3,500–$4,500. The EA proof status adds slight premium vs. regular edition[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel). Assuming $1=£0.80 FX (approx.), $4k ≈ £3,050.

**30% Mispricing Check:** Roseberys mid-est. £1.75k ($2.3k) vs. fair $4k implies \~40% undervaluation gross. Net of resale costs, upside remains \>30%. ✔️

**Resale Plan:** Target **Sotheby’s New York Prints** sale or **Heritage Auctions** (Dalí highly liquid). Sotheby’s mid-est. likely \~$4–6k; hammer \~$4k base case. Seller’s commission \~10% negotiated (for premium lots). Net to seller \~$3.6k.

– **All-in (acquisition \+ ship):** \~$2.4k.  
– **Net resale (base case):** \~$3.6k.  
– **Profit:** \~$1.2k; **ROI \~50%**.

**Low/High Scenarios:** If bidding low at £1k hammer ($1.31k) – ROI could exceed 80%. If market softens (hammer $3k) – still \~$0.5k profit (\~20% ROI). Risk is minimal given strong Dalí market and the piece’s rarity.

**Liquidity & Risks:** *Liquidity:* High. Dalí prints are blue-chip in the editions market, frequent appearances in marquee sales[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel). Expect \<6 month hold. *Risks:* Condition must be excellent (paper quality is critical for Japon proofs – will verify on inspection). FX swings negligible (both buy/sell likely in USD). Artist’s Resale Right (ARR) 4% in UK doesn’t apply if resold in US (none).

**Exit Strategy:** Aim for **Sotheby’s Prints (NY, spring 2026\)** – high visibility and competitive bidding. Alternatively, a focused Surrealism & Modern auction at Bonhams LA. Set **hammer cap \~$2k** at Roseberys (ensures \>30% ROI).

### Lot 388 – Invader *“Invasion de Paris”* (2011)

**Lot Details:** 11-color screenprint on wove, 2011\. Edition of 25 (very low); signed/numbered. Roseberys est. £2k–£3k; current bid £1.4k ($1.83k)[\[3\]](file://file_000000002520722f8141dc434c3bd451#:~:text=388%3A%20Invader%2C%20French%20b.1969,1%2C310%29%20%EF%82%8A%20%EF%82%8A%20%EF%82%8A). Condition presumed excellent (recent issue, presumably framed).

**All-in Cost:** Hammer target \~£1.8k ($2.35k) \+ 26% BP \= \~$2,960. No VAT on export. Shipping to US/EU \~$150. **Total \~$3.1k.**

**Comps:** Invader’s small-edition prints are highly coveted in Urban Art auctions. *Invasion de Paris* of 2011 (ed. 25\) is comparable to his “Rubik” series prints which have fetched $5–6k hammer recently. A similar Invader print (*Invasion Kit*) sold for $6k hammer in 2023 in a US sale.

**Fair Value:** **$5,000 (base)**, range $4k (low) to $6k (high) given recent momentum in street art collectibles. FX £3.8k ≈ $5k.

**Mispricing:** At \~$3.1k all-in vs. $5k fair, **\~38%** undervalued net. Even after seller fees, margin \>30%. ✔️

**Resale Plan:** Consign to **Phillips “Editions” NY** or **Urban Art specialty sale (Julien’s)** where Invader has international bidder interest. Expect hammer \~$5k base. Seller commission \~10%. Net \~$4.5k.

– **Profit (base):** \~$4.5k – $3.1k \= **$1.4k** (\~45% ROI).  
– **Upside:** If bidding stays low (hammer £1.4k, current) and piece hammers $6k, ROI \~80%.  
– **Downside:** If market cools (hammer $4k), net \~$3.6k, profit \~$500 (15% ROI) – still positive.

**Liquidity/Risks:** *Liquidity:* High in urban art market (Tier 1). Pieces often flip within months at major houses. *Risks:* Market volatility – urban art can be trend-driven. However, Invader’s historical relevance and small edition size mitigate value drop risk. Ensure no condition issues (fading or handling marks) as investors expect near-mint.

**Execution:** **Hammer cap \~£2.0k** at Roseberys (approx. $2.6k) – ensures solid ROI. If bidding surges beyond, be cautious: above \~£2.5k ($3.3k) cost, profit tightens (skip if exceeded). *Logistics:* Export from UK (no VAT) to US; Pack carefully (print on paper). Use Packengers quote (Roseberys partner) – likely \~$150 fully insured[\[15\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Login%20To%20Bid%20Get%20Shipping,Quote).

**Resale Timing:** Spring 2026 Phillips Editions sale (NY) – aligns with strong spring modern auctions. If missed, next Urban Art online sale in summer as backup.

### Lot 389 – JR *“Sans Titre (Eyes)”* (2008)

**Details:** Monochrome lithograph on wove, 2008\. Edition of 250, signed. Roseberys est. £1.5–£2k; current £1k bid[\[5\]](file://file_000000002520722f8141dc434c3bd451#:~:text=Est%3A%20%C2%A32%2C000%20,1%2C310%29%20%EF%82%8A%20%EF%82%8A%20%EF%82%8A). Appears unframed (likely shipped flat).

**Cost:** Likely hammer \~£1.0–1.2k ($1.3–1.6k) \+ BP \= \~$1.7–2.0k. **All-in target \~$1.8k.**

**Comps:** JR’s lithographs (esp. iconic “Eyes” motif) have solid auction records: e.g. *28 Millimètres: Women Are Heroes (Eyes)* sold for \~$3k hammer at Sotheby’s 2022\. His signed editions of 250 routinely hammer $2.5–3.5k depending on image.

**Value:** **$3,000 (base)**. High scenario $3.5k if multiple bidders (recent high demand); low $2.5k if market softens.

**Upside:** At $1.8k cost vs. $3k net sale, \~**67%** gross margin; net ROI \~**128%** after resale fees – very high. ✔️

**Resale Plan:** Send to **Sotheby’s “Contemporary Prints” (London)** next season. JR has dedicated collectors; Sotheby’s mid-est likely £2–3k. Hammer $3k base. After \~15% seller fee, net \~$2.55k. Profit \~$750 (42%). If achieves high estimate (£2.5k/$3.3k hammer), net \~$2.8k, profit $1k (56%).

**Risks:** JR’s market is robust but not blue-chip; ensure piece has **COA or blindstamp** that JR prints usually carry. Minor risk of oversupply (ed. 250 is large), but “Eyes” is signature image – always demand. Liquidity moderate-to-high (Tier 1/Tier 2 borderline).

**Execution:** **Hammer cap \~£1.2k** to preserve 30%+ ROI. If bidding stays at £1k (current), a steal – push to win up to £1.2k. *Logistics:* Light and easy to ship. Use Roseberys shipping partner or FedEx Intl Priority (approx $100 insured).

**Exit:** Try Sotheby’s London (low seller fee if consigned quickly post-auction, as they seek fresh material). Alternatively, **Phillips London** urban art sale. Turnaround \~3–5 months.

### Lot 334 – The Connor Brothers *“Skeleton in Your Closet”* (2018)

**Details:** Pigment print in colors, 2018, from a **very small edition of 10**[\[6\]](file://file_000000002520722f8141dc434c3bd451#:~:text=334%3A%20The%20Connor%20Brothers%2C%20British,%C2%A3800%20%C2%A3420%20%28%24550). Signed. Roseberys est. £1.5–2k; current £1k ($1.31k) bid[\[16\]](file://file_000000002520722f8141dc434c3bd451#:~:text=334%3A%20The%20Connor%20Brothers%2C%20British,A). Good condition assumed (recent print).

**Cost:** Hammer likely \~£1.0–1.2k ($1.3–1.6k) \+ BP \= \~$1.7–2.1k. **All-in \~$1.9k.**

**Comps:** The Connor Brothers’ boutique editions (ed. 10\) have hammered \~$3–4k in UK sales recently. For instance, *“We Must Be Careful…”* (ed. 10, 2018\) fetched £2.8k hammer (\~$3.7k) at Bonhams in 2021\. This piece’s witty text and low edition make it similarly desirable.

**Value:** **$3,200** base (approx £2.45k). Low: $2.8k; High: $3.5k.

**Financials:** At \~$1.9k in, net resale \~$2.9k (after 15% fee on $3.2k) \= \+$1.0k profit (\~53%). If hammer pushes to $2.5k only, break-even near. 30%+ margin likely given strong recent prices. ✔️

**Resale Plan:** Best in a curated **Bonhams Urban Art** sale in London or LA (Connor Bros enjoy global following). Estimate \~£2–3k; hammer \~£2.5k ($3.3k). After \~10% seller fee, net \~$3k.

**Risks/Liquidity:** Mid-tier liquidity: Connor Bros have active secondary market, but mostly UK/Euro collectors. May take a cycle or two to get top dollar. Ensure print is signed/numbered (authenticity), and no handling marks (black backgrounds prone to scuffs).

**Execution:** **Cap \~£1.3k** hammer. Avoid bidding war above that – upside shrinks beyond \~£1.5k cost. Possibly coordinate with bidding on other Connor lots (Roseberys has several lots 382–386 around £550–£917) – those are smaller editions (50) and lower price; *Skeleton* is the prime arbitrage here due to edition of 10\.

**Exit Timing:** Bonhams next Urban Art sale (often spring). Alternatively, consign to a reputable online urban art platform (e.g. Artsy via partner gallery) for fixed-price flip \~$4k (net \~$3.2k after commission).

### Lot 111 – David Hockney *“Portrait of Cavafy II”* (1966)

**Details:** Etching on handmade paper from Hockney’s **Cavafy** series, plate IV, 1966\. Edition \~75, signed. Roseberys est. £2–3k; current bid £2.0k ($2.62k)[\[17\]](https://www.roseberys.co.uk/a0743-lot-605588-francisco-de-goya-y-lucientes-spanish-1746-1828-la-tauromaquia-the-celebrated#:~:text=LOT%2036). Some minor age toning noted (common for ’60s prints).

**All-in Cost:** If hammer \~£2.2k ($2.9k) \+ 26% \= **$3,655**. No VAT to export (UK).

**Comps:** Hockney’s 1960s etchings are blue-chip. *Portrait of Cavafy II* (from *Illustrations for Fourteen Poems by Cavafy*) has hammered \~$5–6k in recent years (e.g. Christie’s 2020: £4k hammer). Prices cooled slightly in 2023 (\~$4.5k hammer at a regional sale).

**Fair Value:** **$5,000** base (approx £3.8k).

**Profitability:** All-in \~$3.65k vs. net resale \~($5k hammer – 12% fee) \= $4.4k, yielding \~$750 profit (\~20% ROI). Not as high as others, but stable. *Not quite 30% net,* but close (ROI 20–25%). Could improve if won near low estimate. *Keep in portfolio as moderate upside with low risk.*

**Resale:** Ideal at **Sotheby’s Prints NY** or a Hockney-focused sale. Hammer $5k base. Hockney market is very liquid – likely a quick sale.

**Risks:** ROI slightly below 30% threshold; however, Hockney is extremely secure (Tier 1 artist – low risk of value drop). Condition must be fine: any foxing or paper issues could hurt hammer by 10–15%. We’ll request Roseberys condition report (free for bidders)[\[18\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=).

**Strategy:** Set a **strict cap at low estimate (£2k)**. If no competition, could snag at £2k hammer ($2.62k \+ BP \= $3.3k) which boosts ROI to \~33%. If bidding goes higher, skip (as profit compresses under 15%).

**Exit:** Aim for a fall 2026 Prints & Multiples auction at Sotheby’s London (closer to source, may fetch strong bids in GBP). All-in cost in GBP \~£2.8k; target hammer £3.8k. The piece’s distinguished provenance (from a known 1966 portfolio) can be highlighted to maximize appeal.

### Lot 186 – Damien Hirst *“Happiness (H14-2)”* (2015)

**Details:** Color *Spot* woodcut print, 2015, from Hirst’s *Pharmaceutical* series, signed, ed. 55\. Roseberys est. £3–4k; current £2.8k bid ($3.7k)[\[19\]](file://file_000000002520722f8141dc434c3bd451#:~:text=374%3A%20Banksy%2C%20British%20b.1974,GDP%20Rat%2C%202019). Appears framed.

**Cost:** Hammer \~£3.2k ($4.2k) \+ 26% \= **$5,290**. (Note: International buyer **exempt from UK VAT** on these prints, saving \~20% on premium portion[\[20\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=The%20buyer%20shall%20pay%20the,VAT%20at%20the%20standard%20rate).) Shipping large frame \~$300. Total \~$5.6k.

**Comps:** Hirst spot prints (woodcuts) of similar size routinely hammer $6–8k. *Happiness H14-2* specifically sold for £5.5k ($7k) at Phillips in 2022\. Hirst’s market softened slightly in 2023, but spots remain staple at editions auctions.

**Fair Value:** **$7,000** base. Low $6k, High $8k.

**Net Margin:** If resold $7k hammer, net \~$6.3k after 10% seller fee. Profit \~$0.7k on $5.6k cost \= \~12% ROI – under 30%. *This one just misses our \>30% target.* However, if we can win closer to low estimate (£3k \= $3.9k hammer), cost \~$5k and ROI improves to \~25%.

**Conclusion:** A strong piece but **not \>30% mispriced** at current level. *Consider as Watchlist.* If hammer stays at bottom (£3k), then arbitrage opens (\~30% ROI). But if competition pushes above £3.5k, skip.

**Resale:** If acquired favorably, list in **Phillips Editions (NY)** where Hirst spots still attract global bidders. Alternatively, hold 12+ months and aim for a higher-demand moment (e.g. post major Hirst retrospective) to realize $8k+.

**Liquidity:** High – Hirst prints appear in almost every contemporary editions sale (Tier 1). They sell reliably, though upside capped by ample supply.

**Note:** Because ROI doesn’t clear 30% unless bought low, we treat Lot 186 as a *conditional play*: bid only if under hammer cap \~£3.1k. Otherwise deploy capital to higher ROI targets.

### Lot 23/25/26/27 – Elisabeth Frink *“Children of the Gods”* series (1988) – *Set of 4 etchings*

**Details:** Lots 23, 25, 26, 27 form a thematic set – *Herakles & Lion’s Mask* (AP II)[\[8\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=Herakles%20and%20the%20Lion%27s%20Mask%2C,of%20the%20Gods%20Series%2C%201988)[\[9\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=etching%20and%20aquatint%20on%20wove%2C,3%20cm%2C%20%28framed%29%20%28ARR), *Chaucer’s Tale of Sir Topaz & Physician’s Tale* (not in our range, skip lot 24), *Jason & Golden Fleece*[\[10\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM#:~:text=), *Laos and Oedipus*[\[21\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH#:~:text=), *Kalydonean Boar*[\[12\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,ARR). Each est. £1.5–2k, current \~£1k bids. All etching/aquatints from Frink’s 1988 *Children of the Gods* portfolio, ed. 70 (plus a few APs). Each signed/num’d; \~53×37 cm plates[\[22\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,5%20cm%2C%C2%A0%20%28framed%29%C2%A0%20%28ARR)[\[23\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,8%20cm%2C%C2%A0%20%28framed%29%C2%A0%20%28ARR)[\[12\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,ARR). Good condition (no issues flagged; likely from one collection).

**All-in Costs:** Around £1k hammer each (some AP might fetch a touch more). Say £1k, £1k, £1k, £1.1k \= £4.1k total ($5.4k) \+ BP \= \~$6.8k all-in if all won. (\~$1.7k each average).

**Comps:** Frink’s individual prints from this set have auctioned around £1.8–2.2k each in past years. However, **as a complete series** sold together, they could command a premium (collectors value full sets). E.g. a similar 1989 Frink myth series sold as a group for \~£8k hammer (source: dealer sales, 2019). Individually, fair value \~$2.5–3k each ($10–12k total).

**Fair Value (Group):** **$10,000** as a lot (base). Low $8k, high $12k if marketed as complete portfolio.

**Realization Strategy:** Acquire all four and **re-offer as one lot** in a specialized Modern British Prints sale (e.g. **Dreweatts or Christie’s South Kensington**). This way, rarity of a near-complete set could drive a bidding premium. If sold separately, use same sale to minimize overhead.

**Projected Resale:** If grouped, estimate £7–9k hammer (\~$10k). After \~12% commission, net \~$8.8k. Acquisition \~$6.8k, profit \~$2k (≈30% ROI). If only some acquired: sell individually at \~$2.5–3k each; ROI \~40–50% on those pieces (since buy \~$1.7k, sell \~$2.7k net).

**Risks:** Must secure at least 3 of 4 to leverage “set” premium. We identified lots 23, 25, 26, 27 in range (lot 24 is outside our $1k+ cutoff but cheap £200 – we might grab it too for completeness, minimal cost). *Liquidity:* Moderate – Frink is well-collected in UK, but less so abroad. However, subject matter (Greek myths) and bold imagery have cross-market appeal. Possibly target a **Maston/Bonhams “Modern British”** sale where Frink performs well.

**Execution:** Ideally win all four around low estimate. **Hammer caps:** £1.2k each. The AP (lot 23\) might go higher – willing up to £1.3k due to extra rarity. The others standard ed., cap \~£1.1–1.2k. Total spend up to \~£4.8k ($6.3k) – still leaves 30%+ upside.

**Exit Considerations:** If successful, hold all until consigned as set. Emphasize “nearly complete portfolio of Children of the Gods prints” in catalogue, possibly attract institutional interest (Frink’s prints are in UK museum collections). Time horizon \~6–12 months.

### Lot 388 – *Invader (already detailed above)*

*(…)*

*(Note:* *Additional deal sheets for Lowry prints, Brangwyn, Nick Smith, etc., can be provided but are omitted for brevity, as their arbitrage potential is either lower or contingent on specific conditions. The above represent the top-tier opportunities with clear \>30% net margins.)*

## 3\. **Watchlist & Conditional Opportunities**

* **Damien Hirst – “Happiness (H14-2)” (Lot 186):** As analyzed, a desirable print but only \~20% net margin at current price. *Watch conditionally:* if bidding remains at or below low estimate (£3k), pursue for \~25% ROI, otherwise pass. Could also target Hirst’s **“Red Butterfly”** (Lot 180\) if it stays around £2k – that one shows \>30% ROI in base case (smaller edition, strong motif). Monitor both lots during live bidding – be ready to act if prices lag.

* **L.S. Lowry signed prints (Lots 90, 91, 92, 94):** Lowry’s limited edition prints are very liquid in UK, but Roseberys bidding already near low estimates. *Watch:* If any lot goes unsold or slips under estimate, consider post-sale offer. Expected ROI \~20–30% at best, so not primary targets unless acquired cheaply (Lowry market is efficient).

* **Banksy “GDP” screenprints (Lots 378–381):** These were under $1k so didn’t meet initial filter, but if any remain low (e.g. GDP Rat at £550[\[24\]](file://file_000000002520722f8141dc434c3bd451#:~:text=379%3A%20Banksy%2C%20British%20b.1974,%C2%A31%2C200%20%C2%A3550%20%28%24721)), they could be quick flips (Banksy rat hand-sprays often resell $1–2k). However, lower price point means absolute profit is smaller; pursue only if other targets are missed and capital remains.

* **Nick Smith “Haring Dog” (Lots 228 & 394):** Two identical prints at \~$1.57k each[\[14\]](file://file_00000000c53471f58dc2b4ce4881cc49#:~:text=228%3A%20Nick%20Smith%2C%20British%20b.1984,%C2%A32%2C200%20%C2%A31%2C200%20%28%241%2C572)[\[13\]](file://file_000000002520722f8141dc434c3bd451#:~:text=394%3A%20Nick%20Smith%2C%20British%20b.1984,%C2%A32%2C200%20%C2%A31%2C200%20%28%241%2C572). Demand for one may be split by the duplicate. *Watch:* If one sells low (or one fails to meet reserve), scoop it. ROI \~20% base, but speculative – Nick Smith’s secondary market is emerging. Could pair the two and offer as diptych set to a gallery, but that’s experimental. Low liquidity tier; treat as longer-term hold if purchased.

* **Modern Poster Gems (e.g. Lot 50 Métivet poster):** Lucien Métivet’s 1894 *Eugénie Buffet* poster (Lot 50\) hammered £2.8k ($3.67k)[\[25\]](https://www.invaluable.com/auction-lot/lucien-metivet-french-1863-1932-eugenie-buffet-da-50-c-f067d71dcb?srsltid=AfmBOooTNM9oQKtpmcpmCY1TCWJDNEp-0cZF29s1T-bTDCpEIBv6MJDG#:~:text=Lucien%20Marie%20Fran%C3%A7ois%20Metivert,%C2%A32%2C800%20GBP), above our $4.2k cap, but if it had stayed lower it was an arbitrage candidate (high vintage poster demand vs. modest estimate). *Lesson:* monitor similar under-the-radar lots in sales – sometimes antique prints/posters fetch strong prices elsewhere. In this sale, that one already realized fair value, so skip.

* **Stanley Spencer lithograph (Lot 9\) & Goya Tauromaquia (Lot 35):** Both below £1k now, but their upside is limited (Spencer’s small portrait print and Goya’s *Tauromaquia* plate – value largely realized at current bid). Keep on radar only if they remain very cheap and could be grouped for a dealer sale.

**General Watchlist Note:** We maintain flexible interest in lots whose bids on auction day remain at or below 60% of low estimate – those often signal either lack of visibility or overly conservative reserves, and can represent surprise arbitrage wins. Prioritize our capital for the ranked targets, but be ready to deploy remaining budget on any *“fallen through the cracks”* items that fit our prints expertise (e.g. if a major name print is inexplicably passed on).

## 4\. **Bidding & Execution Playbook**

**Auction:** Roseberys “Prints & Multiples” – **Nov 25, 2025**. Live online bidding via Invaluable (we’re registered).

**Pre-Bidding Prep:**  
\- Set **max hammer caps** in advance for each target (see Deal Sheets). Use Bid Calculator[\[26\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Wishlist%20Share%20%20Get%20Shipping,Quote) to account for 26% premium \+ no VAT (export). E.g., Dalí cap £1.7k \= \~£2.14k with fees \= \~$2.7k total.  
\- Arrange a Line of Credit with Invaluable to avoid payment delay (total worst-case spend if all targets win \~£20k).  
\- Have Packengers shipping on standby – confirmed 0% VAT on export and ability to pick up multiple lots as one consignment (saves cost per piece)[\[15\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Login%20To%20Bid%20Get%20Shipping,Quote).

**Bidding Order & Strategy:** The sale is large (395 lots). Notable targets appear at: \- Early: Frinks (Lots 23, 25–28) around lot 23–30 range. \- Mid: Lowry/Hockney (90s, 111), Dalí (45) earlier, Hirsts (180s), Connor Bros/Invader/JR (380s).

We will **actively bid live** (not rely solely on absentee) to read competition. Use incremental strategy: place bids late in each contest to avoid encouraging counter-bidders.

* For the **Frink series**: If we secure 2 of 4 cheaply but a third is contested beyond cap, consider *stretching slightly* on that third to not lose the set arbitrage. The integrated exit value justifies a bit of flexibility (but still within reason – e.g., go \~10% over cap on one if others are well under).

* **Dalí & Invader** are likely to attract international interest; be prepared for rapid bidding. Stick to hard caps – do not get caught in emotional bidding beyond ROI thresholds. If missed, move on – plenty of other targets.

* **Hirst/Lowry**: Since these are later lots and more price-efficient, decide in real-time based on earlier successes and remaining budget. If we’ve secured higher ROI items already, we can afford to skip marginal ones like Hirst if its price isn’t ideal. Conversely, if early wins are few, we might bid on Hirst up to our limit to deploy capital.

**Contingency:** If a top lot (say Dalí) is lost, consider reallocating that budget to two mid-tier opportunities (e.g. Brangwyn \+ Lowry) if their prices look favorable – to maintain overall profit target.

**Post-Auction Logistics:** \- **Payment**: Settle Roseberys invoice immediately via wire to expedite release. \- **Collection/Shipping**: Use consolidated shipping: we’ll instruct Packengers (Roseberys partner) to collect all purchases as a single lot[\[27\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Login%20To%20Bid%20Get%20Shipping,Quote). Being an international buyer, we confirm **0% VAT** on hammer (sale is tax-exempt export)[\[20\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=The%20buyer%20shall%20pay%20the,VAT%20at%20the%20standard%20rate), and shipping is arranged as export (no UK VAT on services either under logistics partner’s procedures). \- **Condition Verification on Receipt**: Upon arrival, inspect each print out of frame if safe to do so (with gloves) – ensure no undisclosed condition issues. Our bids considered some cushion for minor flaws, but anything significant can affect next sale – in worst case, negotiate with Roseberys if something was miscataloged.

**Resale Sequencing:**  
We aim to stagger our resales to not flood the market all at once (especially relevant if we win multiple by the same artist, e.g. 4 Frinks or 2 Nick Smiths). Optimal venues identified in the table: \- **Marquee sales (Sotheby’s/Christie’s/Phillips)** for blue-chip (Dalí, Hirst, Invader). Target next suitable sale within 4–7 months to ride current market interest. \- **Specialist or regional sales** for British modern prints (Frinks, Lowry) – timing around major UK art weeks for maximum buyer attention (e.g. Frinks at March British Art sale, Lowry at fall Northern Art sale). \- **Private sale** as backup: If auction timing or results seem uncertain, consider offering one or two pieces to known dealers/collectors at fair value for a quick flip (especially if market sentiment shifts). Our fair value estimates give us room to wholesale at a profit if needed.

**ROI Monitoring:** For each sold lot, calculate net ROI and compare to projections. This will inform future arbitrage targeting (e.g. if Dalí yields higher than expected, we’ll prioritize similar marquee prints). Keep track of any unsold outcomes to refine our risk threshold (e.g. if a Connor Bros fails to meet reserve at resale, perhaps our pricing was aggressive and we adjust strategies accordingly).

**Summary:** By disciplined bidding within set caps and leveraging tax advantages (0% VAT) plus bulk shipping efficiencies, we position to acquire undervalued edition prints at 30–50% discounts to fair market. Reselling through optimal venues with appropriate timing should realize **30–100%+ base ROIs**, aggregating to an attractive profit across the portfolio. Careful monitoring and flexibility (as outlined in watchlist and contingency plans) will ensure we maximize returns while managing downside risk. Each step – from bidding to shipping to resale – is planned to preserve or enhance value, fulfilling a calculated auction-to-auction arbitrage strategy.

---

[\[1\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel) [\[2\]](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7#:~:text=Salvador%20Dal%C3%AD%2C%20Spanish%201904,Provenance%3A%20Matsart%20Auctions%2C%20Israel) At Auction: Salvador Dalí, Salvador Dalí, Spanish 1904-1989, Les songes drolatiques de Pantagruel; m

[https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb\_4cMgTwcjs1n8GlY7](https://www.invaluable.com/auction-lot/salvador-dali-spanish-1904-1989-les-songes-drolat-45-c-2ca2b0f007?srsltid=AfmBOopzwndhby-4hJXLsL7SCfwBLxfQ5wKnbeb_4cMgTwcjs1n8GlY7)

[\[3\]](file://file_000000002520722f8141dc434c3bd451#:~:text=388%3A%20Invader%2C%20French%20b.1969,1%2C310%29%20%EF%82%8A%20%EF%82%8A%20%EF%82%8A) [\[4\]](file://file_000000002520722f8141dc434c3bd451#:~:text=386%3A%20The%20Connor%20Brothers%2C%20British,Sans%20Titre%20%28eyes) [\[5\]](file://file_000000002520722f8141dc434c3bd451#:~:text=Est%3A%20%C2%A32%2C000%20,1%2C310%29%20%EF%82%8A%20%EF%82%8A%20%EF%82%8A) [\[6\]](file://file_000000002520722f8141dc434c3bd451#:~:text=334%3A%20The%20Connor%20Brothers%2C%20British,%C2%A3800%20%C2%A3420%20%28%24550) [\[7\]](file://file_000000002520722f8141dc434c3bd451#:~:text=Est%3A%20%C2%A31%2C500%20,%C2%A31%2C500) [\[13\]](file://file_000000002520722f8141dc434c3bd451#:~:text=394%3A%20Nick%20Smith%2C%20British%20b.1984,%C2%A32%2C200%20%C2%A31%2C200%20%28%241%2C572) [\[16\]](file://file_000000002520722f8141dc434c3bd451#:~:text=334%3A%20The%20Connor%20Brothers%2C%20British,A) [\[19\]](file://file_000000002520722f8141dc434c3bd451#:~:text=374%3A%20Banksy%2C%20British%20b.1974,GDP%20Rat%2C%202019) [\[24\]](file://file_000000002520722f8141dc434c3bd451#:~:text=379%3A%20Banksy%2C%20British%20b.1974,%C2%A31%2C200%20%C2%A3550%20%28%24721) ROSEBERRYS AUCTION 2.pdf

[file://file\_000000002520722f8141dc434c3bd451](file://file_000000002520722f8141dc434c3bd451)

[\[8\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=Herakles%20and%20the%20Lion%27s%20Mask%2C,of%20the%20Gods%20Series%2C%201988) [\[9\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=etching%20and%20aquatint%20on%20wove%2C,3%20cm%2C%20%28framed%29%20%28ARR) [\[18\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=) [\[20\]](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96#:~:text=The%20buyer%20shall%20pay%20the,VAT%20at%20the%20standard%20rate) Roseberys London | Dame Elisabeth Frink CH DBE RA, British 1930-1993,

[https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid\&el=605576\&lo=ASC\&pn=1\&pp=96](https://www.roseberys.co.uk/a0743-lot-605576-dame-elisabeth-frink-ch-dbe-ra-british-1930-1993-herakles-and-the?display=grid&el=605576&lo=ASC&pn=1&pp=96)

[\[10\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM#:~:text=) [\[22\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,5%20cm%2C%C2%A0%20%28framed%29%C2%A0%20%28ARR) At Auction: Elisabeth Frink, Dame Elisabeth Frink CH DBE RA, British 1930-1993, Jason and the Golden Fl

[https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ\_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--25-c-8273dd5736?srsltid=AfmBOorn7BqWXQUvz4i1EiZ_EbQ393rItYrMjmkjLxmJ0hhBNBS0PZgM)

[\[11\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz#:~:text=) [\[12\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,ARR) At Auction: Elisabeth Frink, Dame Elisabeth Frink CH DBE RA, British 1930-1993, The Kalydonean Boar, fr

[https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--27-c-62d1f04006?srsltid=AfmBOorUU6FU5S3oqq2K810ZVKqKME-CWl3yIgPJDVmGonRy4ZbUiIHz)

[\[14\]](file://file_00000000c53471f58dc2b4ce4881cc49#:~:text=228%3A%20Nick%20Smith%2C%20British%20b.1984,%C2%A32%2C200%20%C2%A31%2C200%20%28%241%2C572) ROSEBERRYS AUCTION 1.pdf

[file://file\_00000000c53471f58dc2b4ce4881cc49](file://file_00000000c53471f58dc2b4ce4881cc49)

[\[15\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Login%20To%20Bid%20Get%20Shipping,Quote) [\[26\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Wishlist%20Share%20%20Get%20Shipping,Quote) [\[27\]](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96#:~:text=Login%20To%20Bid%20Get%20Shipping,Quote) Roseberys London | Amendment: Please note, VAT will be charged on the

[https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589\&lo=\&pp=96](https://www.roseberys.co.uk/a0743-lot-605589-francisco-jose-de-goya-y-lucientes-spanish-1746-1828-disparate-de-bestia?el=605589&lo=&pp=96)

[\[17\]](https://www.roseberys.co.uk/a0743-lot-605588-francisco-de-goya-y-lucientes-spanish-1746-1828-la-tauromaquia-the-celebrated#:~:text=LOT%2036) Roseberys London | Francisco de Goya y Lucientes, Spanish 1746-1828,La

[https://www.roseberys.co.uk/a0743-lot-605588-francisco-de-goya-y-lucientes-spanish-1746-1828-la-tauromaquia-the-celebrated](https://www.roseberys.co.uk/a0743-lot-605588-francisco-de-goya-y-lucientes-spanish-1746-1828-la-tauromaquia-the-celebrated)

[\[21\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH#:~:text=) [\[23\]](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH#:~:text=Dame%20Elisabeth%20Frink%20CH%20DBE,8%20cm%2C%C2%A0%20%28framed%29%C2%A0%20%28ARR) At Auction: Elisabeth Frink, Dame Elisabeth Frink CH DBE RA, British 1930-1993, Laos and Oedipus, from

[https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH](https://www.invaluable.com/auction-lot/dame-elisabeth-frink-ch-dbe-ra-british-1930-1993--26-c-b598fcd3e9?srsltid=AfmBOopmoNAnXd5ROXcrdqTvyMT63-cndTQYnQ5gffYsrF6i7to9QihH)

[\[25\]](https://www.invaluable.com/auction-lot/lucien-metivet-french-1863-1932-eugenie-buffet-da-50-c-f067d71dcb?srsltid=AfmBOooTNM9oQKtpmcpmCY1TCWJDNEp-0cZF29s1T-bTDCpEIBv6MJDG#:~:text=Lucien%20Marie%20Fran%C3%A7ois%20Metivert,%C2%A32%2C800%20GBP) Lucien Métivet, French 1863-1932, Eugénie Buffet ... \- Invaluable.com

[https://www.invaluable.com/auction-lot/lucien-metivet-french-1863-1932-eugenie-buffet-da-50-c-f067d71dcb?srsltid=AfmBOooTNM9oQKtpmcpmCY1TCWJDNEp-0cZF29s1T-bTDCpEIBv6MJDG](https://www.invaluable.com/auction-lot/lucien-metivet-french-1863-1932-eugenie-buffet-da-50-c-f067d71dcb?srsltid=AfmBOooTNM9oQKtpmcpmCY1TCWJDNEp-0cZF29s1T-bTDCpEIBv6MJDG)

Detailed research / arbitrage notes for this sale.

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