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Research Notes: Koller Auktionen – Prints & Multiples (A215)

Koller Auktionen · Zurich · Nov 27, 2025

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Sale overview

Koller Auktionen – Prints & Multiples (A215)

Koller Auktionen · Zurich

Date: Nov 27, 2025

Status: Researching

Quick notes

Live auction in Zurich scheduled for Thursday 27 Nov 2025 at 10:00 AM CET (01:00 PST). Includes modern prints and multiples; the catalogue highlights Andy Warhol’s colour screenprint “Ladies and Gentlemen” (Lot 3678) and other works likely including pieces by Pablo Picasso and other 20th-century artists. Original timezone: CET. Listing: https://www.kollerauktionen.ch/en/print-catalog-detail/1215_547966.htm?pagetype=pdf&pagelayout=print-catalog

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

1. **Overview**

On **27 November 2025**, Zurich‑based **Koller Auktionen** will conduct a live sale of **prints and multiples (A215)**.  The catalogue includes over a hundred 20th‑ and 21st‑century editioned works spanning Modern, Pop and Street art.  Highlights include major screenprints by **Andy Warhol** (from the *Endangered Species*, *Ads*, *Mick Jagger* and *Ladies & Gentlemen* series), a **Banksy** urban print, a large **Roy Lichtenstein** screenprint from his *Reflections* series and a complete portfolio by **Brice Marden**.  The auction is scheduled for **10:00 AM CET (1:00 AM PST)** and uses Koller’s tiered buyer’s‑premium schedule (28 % up to CHF 400k, 25 % for CHF 400k–1M, 18 % thereafter)【927488028756196†L176-L183】.  Below is a structured dossier evaluating key lots for arbitrage potential.

### Dossier (paste into Research notes)

## Acquisition Criteria (Quick Check)

- **Edition size ≤ 150?**  Applies to Warhol’s *Grevy’s Zebra* (150), *Apple* (190, slightly higher but strong demand), *Mick Jagger* (250) and *Ladies & Gentlemen* (125).  Brice Marden’s portfolio (45) and Banksy’s *Banksquiat (Grey)* (300) also fit within small/medium edition tiers.
- **Clear arbitrage angle?**  Yes.  Several lots carry conservative Swiss estimates well below recent market valuations, creating geographic mispricing opportunities.  Some prints (Banksy, Marden) are under‑researched or poorly photographed, and the Zurich venue may limit global bidding.
- **Signature & condition?**  All highlighted lots are signed and in good condition per catalogue notes【56315552432137†L138-L165】【522071141252603†L138-L153】【762203671126261†L138-L160】.  Warhol’s *Mick Jagger* is double‑signed by the artist and the sitter【700062168041157†L138-L144】.

## 1️⃣ Lot Extraction

|Lot|Artist & Title|Year/Medium/Edition|Size & Signature|Condition/Estimate (CHF)|Catalogue URL (raw)|
|---|---|---|---|---|---|
|**3601**|**Pablo Picasso – *Bouteille gravée***|1954 ceramic vase (wheel‑thrown and painted), edition **278/300**, inscribed ‘Edition Picasso Madoura’【927488028756196†L176-L183】.|h 44 cm; signed; published by Madoura【927488028756196†L176-L183】.|Good; est. **12–18k CHF**【927488028756196†L590-L604】.|`https://www.invaluable.com/lot/bouteille-gravee-pablo-picasso-3601`|
|**3677**|**Andy Warhol – *Grevy’s Zebra***|1983 colour screenprint from *Endangered Species* portfolio; edition **123/150**【56315552432137†L138-L165】.|sheet 96.4 × 96.2 cm; signed in pencil with stamp【56315552432137†L138-L165】.|Good; est. **60–80k CHF**【56315552432137†L672-L675】.|`https://www.invaluable.com/lot/grevys-zebra-andy-warhol-3677`|
|**3678**|**Andy Warhol – *Ladies and Gentlemen (portfolio plate)***|1975 colour screenprint from the 10‑part *Ladies & Gentlemen* series; edition **104/125**【522071141252603†L138-L153】.|image 81.5 × 58.7 cm on Arches paper 110 × 73.5 cm; signed and dated【522071141252603†L138-L153】.|Good; est. **5–7k CHF**【522071141252603†L614-L619】.|`https://www.invaluable.com/lot/ladies-and-gentlemen-andy-warhol-3678`|
|**3680**|**Andy Warhol – *Apple***|1985 colour screenprint from the *Ads* portfolio; edition **126/190**【227308190012287†L138-L166】.|sheet 96.5 × 96.5 cm on Lenox Museum board; signed; verso stamped by Warhol and Apple Computer Inc.【227308190012287†L138-L166】.|Good; est. **60–90k CHF**【227308190012287†L627-L639】.|`https://www.invaluable.com/lot/apple-andy-warhol-3680`|
|**3681**|**Andy Warhol – *Mick Jagger***|1975 colour screenprint from the *Mick Jagger* portfolio; edition **217/250**【700062168041157†L138-L144】.|image 102 × 73 cm on Arches Aquarelle 111.5 × 73.5 cm; signed by Warhol and Mick Jagger【700062168041157†L138-L144】.|Good; est. **80–100k CHF**【700062168041157†L641-L647】.|`https://www.invaluable.com/lot/mick-jagger-andy-warhol-3681`|
|**3685**|**Banksy – *Banksquiat (Grey)***|2019 two‑colour screenprint; edition **247/300**【340974249855860†L138-L169】.|image 70 × 64.7 cm on board 75 × 69.8 cm; signed in white crayon; blind‑stamped【340974249855860†L138-L169】.|Good; est. **30–40k CHF**【340974249855860†L632-L634】.|`https://www.invaluable.com/lot/banksquiat-grey-banksy-3685`|
|**3661A**|**Brice Marden – *Etchings to Rexroth***|1986 portfolio of 25 etchings employing aquatint, drypoint & sugar‑lift; edition **9/45**【762203671126261†L138-L160】.|each plate 20.3 × 17.6 cm on sheets 49.8 × 40.7 cm; each print signed and dated【762203671126261†L138-L160】.|Good; est. **60–90k CHF**【762203671126261†L611-L614】.|`https://www.invaluable.com/lot/etchings-to-rexroth-brice-marden-3661A`|
|**3679**|**Roy Lichtenstein – *Reflections on Expressionist Painting***|1990 colour screenprint in encaustic wax and magna; edition **21/60**【528827604678605†L138-L160】.|image 146.7 × 96.2 cm on Saunders Waterford 151.1 × 99.8 cm; signed and dated; verso with artist’s stamp【528827604678605†L138-L160】.|Good; est. **15–20k CHF**【528827604678605†L611-L613】.|`https://www.invaluable.com/lot/reflections-on-expressionist-painting-roy-lichtenstein-3679`|
|**3606**|**Otto Dix – *Begräbnis***|1922 drypoint from the portfolio *Death and Resurrection*; second‑state artist’s proof outside the edition of 50【877207345149459†L140-L153】.|image 28 × 34.5 cm on paper 43 × 49 cm; signed and dated【877207345149459†L140-L153】.|Good; est. **1.8–2.4k CHF**【877207345149459†L601-L604】.|`https://www.invaluable.com/lot/begrabnis-otto-dix-3606`|

*Buyer’s premium schedule:* 28 % of hammer up to CHF 400k, 25 % on the portion between CHF 400k and CHF 1M, and 18 % above that【927488028756196†L176-L183】.

## 2️⃣ Value Calibration (Comps & Fair Market Range)

All currency conversions assume **1 CHF ≈ US$1.24** (average CHF/USD rate in 2025【47096369610319†L115-L118】).  Market data are drawn from MyArtBroker value indicators and auction records.

- **Warhol – *Grevy’s Zebra* (F.& S. II.300)**: MyArtBroker notes value indicators of **£100k–£150k** (≈ US$200k–$300k) for signed examples【669732897726230†L137-L145】.  Converting to CHF gives a fair‑value range of **CHF 160k–240k**.  The house estimate (60–80k CHF) sits ~50 % below low fair‑value, suggesting undervaluation.

- **Warhol – *Apple* (F.& S. II.359)**: Value indicators of **£90k–£130k** (≈ US$180k–$260k)【512010493316569†L137-L149】 translate to **CHF 145k–210k**.  The 60–90k CHF estimate looks conservative and offers potential upside.

- **Warhol – *Mick Jagger* (F.& S. II.141)**: MyArtBroker lists the signed print at **£90k–£130k** with a value indicator of **US$180k–$260k**【290253093895814†L135-L142】.  That implies **CHF 145k–210k** fair value versus an 80–100k CHF estimate.  The double‑signature (Warhol and Jagger) strengthens resale appeal.

- **Warhol – *Ladies & Gentlemen* (F.& S. II.130 or similar)**: Comparable signed plates from the portfolio carry MyArtBroker value indicators of **£5.5k–£8.5k** (≈ US$11.5k–$18k)【445386211680540†L129-L139】.  Converting yields **CHF 9k–15k**.  Koller’s 5–7k CHF estimate is within range but on the low side; fair value is modest yet liquidity is strong due to subject‑matter and moderate price point.

- **Banksy – *Banksquiat (Grey)*:** MyArtBroker indicates **£40k–£60k** (≈ US$80k–$120k)【684159897442966†L134-L139】, equating to **CHF 64k–96k**.  Koller’s estimate of 30–40k CHF is around half the lower band, pointing to a compelling arbitrage opportunity if condition is confirmed.

- **Brice Marden – *Etchings to Rexroth* (complete portfolio)**: Auction records show complete portfolios achieving **≈ US$88k** (Christie’s 2024 sale record) and individual plates selling around **US$4k** each【775146160928347†L106-L117】.  Using a range of **US$70k–110k** (CHF 56k–88k) captures recent transactions.  Koller’s estimate of 60–90k CHF is aligned with market; the arbitrage lies in portfolio completeness and potential under‑bidding due to limited recognition.

- **Lichtenstein – *Reflections on Expressionist Painting*:** MyArtBroker provides a value indicator of **£19k–£29k** (≈ US$40k–$60k)【552977719811873†L135-L140】, or **CHF 32k–48k**.  Koller’s 15–20k CHF estimate is ~50 % below the low fair‑value; given strong demand for the *Reflections* series, this lot appears attractively priced.

- **Picasso – *Bouteille gravée*:** A comparable terre‑de‑faïence edition (A.R. 249) carried a **US$20k–25k** estimate at Sotheby’s 2020 sale【655402615126416†L40-L59】.  Converted to CHF this is **16k–20k**.  Koller’s estimate of 12–18k CHF is fair; upside is modest but the work’s decorative appeal may exceed expectations.

- **Otto Dix – *Begräbnis***: Secondary‑market prices for individual prints from *Death and Resurrection* range **US$3k–6k**; Swann Galleries sold Plate 12 for **$4,250** in 2018【775146160928347†L106-L117】.  Our fair‑value range is **3k–5k USD** (≈ 2.4k–4k CHF).  Koller’s 1.8–2.4k CHF estimate is low but liquidity is limited.

## 3️⃣ Cost Modeling

The all‑in cost is calculated as:

**All‑in price = Hammer × (1 + BP) + taxes (import/VAT) + shipping & insurance.**  Switzerland’s art import VAT is 7.7 % and may be refundable on export; shipping to the U.S./EU is typically **$1–2k** for large prints.

|Lot|Scenario|Assumed Hammer (CHF)|Buyer’s Premium|Estimated VAT/Fees|All‑in (CHF)|All‑in (USD)|Notes|
|---|---|---|---|---|---|---|---|
|**Warhol – *Grevy’s Zebra***|Low (within estimate)|80k|28 % (22.4k)|7.7 % VAT (~6.2k) + 2k shipping|≈110.6k|≈137k|If hammered near top estimate, still ~30 % below low fair‑value (160k CHF).|
| |Mid (fair value)|160k|28 % on first 400k (44.8k)|VAT 12.3k + 2k shipping|≈219.1k|≈272k|Paying near CHF 160k still leaves upside vs high comps (240k).|
|**Warhol – *Apple***|Mid|140k|28 % (39.2k)|VAT 10.7k + 2k ship|≈191.9k|≈238k|Within fair‑value range.  Resale at $180k–260k yields margin.|
|**Warhol – *Mick Jagger***|Mid|150k|28 % (42k)|VAT 11.5k + 2k ship|≈205.5k|≈254k|Double signature supports premium pricing.|
|**Warhol – *Ladies & Gentlemen***|Target|10k|28 % (2.8k)|VAT 770 + 1k ship|≈14.6k|≈18k|Low capital outlay; high liquidity.|
|**Banksy – *Banksquiat* (Grey)**|Mid|50k|28 % (14k)|VAT 3.9k + 2k ship|≈69.9k|≈86k|Fair‑value range (64k–96k CHF) leaves margin even if hammered at mid‑estimate.|
|**Lichtenstein – *Reflections* **|High|25k|28 % (7k)|VAT 1.9k + 2k ship|≈35.9k|≈44k|Still below fair‑value (~32k–48k CHF); moderate liquidity.|
|**Marden – *Etchings to Rexroth***|Mid|70k|28 % (19.6k)|VAT 5.4k + 3k shipping (portfolio)|≈98k|≈121k|Aligned with fair‑value; margins depend on long‑term appreciation.|
|**Picasso – *Bouteille gravée***|Mid|15k|28 % (4.2k)|VAT 1.2k + 2k ship|≈22.4k|≈28k|Modest upside; decorative object appeals to design buyers.|
|**Otto Dix – *Begräbnis***|Mid|2.2k|28 % (0.616k)|VAT 0.17k + 1k ship|≈4.0k|≈4.9k|Low budget; potential incremental profit but limited liquidity.|

## 4️⃣ Arbitrage Analysis (Resale Optimization)

|Lot|Optimal Resale Venue & Price Band|Arbitrage Score / Value Realization / Liquidity Tier|Rationale|
|---|---|---|---|
|**Warhol – *Grevy’s Zebra***|Consign to major New York print sale (Christie’s/Phillips) or private sale via MyArtBroker at **US$220k–300k**; alternatively place with Hong Kong sale for cross‑border demand.|**Score 85/100; Value Realization +80 % vs estimate; Liquidity Tier A**.|High‑end Warhol prints attract global bidding; Zurich estimate is underpriced relative to London/NY comps【669732897726230†L137-L145】.  Colourful subject resonates with environmental themes and cross‑collectible interest.|
|**Warhol – *Apple***|Sell at technology‑themed contemporary sales (Phillips “Editions”) or tech‑collector networks; target **US$200k–260k**.|**Score 82/100; Value Realization +90 % vs estimate; Liquidity Tier A**.|This print combines Pop Art and tech iconography; limited edition (190) and Apple branding drive demand.  Underestimation at Koller creates margin【227308190012287†L627-L639】.|
|**Warhol – *Mick Jagger***|Auction at Sotheby’s NY or London; ask **US$200k–250k**.|**Score 78/100; Value Realization +70 % vs estimate; Liquidity Tier A**.|Double‑signed works carry celebrity appeal.  MyArtBroker value indicators show $180k–$260k range【290253093895814†L135-L142】.  Zurich estimate is conservative.|
|**Banksy – *Banksquiat (Grey)***|Offer via Phillips or Tate Ward London; target **US$90k–120k**.|**Score 74/100; Value Realization +100 % vs estimate; Liquidity Tier B**.|Edition of 300 with strong Basquiat homage; street‑art market remains resilient.  Koller’s 30–40k CHF estimate is half market value【684159897442966†L134-L139】.  Ensure condition (no handling marks).|
|**Lichtenstein – *Reflections on Expressionist Painting***|Sell via U.S. print dealer or Christie’s Print & Multiples sale; ask **US$45k–60k**.|**Score 70/100; Value Realization +120 % vs estimate; Liquidity Tier B**.|Large format and small edition (60) make this desirable; price indicators show $40k–60k【552977719811873†L135-L140】.  Demand from Pop collectors but may take 6–12 months to place.|
|**Brice Marden – *Etchings to Rexroth***|Sell complete portfolio via specialist contemporary print dealer or consign to Christie’s; expect **US$80k–100k**.|**Score 60/100; Value Realization ≈ 0–15 % vs estimate; Liquidity Tier C**.|Koller estimate aligns with fair value.  Long‑term appreciation but limited immediate arbitrage.  The complete set may command a premium vs breaking into single plates.|
|**Warhol – *Ladies & Gentlemen* (single plate)**|Flip via online platforms (1stdibs, Artsy) or private sale; price **US$12k–18k**.|**Score 55/100; Value Realization +50 % vs estimate; Liquidity Tier B**.|Low entry cost and strong demand for Warhol portraiture; easier to sell individually.  Limited but safe margin【445386211680540†L129-L139】.|
|**Picasso – *Bouteille gravée***|Resell via design‑oriented galleries or online design auctions; price **US$18k–25k**.|**Score 45/100; Value Realization +20 % vs estimate; Liquidity Tier C**.|Decorative ceramic appeals to interior design buyers rather than fine print collectors; modest uplift vs estimate【655402615126416†L40-L59】.|
|**Otto Dix – *Begräbnis***|Sell through German works‑on‑paper auction (Grisebach/Miller).  Target **US$3k–5k**.|**Score 30/100; Value Realization ≈ 30 % vs estimate; Liquidity Tier C**.|Niche Weimar‑era etching; limited demand and thin margins.  Purchase only if bidding stays near low estimate.|

## 5️⃣ Watchlist

- **Condition checks:** Request detailed condition reports for Warhol screenprints (surface scuffs, creasing), Banksy board edges and Marden portfolio (paper tone, portfolio case).  Any significant defects could affect resale.
- **Bidding patterns:** Monitor Internet absentee bids; if competition is light on high‑value Warhol lots, consider deploying incremental bids beyond estimate.
- **Catalogue discrepancies:** Verify that Warhol edition numbers match C.A.P. stamps; confirm Banksy has correct GDP COA.
- **Timing:** Avoid currency risk by locking CHF/USD rate prior to payment.

## 6️⃣ Execution Playbook

1. **Registration & due diligence:** Register with Koller Auktionen and submit bank references early; request condition reports for target lots.
2. **Set bidding limits:** For each lot, set a maximum hammer aligned with the cost model (e.g., CHF 160k for *Grevy’s Zebra*, CHF 140k for *Apple*).  Include buyer’s premium and VAT in calculations.
3. **Proxy bidding:** Use absentee or telephone bidding to avoid latency.  Consider leaving odd‑increment bids to outflank round‑number competitors.
4. **Post‑sale logistics:** Arrange for export papers and EU/US import VAT deferment.  Use specialized shippers for oversize prints; insure at fair‑value levels.
5. **Resale routing:** Compile high‑resolution images and provenance documents; approach top print departments (Sotheby’s, Phillips, Christie’s) or online platforms (MyArtBroker, Artsy, 1stDibs).  Leverage current market momentum (e.g., Warhol anniversaries or tech‑collector fairs).

## Integrity Notes

- **Sources used:** Lot details and estimates were extracted from Invaluable’s catalogue pages and Koller’s conditions, including buyer’s premium schedule【927488028756196†L176-L183】【56315552432137†L138-L165】.  Comps and fair‑value ranges were derived from MyArtBroker market indicators for each respective print【669732897726230†L137-L145】【512010493316569†L137-L149】【290253093895814†L135-L142】【684159897442966†L134-L139】【552977719811873†L135-L140】【445386211680540†L129-L139】 and auction records (Sotheby’s, Christie’s, Swann)【655402615126416†L40-L59】【775146160928347†L106-L117】.
- **Unknowns:** The actual condition of each print, presence of minor restoration or light staining, and any unillustrated reverse stamping could materially affect value.  Currency rates may fluctuate; conversions are approximate.  Marden portfolio comps are limited and may vary.
- **Risks:** High‑value Warhols may attract strong competition; ensure not to exceed fair‑value thresholds.  Banksy market is volatile and sensitive to authenticity paperwork.  Always verify COAs and edition numbers prior to purchase.

Detailed research / arbitrage notes for this sale.

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