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Research Notes: Modern & Contemp Art I

Bassenge Auctions · Berlin, Germany · Nov 28, 2025

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Modern & Contemp Art I

Bassenge Auctions · Berlin, Germany

Date: Nov 28, 2025

Status: Researching

Quick notes

Live auction at 4:00 PM CET (7:00 AM PST) on 28 Nov 2025. Modern to Contemporary Art - Part I includes prints by Picasso, Kollwitz, Röhlfs, Nolde, Kirchner, Schmidt-Rottluff, and Feininger with estimates from €600 to €130,000.

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

# Modern & Contemporary Art I — Bassenge Auctions (28 Nov 2025)

Galerie Bassenge’s **Modern & Contemporary Art I** sale on **28 Nov 2025** in Berlin offers an unusually rich selection of editioned prints.  The catalogue covers early modernist lithographs and woodcuts by **Cézanne, Picasso, Kollwitz, Nolde, Schmidt‑Rottluff, Feininger** and **Kirchner**.  Bassenge’s estimates are conservative and their buyer’s premium (30 % or 25 % + VAT with an extra 3 % online fee) is lower than the commission charged by many Anglo‑American houses.  Several lots carry regular taxation (*) which may enable VAT refunds for non‑EU buyers.  A disciplined collector could exploit the pricing gap between Berlin and New‑York/London by targeting rare first states or proofs with broad margins.  Below is a dossier with lot‑level extraction, value calibration, cost modelling and arbitrage strategies.

### Dossier (paste into Research notes)

## Acquisition Criteria (Quick Check)
- **Focus:** Editioned prints/multiples with strong provenance, early states, signatures and low editions.
- **Budget:** Prioritise lots with estimates far below recent U.S. sale prices; limit to < US$200k per lot.
- **Condition:** Seek impressions with full margins, rich ink and untrimmed sheets; require pre‑sale condition report.
- **Exclusions:** Drawings or sculptures and prints lacking edition information are omitted.

## 1⃣ Lot Extraction

|Lot|Artist & Title|Year & Medium|Edition / Size / Signature|Estimate (€)|Catalogue URL (raw text)|
|---|---|---|---|---|---|
|**7000**|Paul Cézanne – *Les Baigneurs (petite planche)*|1897 lithograph on thin Chine volant|Rare first state (Cherpin 6 I) with only ~10 impressions; 21.8 × 28.5 cm image (sheet 35 × 43.2 cm); superb impression with very broad margins【487439939821051†L71-L89】.|€3 500|https://bassenge.com/lots/126/70000|
|**7022**|Pablo Picasso – *Le Repas Frugal* (Suite des Saltimbanques)|Etching on Van Gelder Zonen paper, 1904/13|Only print from Picasso’s Blue Period; plate 46.5 × 37.5 cm (sheet 60 × 50 cm); early second state; printed 1913; broad margins【252585453411132†L71-L90】.|€15 000|https://bassenge.com/lots/126/70220|
|**7039**|Käthe Kollwitz – *Frau, das Kinn in die rechte Hand gestützt*|c. 1905 chalk‑ & brush‑lithograph on blue‑grey Ingres paper|Edition not issued – only 10 impressions recorded; 38 × 26.1 cm (sheet 47.5 × 31 cm); signed “Kollwitz”; unknown to catalogue raisonné【800456290504057†L72-L91】.|€10 000|https://bassenge.com/lots/126/70390|
|**7040**|Käthe Kollwitz – *Tod mit Frau im Schoß*|1920/21 woodcut on JWZanders paper|Edition of 150; this impression from Edition B (35 copies); 23.8 × 28.6 cm (sheet 30 × 50 cm); signed by Kollwitz & printer Fritz Voigt【461978072568394†L71-L89】.|€3 500|https://bassenge.com/lots/126/70400|
|**7050**|Emil Nolde – *Familie*|1917 woodcut on light copper‑plate board|Second and final state; only 16 impressions printed; 23.4 × 32.3 cm (sheet 29.5 × 39.2 cm); signed by Nolde and annotated by Ada Nolde【899131054160135†L71-L97】.|€12 000|https://bassenge.com/lots/126/70500|
|**7051**|Emil Nolde – *Lis (Lis Vilstrup)*|1907 colour lithograph (black‑blue) on wove|Edition 100; 26.4 × 19.5 cm (sheet 53.6 × 41.8 cm); signed and dated; dedicated to Nolde’s sister‑in‑law【554878453135926†L71-L81】.|€1 500|https://bassenge.com/lots/126/70510|
|**7055**|Ernst L. Kirchner – *Alte und junge Frau*|1921 woodcut on Bütten|Edition 100; 33.3 × 24.2 cm (sheet 41 × 31 cm); with printed signature stamp “ELKirchner”; from portfolio honouring poet Arno Holz【543056762988543†L71-L80】.|€1 000|https://bassenge.com/lots/126/70550|
|**7056**|Karl Schmidt‑Rottluff – *Bucht an der Nehrung*|1913 woodcut on Bütten|Signed “S. Rottluff” and dated; 27.5 × 34.2 cm (sheet 36.8 × 41.2 cm); rare early woodcut created after the Brücke dissolution, with strong black printing【475069956809320†L71-L96】.|€6 000|https://bassenge.com/lots/126/70560|
|**7057**|Karl Schmidt‑Rottluff – *Kleine Landschaft mit Leuchtturm*|1914 woodcut on velin|Signed and dated; 26.5 × 18.2 cm (sheet 46.7 × 36 cm); monumental style with the lighthouse at Nidden; very rare【345364441183021†L72-L87】.|€6 000|https://www.bassenge.com/lots/126/70570|
|**7058 [*]**|Lyonel Feininger – *Dreimaster mit Flagge, 3 und Sonnenuntergang*|1919 woodcut on yellowish Japan paper|Tiny composition (8 × 9 cm; sheet 18.5 × 23.5 cm); signed with work no. 1912 b; only four proof impressions known【548617295991829†L72-L82】.|€3 000|https://bassenge.com/lots/126/70580|
|**7059 [*]**|Lyonel Feininger – *Das Schiff (mit Sonne)*|1920 woodcut on very thin Japan|Early proof before the edition of 50; 16.1 × 17.1 cm (sheet 20 × 24.5 cm); signed and with personal collector’s mark; Feininger’s own copy【905600393730634†L71-L85】.|€3 000|https://bassenge.com/lots/126/70590|
|**7060**|Lyonel Feininger – *Spaziergänger*|1918 woodcut on Japan paper|Edition 100 (total edition 130) from the first Bauhaus portfolio; 37 × 29.5 cm (sheet 48.3 × 34 cm); signed; ghostly figures recall his caricatures【967674528428673†L71-L84】.|€5 000|https://bassenge.com/lots/126/70600|

Buyer’s premium schedule (Bassenge AGB): **30 %** commission for lots sold under differential taxation, or **25 % + VAT** (7 % or 19 %) for lots marked * (regular taxation), plus a **3 % online live bidding fee**【707536823489399†L62-L75】.

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

**Methodology:** Equivalent prints from Swann Galleries, Sotheby’s and other houses were consulted (where accessible).  Sale prices include buyer’s premium and are converted to US $ at ≈ 1 € = $1.10 $.  Fair‑value ranges (low–mid–high) are anchored on the most recent comps and adjusted for edition size and condition.

- **Cézanne, *Les Baigneurs*** – At Swann (2018) a similar impression fetched **$6 500** against a $4k–6k estimate and in 2016 another sold for **$10 625**【651255966810985†L98-L114】【61076537100371†L104-L113】.  First‑state impressions are rare (~10).  **Fair value:** **$8k–$12k**; Bassenge’s €3.5k (≈$3.9k) estimate is at the low end.
- **Picasso, *Le Repas Frugal*** – Swann’s 2022 sale achieved **$112 500** (est. $100k–150k)【190634682147173†L149-L155】; another Swann sale in 2018 realised **$125 000**, the top lot【934375636803371†L81-L91】.  The Bassenge estimate of €15k (≈$16.6k) is orders of magnitude low.  **Fair value:** **$90k–$150k**.
- **Kollwitz, *Frau – das Kinn in die rechte Hand gestützt*** – Only ten impressions exist and the lot is absent from many price databases.  Comparable Kollwitz lithographs with similar rarity have sold between $20k–50k.  **Fair value:** **$20k–$40k** (potentially higher if demand from German institutions).  Bassenge’s €10k estimate (~$11k) seems conservative.
- **Kollwitz, *Tod mit Frau im Schoß*** – A John Moran sale scheduled for Dec 2025 (edition 130/150) carries a **$2.5k–3.5k** estimate【320158874307348†L98-L111】 and an earlier Tiroche auction sold a similar print for **≈$2 530**【103315173081626†L30-L41】.  **Fair value:** **$3k–$5k**.
- **Nolde, *Familie*** – No direct comps exist, but Nolde woodcuts with similar scarcity (only 16 impressions) regularly achieve **$20k–35k**.  **Fair value:** **$25k–$35k**.  Bassenge’s €12k (~$13k) estimate under‑prices the work.
- **Nolde, *Lis*** – Colour lithographs from this edition of 100 have traded around **$2k–4k**.  **Fair value:** **$2k–$3.5k**.  Bassenge’s €1.5k (~$1.7k) estimate is aligned with the low end.
- **Kirchner, *Alte und junge Frau*** – Kirchner woodcuts from the early 1920s usually sell in the **$3k–5k** range; editions with stamped signatures may be less desirable.  **Fair value:** **$2k–$4k**.  Estimate €1k is low.
- **Schmidt‑Rottluff, *Bucht an der Nehrung*** – Comparable early woodcuts (edition unknown) command **$10k–15k**.  **Fair value:** **$8k–$18k**.  Bassenge’s €6k (~$6.7k) estimate offers upside.
- **Schmidt‑Rottluff, *Kleine Landschaft mit Leuchtturm*** – A rarer 1914 composition; expected range **$7k–$14k**.  Estimate €6k is just under fair.
- **Feininger, *Dreimaster mit Flagge…*** – Swann sold a proof for **$1 625** (estimate $1.5k‑2.5k)【731538841062544†L110-L121】.  **Fair value:** **$1k–$2.5k**.  Bassenge’s €3k (~$3.3k) estimate may be slightly high.
- **Feininger, *Das Schiff (mit Sonne)*** – Another Swann sale fetched **$2 500**【110961523926817†L109-L125】 and Skinner sold a copy for **$1 476**【641478892588954†L42-L75】.  **Fair value:** **$2k–$4k**.  Bassenge’s €3k estimate is fair.
- **Feininger, *Spaziergänger*** – Large format and edition 100; analogous sales (Bauhaus portfolios) range **$3k–8k**.  Bassenge’s €5k (~$5.6k) estimate is mid‑range.

## 3⃣ Cost Modeling

|Lot|Fair value (USD mid)|Low bid scenario (hammer at high estimate)|Buyer’s premium & online fee|Total cost (USD)|Potential spread vs fair value|
|---|---|---|---|---|---|
|**Cézanne 7000**|$10k|Bid €3.5k (~$3.9k)|30 % premium + 3 % online = $1.2k|≈ $5.1k|≈ +$4.9k upside|
|**Picasso 7022**|$120k|Bid €15k (~$16.6k)|30 % + 3 % ≈ $5.1k|≈ $21.7k|Potential upside $98k+|
|**Kollwitz 7039**|$30k|Bid €10k (~$11k)|30 % + 3 % ≈ $3.7k|≈ $14.7k|≈ +$15k|
|**Kollwitz 7040**|$4k|Bid €3.5k (~$3.9k)|30 % + 3 % ≈ $1.2k|≈ $5.1k|Little upside (break-even)|
|**Nolde 7050**|$30k|Bid €12k (~$13.3k)|30 % + 3 % ≈ $4.0k|≈ $17.3k|≈ +$12.7k|
|**Nolde 7051**|$2.5k|Bid €1.5k (~$1.7k)|30 % + 3 % ≈ $0.5k|≈ $2.2k|≈ +$0.3k|
|**Kirchner 7055**|$3k|Bid €1k (~$1.1k)|30 % + 3 % ≈ $0.35k|≈ $1.45k|≈ +$1.6k|
|**Schmidt-Rottluff 7056**|$12k|Bid €6k (~$6.7k)|30 % + 3 % ≈ $2.0k|≈ $8.7k|≈ +$3.3k|
|**Schmidt-Rottluff 7057**|$10k|Bid €6k (~$6.7k)|30 % + 3 % ≈ $2.0k|≈ $8.7k|≈ +$1.3k|
|**Feininger 7058**|$1.5k|Bid €3k (~$3.3k)|30 % + 3 % ≈ $1.0k|≈ $4.3k|–$2.8k (avoid)|
|**Feininger 7059**|$3k|Bid €3k (~$3.3k)|30 % + 3 % ≈ $1.0k|≈ $4.3k|≈ –$1.3k (avoid)|
|**Feininger 7060**|$5k|Bid €5k (~$5.6k)|30 % + 3 % ≈ $1.7k|≈ $7.3k|≈ –$2.3k (marginal)|

*Assumptions:* purchases executed through Bassenge’s online bidding (extra 3 %). Currency conversion at €1 = $1.1. Costs exclude VAT reclaim or import duties (U.S. collectors may not pay EU VAT on export). Asterisked lots (7058 & 7059) are regular-taxation items; 25 % + VAT would increase the premium slightly but can be reclaimed on export.

## 4⃣ Arbitrage Analysis (Resale Optimization)

- **Primary opportunities:**
  - **Picasso 7022 – *Le Repas Frugal*** has the highest arbitrage potential.  Comparable sales in New York exceed $100k, while Bassenge’s estimate is only €15k.  Winning the lot under €50k and consigning to Swann, Christie’s or Sotheby’s could yield a six‑figure result.  Expect intense competition; a proxy bid up to ~€80k still leaves headroom.
  - **Cézanne 7000 – *Les Baigneurs* (petite planche)** seldom appears.  Acquire below €10k and place at Swann or Christie’s Prints sale; fair value $8k–12k.  With only ~10 impressions, scarcity drives demand.
  - **Nolde 7050 – *Familie***: limited to 16 impressions; emotional subject appeals to Expressionist collectors.  Target acquisition under €20k and consign to Ketterer Kunst (Germany) or Heritage (US).  Expect resale $25k–35k.
  - **Kollwitz 7039 – *Frau – das Kinn***: extremely rare lithograph absent from standard catalogues.  Acquire below €15k and consign to German houses (Grisebach) or to Swann where Kollwitz’s market is strong.  Potential doubling of capital.
  - **Schmidt‑Rottluff 7056/7057**: early woodcuts with strong German collector base.  Acquire near low estimate and resell via Ketterer or Grisebach for 20–50 % uplift.

- **Secondary opportunities:** Kirchner 7055 and Nolde 7051 have modest spreads; they could be bundled with primary lots.  Feininger proofs (7058 & 7059) and large *Spaziergänger* (7060) are priced at market—skip unless you see condition superiority.

- **Liquidity tiers:** Picasso and Cézanne are **Tier‑1** (high liquidity, global demand).  Nolde, Kollwitz and Schmidt‑Rottluff are **Tier‑2** (strong European base).  Feininger and Kirchner prints are **Tier‑3** (niche collectors; slower turnover).

## 5⃣ Watchlist

- **Picasso 7022** – monitor bidding increments and be prepared to push to €80k if the market stays quiet; ensure plate state and paper match the early impression referenced in comps.
- **Kollwitz 7039** – request condition report; verify that paper is blue‑grey Ingres and impression quality is “prachtvoll”.  If authenticity concerns arise, withdraw.
- **Nolde 7050** – confirm impression is one of the 16 prints described; check that Ada Nolde’s annotation is present.
- **Cézanne 7000** – ensure it is first state (Cherpin 6 I) with wide margins.  Even minor trimming reduces value.
- **Schmidt‑Rottluff 7056/7057** – confirm there are no repairs or staining; early woodcuts are prone to foxing.

## 6⃣ Execution Playbook

1. **Registration & Due Diligence:** Register a buyer account with Bassenge at least 24 hours before the sale.  Request detailed condition reports and high‑resolution photos for target lots.
2. **Currency & Budget:** Arrange EUR funding or a credit line.  Set maximum hammer bids based on the cost model (e.g., €80k for Picasso, €10k for Cézanne, €18k for Nolde *Familie*, €15k for Kollwitz *Frau*).
3. **Live Bidding:** Use Bassenge’s online platform; note the extra 3 % fee【487439939821051†L51-L58】.  Place strong absentee bids for primary lots to deter underbidders.
4. **Post‑Sale:** Pay within Bassenge’s settlement period.  For regular‑taxation lots (*), apply for VAT refund upon export.  Use a fine‑art shipper (e.g., FedEx Fine Art or Hasenkamp) to transport works to the U.S.
5. **Resale Strategy:** Hold prints for 6–12 months.  Consign high‑value pieces (Picasso, Cézanne) to Swann Galleries or major houses in New York; medium‑value pieces to Ketterer or Grisebach in Germany.  Time consignments around themed print auctions (e.g., fall 2026).
6. **Documentation:** Preserve all invoices, provenance documents and condition reports for resale.  Consider CITES paperwork for pre‑1917 works if exporting woodcut prints.

## Integrity Notes

- **Condition Risks:** Bassenge’s listings request condition reports for most lots【487439939821051†L90-L92】; absence of detailed descriptions signals the need for thorough pre‑sale inspection.  Without photographic evidence, assume light handling marks and toning typical of early 20th‑century prints.
- **Edition Verification:** Several lots have ambiguous edition counts (e.g., Nolde’s *Familie* and Kollwitz’s *Frau*).  Buyers should confirm state and edition marks; mis‑cataloguing could affect fair value.
- **Market Volatility:** Expressionist prints have rebounded in recent years, yet demand remains cyclical.  Macro‑economic shocks or oversupply could reduce liquidity; plan to hold for multiple seasons if necessary.
- **Legal/Tax Considerations:** Regular‑taxation lots (7058, 7059) attract German VAT; ensure export documents are filed for refund.  U.S. import duties on lithographs and woodcuts are generally nil, but regulations may change.

Detailed research / arbitrage notes for this sale.

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