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Research Notes: Kavanagh

Kavanagh · Montreal · Jan 3, 2026

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Kavanagh

Kavanagh · Montreal

Date: Jan 3, 2026

Status: Researching

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

# **Kavanagh Auction Prints – Arbitrage Analysis and Playbook**

## Ranked Arbitrage Summary Table

Below is a ranked summary of the top print & multiple lots from Kavanagh’s January 3, 2026 sale, assessed for mispricing (vs recent auction comparables), resale fit, and liquidity. **All values in USD (CAD converted at \~0.74 USD/CAD).**

| Rank | Lot (Artist & Title) | Est. (mid) | Base Value (Hammer) | Mispricing | Liquidity Tier | Est. ROI (Base) |
| :---- | :---- | :---- | :---- | :---- | :---- | :---- |
| **1** | Lot 49 – **Banksy “Rude Copper”** (c.2002, screenprint, \#24/250, *attrib.*)[\[1\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Screenprint%20on%20paper%2C%20with%20red,Numbered%2024%2F250)[\[2\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Banksy%20%28British%2C%20b) | CAD 100–50,000\<br\>(mid \~$25k) | \~$20,000 hammer (attr.) | **High** – Market \~$20–30k vs mid-est $25k[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales)[\[4\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=Bonhams%20LA%3A%201%20March%202024,70%2C000%20%E2%80%93%20100%2C000%20USD%2089%2C400) | **Tier-1:** Blue-chip street art, global demand | \~**\+300%** (if bought \~$5k) |
| **2** | Lot 36 – **Rufino Tamayo “Adam & Eve”** (pair, 1989, mixografía PPs VIII/X) | CAD 500–50,000\<br\>(mid \~$25k) | \~$15,000 hammer (pair) | **High:** Recent comp $20.3k[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A) | **Tier-2:** Latin Am. art auctions strong | \~**\+200%** (if bought \~$5k) |
| **3** | Lot 37 – **Rufino Tamayo “Perro Herido (Wounded Dog)”** (c.1975, mixografía PP VIII/X) | CAD 500–50,000\<br\>(mid \~$25k) | \~$6,000 hammer | **High:** Est. value \~$5–8k vs mid-est $25k | **Tier-2:** Latin Am. collectors demand | \~**\+100%** (if bought \~$3k) |
| **4** | Lot 38 – **Rufino Tamayo “Dos Cabezas”** (c.1975, mixografía PP VIII/X) | CAD 500–50,000\<br\>(mid \~$25k) | \~$5,000 hammer | **High:** Est. value \~$5–7k vs mid-est $25k | **Tier-2:** Latin Am. collectors demand | \~**\+80%** (if bought \~$3k) |
| **5** | Lot 39 – **Rufino Tamayo “Hombre con Sombrero”** (c.1975, mixografía PP VI/XIII) | CAD 500–50,000\<br\>(mid \~$25k) | \~$5,000 hammer | **High:** Est. value \~$4–6k vs mid-est $25k | **Tier-2:** Latin Am. collectors demand | \~**\+80%** (if bought \~$3k) |
| **6** | Lot 22 – **Sandra Chevrier “La Cage: When It Is Too Late”** (2014, 4-color screenprint, /45)[\[6\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2022%3A%20Sandra%20Chevrier%20,2014%2C%20Screenprint%2C%20Signed%2C%20%2F45%2C%20Framed) | CAD 100–50,000\<br\>(mid \~$25k) | \~$1,000 hammer | **Moderate:** Est. value \~$1k–1.5k vs mid-est $25k | **Tier-3:** Urban/Contemporary niche | \~**\+150%** (if bought \~$400) |
| **7** | Lot 25 – **Jesús Rafael Soto “Vibrations”** (1969, serigraph, \#39/300)[\[7\]](https://kavanaghauctions.com/auction/no-auction_number/lot-25-rafael-jesus/#:~:text=Lot%2025%20,original%20gallery%20label%20on%20verso) | CAD 50–50,000\<br\>(mid \~$25k) | \~$400 hammer | **Moderate:** Est. value \~$300–500 vs mid-est $25k | **Tier-3:** Modern prints collectors | \~**\+100%** (if bought \~$200) |
| **8** | Lot 19 – **Alfred Pellan “Que le fruit de cette union”** (1980, color etching, signed) | CAD 50–50,000\<br\>(mid \~$25k) | \~$700 hammer | **Moderate:** Last sale $900 CAD (\~$660)[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A) | **Tier-3:** Canadian art market focus | \~**\+200%** (if bought \~$250) |

*Mid-est \= midpoint of Kavanagh’s estimate range (note: Kavanagh set high estimates at CAD 50k uniformly; actual mid-estimates likely not reflective of true value). ROI assumes acquisition near current bid/start price and resale at base hammer value.*

## Top Lot Dossiers (Deal Sheets)

Below are detailed analyses for the top candidate lots (approximately 10 lots) including lot details, comps, valuation, acquisition plan, resale strategy, and risk notes. All auction comparables are within the last \~3–8 years and normalized to USD. We assume buyer’s premium \~20%, no sales tax for out-of-state purchase (8.875% NY if in-state, 0% if shipped out), and reasonable shipping costs based on size. Resale scenarios consider low/base/high hammer outcomes, with seller commission \~15% (negotiable for high-value lots). All assumptions are noted.

### **1\. Lot 49 – Banksy *“Rude Copper”* (Screenprint, c.2002, \#24/250, Attributed)**

* **Lot Data:** **Artist:** Banksy (British, b.1974). **Title:** *Rude Copper* (circa 2002). **Medium:** Screenprint on paper. **Edition:** Hand-signed in black ink and stamped in red “BANKSY” (early POW stamp), numbered 24/250[\[1\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Screenprint%20on%20paper%2C%20with%20red,Numbered%2024%2F250). **Signature/Auth.:** *Offered as “Attributed to Banksy”* (not authenticated by Pest Control)[\[9\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=and%20the%20correct%20stencil,officer%20motif). **Size:** \~22.5 × 16.5 inches (sheet)[\[1\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Screenprint%20on%20paper%2C%20with%20red,Numbered%2024%2F250). **Condition:** “Good overall; framed. Unexamined out of frame.”[\[10\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Condition). **Estimate:** CAD $100–50,000 (start price $100)[\[11\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=The%20auction%20will%20start%20in,days%20and%20__%20hours). **Current Bid:** CA$225 (\~US$165). **Auction Date:** Jan 3, 2026\. **Buyer’s Premium:** (Not stated on listing; assume \~20%). **Lot URL:** \[Kavanagh Lot 49 listing】(https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/).

* **Comps & Market:** *Rude Copper* is Banksy’s first print image (police officer giving the middle finger), with a strong auction track record. **Unsigned examples (edition of 250\)** have soared from £5k in 2008 to £40k (\~$53k) by 2020[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales). In 2020, an unsigned *Rude Copper* fetched £40,000 (\~$50k) at Tate Ward[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales), and Banksybase valued unsigned prints at \~£35k in 2020[\[12\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=The%20Rude%20Copper%20print%20has,this%20print%20at%20this%20time). **Signed editions:** A rare signed “spray paint” variant (edition of 100\) sold for **$89,400 (inc. premium)** at Bonhams Los Angeles in March 2024[\[4\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=Bonhams%20LA%3A%201%20March%202024,70%2C000%20%E2%80%93%20100%2C000%20USD%2089%2C400). In late 2024, an unsigned *Rude Copper* (stamped, \#66/250) sold for £15,600 (\~$20,764) at Sotheby’s London[\[13\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=BANKSY%20%28b,BANKSY%20tag%20in%20red%20ink), indicating sustained demand even without Pest Control COA. **Current Market Value:** Given this print is **signed and stamped** but **unauthenticated**, its fair **hammer** value is estimated in the **$20,000–30,000** range if sold as “attributed” (perhaps \~50% of a Pest-Control-certified example’s value). Even a cautious valuation around **$20k** hammer is dramatically above Kavanagh’s expectations (mid-est \~$25k) and current bidding[\[14\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=,Phillips)[\[11\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=The%20auction%20will%20start%20in,days%20and%20__%20hours).

* **Expected Hammer (Low/Base/High):** **Low:** $15,000 (if bidders discount lack of COA heavily). **Base:** $20,000 (likely fair value for an early Banksy print with strong attribution evidence). **High:** $30,000 (if authenticated post-purchase or if multiple Banksy collectors compete).

* **All-In Acquisition Cost:** Assuming a hammer price up to \~$5,000 at Kavanagh (generous given current CA$225 bid), plus \~20% buyer’s premium and no sales tax (shipping out of Canada), **acquisition cost ≈ $6,000 USD**. Add shipping/insurance: \~$300 (oversized framed print, crating from Montreal). **Total cost \~$6,300**. *(If bidding rises, adjust accordingly — e.g. at $10k hammer, cost \~$12k all-in.)*

* **Resale Plan (Auction Venues & Strategy):** **Primary venue:** a major international contemporary art auction. **Top choices:** *Bonhams* or *Sotheby’s* (which regularly sell Banksy prints) – these houses have global reach and have sold *Rude Copper* before[\[4\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=Bonhams%20LA%3A%201%20March%202024,70%2C000%20%E2%80%93%20100%2C000%20USD%2089%2C400). They will likely insist on authentication; a consignment could be contingent on obtaining a Pest Control certificate. **Alternates:** *Phillips* (urban art sales), or specialized street art auctions like *Tate Ward (UK)* which achieved record results in 2020[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales). If COA remains unattainable, consider *Julien’s Auctions* or *Heritage Auctions*, which might accept “attributed Banksy” pieces with proper caveats. **Timing:** Target a spring 2026 auction to capitalize on post-Basel or summer urban art sales. **Seller Commission:** Assume \~10–15% (high-end piece; could negotiate down given Banksy’s draw). **Net Proceeds:** For base $20k hammer, net at 90% ≈ $18,000. For high $30k, net ≈ $27,000.

* **Profit & ROI:** **Base scenario:** $18k net – $6.3k cost \= **\~$11,700 profit**, (\~**185% ROI** on $6.3k). **Low scenario:** $13.5k net on $15k hammer (assuming still 10% commission) minus $6.3k ≈ $7.2k profit (\~115% ROI). **High:** $27k net – $6.3k \= **$20.7k profit** (\~330% ROI). Even at a higher acquisition (say $10k hammer/$12k cost), a base $20k resale yields \~$6k profit (\~50%). The **mispricing severity is significant** – expected value exceeds Kavanagh’s low reserve by orders of magnitude (and even approaches their arbitrary high estimate)[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales)[\[11\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=The%20auction%20will%20start%20in,days%20and%20__%20hours).

* **Placement & Liquidity:** **Tier-1 liquidity.** Banksy prints are blue-chip in the auction market – highly liquid and globally sought. *Rude Copper* in particular, as Banksy’s first ever print image, is iconic and rarely surfaces. With authentication, it would sell swiftly at top dollar. Even as “attributed,” there is strong demand among collectors (e.g. multiple auction appearances without COA in 2024\)[\[13\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=BANKSY%20%28b,BANKSY%20tag%20in%20red%20ink). The main constraint is ensuring a reputable sale channel given the COA issue.

* **Key Risks:** **Authentication Risk:** Pest Control may refuse to certify early POW prints unless provenance is strong. If unable to get a COA, resale value could be 30–50% lower than fully authenticated prices. The arbitrage plan assumes a major house will accept it with full disclosure (some may not). **Market Volatility:** Banksy prices spiked in 2020–2021 and have since stabilized; a sudden market dip could reduce appetite, though demand remains robust[\[12\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=The%20Rude%20Copper%20print%20has,this%20print%20at%20this%20time). **Execution Risk:** Ensure not to overpay in the heat of bidding; the margin is huge at low price points, but diminishes if bidding at Kavanagh unexpectedly jumps to five figures. A walk-away max (maybe \~$10k hammer) should be set firmly. **Condition/Authenticity:** The piece is framed and “unexamined out of frame”[\[15\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Sheet%20approx,inches); condition issues (fading, handling creases) or, worst-case, questions of genuineness could surface. However, the detailed description of stamps, signature style, and numbering consistent with known early editions[\[16\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=This%20print%20bears%20many%20characteristics,Copper%20produced%20circa%202002%2C%20including) lends confidence. Obtaining the **Banksy COA** would be a game-changer (turning this from an attribution to an authenticated work worth possibly $50k+), but that process is uncertain – the plan should work even without it.

### **2\. Lot 36 – Rufino Tamayo *“Adam & Eve Series”* (Pair of Mixografía Prints, Printer’s Proofs)**

* **Lot Data:** **Artist:** Rufino Tamayo (Mexican, 1899–1991). **Title:** *Adam & Eve Series* – **pair** of prints (*Adam* and *Eve*), from the *Tamayo 90º Aniversario* suite (c.1989–90). **Medium:** Mixografía® (3D textured lithography) prints on paper. **Edition:** Printer’s Proofs VIII/X (matching PPs, 8 of 10\) aside from the regular edition of 110\. Each print is pencil signed and marked “PP VIII/X”. **Size:** (Approximate, each) Image \~26×20 inches; sheet \~40×30 inches[\[17\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=,90). **Condition:** Not stated; presumed very good (framed together per listing). **Estimate:** CAD $500–50,000 (start price $500)[\[18\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A). **Current Bid:** CA$2,900 (\~$2,135) for the pair[\[19\]](file://file_00000000d75471fdb9ac3939655d2bf1#:~:text=36%20Tamayo%2C%20Rufino%20Adam%20%26,37%20Tamayo%2C%20Rufino%20Perro%20Herido). **Auction Date:** Jan 3, 2026\. **Buyer’s Premium:** \~20%. **Lot URL:** [Kavanagh Lot 36 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-36-rufino-tamayo/).

* **Comps & Market:** *Adam and Eve* are highly regarded prints from Tamayo’s late career. A **numbered edition pair (\#27/110)** from this *90th Anniversary* series sold for **$20,320 (hammer \+ prem)** in Dec 2023 at John Moran Auctioneers[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A) – far above its $3–5k estimate. That result validates a **\~$15,000–18,000 hammer** value for the pair in a competitive auction[\[20\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=%2420%2C320). The pair’s price reflects Tamayo’s strong collector base; as a matched set, they achieve a premium. Mixografía prints by Tamayo regularly fetch high four to low five figures: e.g., *“Adam” and “Eve”* individually could each be \~$8k–10k at auction, especially Printer’s Proofs which are scarce (only 10 sets of PPs exist). The Kavanagh pair being PPs is a positive factor – often valued on par with regular editions. **Fair Value:** We estimate **low $12k, base \~$15k, high $20k** hammer for the pair, given the recent $20.3k result (with premium) as a high benchmark[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A). Even the base $15k (hammer) is dramatically above Kavanagh’s mid-estimate (\~$25k CAD which is an arbitrary high) and current bidding.

* **Expected Hammer (Low/Base/High):** **Low:** $12,000 (if needing a quick sale or slight discount for PP status). **Base:** $15,000 (reasonable expectation in a well-publicized Latin American art sale). **High:** $20,000 (if marketed as a star lot in a major sale, replicating Moran’s strong outcome).

* **Acquisition Cost:** Assuming bidding stays relatively contained (currently \~$2.1k, likely to rise but perhaps \< $5k USD hammer), say **hammer $4,000 CAD** (\~$2,960 USD). With 20% premium: \~$3,550. No tax (shipped to US). Shipping two large framed pieces (\~45×65″ together as per Moran) will be costly – estimate \~$500 crating/freight for the pair. **Total cost ≈ $4,050.** *(If bidding escalates to, say, $8k hammer (\~$6k USD), total would be \~$7,300 – still well below base value.)*

* **Resale Plan:** **Optimal Venue:** A dedicated Latin American art auction at a major house (e.g., *Sotheby’s* or *Christie’s New York – Latin American Art* sale). These sales often include Tamayo’s prints and achieve strong prices due to focused collector interest. **Alternate Venues:** *Swann Auction Galleries* (they run Latin American and Prints sales and have sold Tamayo graphics), or *Heritage Auctions* (which has a broad Latin American clientele). John Moran’s **Latin American Art** sale (California) just set the comp[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A); we could even target their next sale given their success. Since these prints are large and high-value, a high-profile sale with Latin American expertise is key. **Timing:** Aim for a spring or fall 2026 Latin American auction (to allow time for shipping, any reframing if needed, and inclusion in the catalogue). **Seller Commission:** Likely \~15% (Tamayo is significant but not ultra-high value; some houses might do 10% given \~$15k hammer expectation). **Net Proceeds:** Base $15k hammer at 85% \= $12,750 net. High $20k at 85% \= $17,000 net.

* **Profit & ROI:** **Base:** $12,750 net – $4,050 cost ≈ **$8,700 profit**, over **\+215% ROI**. **Low:** $10,200 net (85% of $12k) – $4,050 ≈ $6,150 profit (\~+150% ROI). **High:** $17,000 net – $4,050 \= **$12,950 profit** (\~+320% ROI). Even if our purchase price doubles, strong profit remains (e.g. at $7k cost, profit \~$5.7k on base scenario, \~80% ROI). The upside is substantial, and even a “flatter” sale in the $10k hammer range would yield a healthy return relative to cost.

* **Placement & Liquidity:** **Tier-2 liquidity.** Tamayo prints have a robust market, especially in the Americas. While not as instantly global as a Banksy, Tamayo is a blue-chip Latin American modernist; his works (including prints) are staples in Latin American art auctions. The *Adam & Eve* suite is well-known (with literature references[\[21\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Additional%20Details)) and sought by collectors of Mexican art. The pair format is a selling point (collectors often want both). Liquidity is strong in the right venue: the December 2023 auction saw competitive bidding[\[20\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=%2420%2C320). It may take a specialized sale (general art auctions might undersell them), but within Latin American circles, these will attract multiple bidders.

* **Key Risks:** **Market Depth:** The spectacular John Moran result[\[20\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=%2420%2C320) might not be easily repeated; if that sale had two determined bidders, a different sale might hammer lower. However, even half that result still yields profit. **Handling and Presentation:** These prints are large and appear to have been framed together (Moran’s listing mentioned them framed as one unit)[\[22\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Additional%20Details). Shipping and reframing carry risk/cost. We may consider unframing to ship flat (safer for paper) and then **reframing to museum standard** before resale – an added \~$500–$800 cost but could enhance presentation. **Condition:** Assuming “colors fresh” like the Moran set[\[22\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Additional%20Details) and no visible issues (any significant condition problems would have been noted by Kavanagh). We should request condition reports from Kavanagh to confirm no mold, foxing, or paper issues, given they are valuable. **Demand concentration:** Tamayo’s market is somewhat regionally concentrated (Latin American collectors, museums). If macro conditions or currency issues hit Latin American buyers, demand could soften. Mitigation: target sales in New York (international buying base). Overall, the risk is moderate and outweighed by clear mispricing: Kavanagh’s start of CAD $500 is extremely low[\[18\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A), suggesting they did not fully recognize the pair’s value.

### **3\. Lot 37 – Rufino Tamayo *“Perro Herido (Wounded Dog)”* (Mixografía Print, PP VIII/X)**

* **Lot Data:** **Artist:** Rufino Tamayo. **Title:** *Perro Herido (Wounded Dog)*. **Medium:** Mixografía print on paper with rich textured surface. **Edition:** Printer’s Proof VIII/X (8 of 10 PPs)[\[23\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2037%3A%20Rufino%20Tamayo%20,85) aside from the standard edition (likely 110). **Year:** ca. 1975–85 (from Tamayo’s late-period graphic works, often dated 1975 or 1987 in references; “90º Aniversario” portfolio was 1989). **Dimensions:** \~26 × 31 inches image (similar format to others in series)[\[24\]](https://www.mutualart.com/Artwork/Perro-Herido--Wounded-Dog/E5996873686FAF940064D50358858095#:~:text=Art%20www,26%20x%2031%20in). **Signature:** Hand-signed, marked “PP VIII/X”. **Condition:** Not stated (assumed very good). **Estimate:** CAD $500–50,000 (start $500)[\[25\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A). **Current Bid:** CA$3,000 (\~$2,210). **Lot URL:** [Kavanagh Lot 37 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-37-rufino-tamayo/).

* **Comps & Market:** *Perro Herido* (Wounded Dog) is one of Tamayo’s notable graphic images – a semi-abstract wounded dog figure. It was part of the same *90th Birthday* series of prints (1989) published in Mexico City. Auction records show strong results: e.g., a numbered edition lithograph (22/110) of *Perro Herido* is listed for \~$9,000 (asking) on 1stDibs[\[26\]](https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a_8000902/#:~:text=Rufino%20Tamayo%20,Message%20the%20Seller), and past auctions (2007) had it estimated $3k–$5k[\[27\]](https://www.invaluable.com/artist/tamayo-rufino-a9wnnn18vt/sold-at-auction-prices/?page=56&srsltid=AfmBOoq8jlSzoNb51uzNjhoFRMQz_u3M4LEe-iwHpZgs_ov_Iqav_ueC#:~:text=Invaluable,Color%20lithograph%20on) – likely selling in that range then. Given recent momentum for Tamayo prints, a realistic auction **hammer value** is around **$5,000–8,000**. For instance, if *Adam & Eve* pair fetched \~$15k each in 2023 (together $20k+)[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A), *Perro Herido* as a single image could achieve a mid four-figure price. It’s slightly less large than the pair and a single piece, but its subject might appeal (Tamayo’s animal themes are popular). We’ll put base value \~$6k hammer. This still far exceeds Kavanagh’s implicit estimate – mid \~$25k CAD – which is meaningless, and current \~CA$3k bid.

* **Expected Hammer:** **Low:** $4,000 (if sold in a mixed prints sale without targeted marketing). **Base:** $6,000 (in a Latin American art sale with appropriate exposure). **High:** $8,000 (if multiple Tamayo collectors bid, or if condition is pristine and it’s highlighted).

* **Acquisition Cost:** Likely hammer at Kavanagh might end around, say, CA$5,000 (if competitive) \= \~$3,700 USD. With 20% premium: \~$4,440. No tax (export). Shipping (large framed print): \~$300. **Total \~$4,740**. *(If we secure it at current \~$2.2k hammer, even better at \~$2.7k total.)*

* **Resale Plan:** **Venue:** Similar strategy as Lot 36 – a Latin American art auction is ideal (Sotheby’s/Christie’s Latin American, or a specialized sale at Swann or Heritage). Alternatively, this could also do well in a high-end **Prints & Multiples** sale at a major house, given Tamayo’s international standing. But grouping with Latin American art might ignite more passion. We could also consider offering multiple Tamayo prints together for a single-consignor section (if we win all Tamayo lots, a house might feature the “Collection of Tamayo Prints, Printer’s Proofs” which can attract interest). **Timing:** Coordinate with the *Adam & Eve* consignment – possibly consigned together or to the same sale for convenience. **Seller Commission:** \~15%. **Net Proceeds:** Base $6k hammer less 15% \= $5,100 net.

* **Profit & ROI:** **Base:** $5,100 – $4,740 ≈ **$360 profit** (\~+8% ROI). Wait, that seems slim – why? Because we assumed a fairly high purchase (CA$5k hammer). If we secure it for less (which is possible), ROI improves. For example, at current bid ($2.2k hammer \= \~$2.7k cost), profit would be \~$2,400 (net $5,100 – $2,700) \~ \+90% ROI. **High scenario:** $8k hammer \= $6,800 net, profit \~$2,060 (43%). **Low scenario:** $4k hammer \= $3,400 net, profit \~$-1,340 (a loss) if we paid \~$4.7k all-in. **This reveals a critical point:** We must avoid overpaying. If bidding at Kavanagh goes too high (beyond \~$3k USD hammer), the margin tightens. The mispricing is clear at low price points, but not as extreme as Banksy or the pair – it’s more a solid but smaller arbitrage. We should cap our bid accordingly (perhaps \~$3k USD max hammer) to ensure healthy ROI.

* **Placement & Liquidity:** **Tier-2.** Like the pair, Tamayo’s *Wounded Dog* print has a ready collector base, though as a single print the pool might be slightly smaller than for the pair which had the “complete set” appeal. Still, any Tamayo mixografía is a desirable piece for collectors of Mexican modern art. Liquidity in Latin American-focused auctions is good, though one might wait a few months for the right sale. The print’s large size and striking image make it an attractive lot in a catalogue (likely a full-page illustration, drawing bidders). On the secondary market (e.g. galleries), such prints are often listed around $8–10k, but auction ensures a quicker sale.

* **Key Risks:** **Bid Discipline:** As shown in ROI math, paying too high erodes profit. If another bidder (perhaps informed by the Tamayo pair’s presence) pushes the price into mid-four figures at Kavanagh, we may let it go or accept a thinner margin. **Bundling vs Individual Sale:** If we also acquire other Tamayo prints (Dos Cabezas, Hombre con Sombrero), flooding one sale with too many similar lots could dilute hammer prices. We might consider splitting them across auctions or ensuring auctioneers space them out with proper estimates to generate competition for each. **Market Fluctuation:** Tamayo’s print market is stable, but not immune to overall art market trends. The $20k result in 2023 might spur more consignments, increasing supply. However, our Printer’s Proof status might differentiate this example. **Condition and Framing:** Verify condition (mixografía prints are heavy-paper and sometimes have surface abrasions). Also, the deep textured surface needs careful packing. We should plan professional handling to avoid damage to the raised print surface.

Overall, *Perro Herido* shows a **mispricing opportunity**, but primarily if bought cheaply. It’s a solid mid-tier flip: likely profit in the few thousands if execution is tight, and still worthwhile as part of a larger Tamayo arbitrage strategy.

### **4\. Lot 38 – Rufino Tamayo *“Dos Cabezas”* (Mixografía Print, PP VIII/X)**

* **Lot Data:** **Artist:** Rufino Tamayo. **Title:** *Dos Cabezas* (“Two Heads”). **Medium:** Mixografía print. **Edition:** Printer’s Proof VIII/X. **Year:** ca. 1975–85 (likely from same late-career series). **Dimensions:** \~25 × 31.5 inches (sheet)[\[28\]](https://www.mutualart.com/Artwork/Hombre-con-Sombrero/FF9DC855D6FDE753CC4B0E9A23FE9BF0#:~:text=MutualArt%20www,5%20in). **Signature:** Signed, “PP VIII/X”. **Estimate:** CAD $500–50,000 (start $500)[\[29\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A). **Current Bid:** CA$2,300 (\~$1,700). **Lot URL:** [Kavanagh Lot 38 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-38-rufino-tamayo/).

* **Comps & Market:** *Dos Cabezas* (two heads) is another Tamayo graphic from the same oeuvre. Auction comps specific to this image are sparse, but it’s comparable in scale/value to *Perro Herido*. A numbered edition (etching variant) *Dos Cabezas* (1975, ed.75) sold at Swann in 2014 for around $2,000 (etched, not mixografía)[\[30\]](https://www.swanngalleries.com/auction-lot/rufino-tamayo-dos-cabezas._12A445AA7B#:~:text=Galleries%20www,44%2F75%20in%20dark%20blue) – but the mixografía edition of \~110 (1980s) likely commands more. Considering the Tamayo print market: if *Wounded Dog* is \~$5–8k, *Dos Cabezas* might be similar or slightly less desirable depending on image appeal. Two abstract heads could appeal aesthetically. We’ll estimate base \~$5,000 hammer. Current bid is low (\~$1.7k), so mispricing is evident if it stays in low thousands.

* **Expected Hammer:** **Low:** $4,000. **Base:** $5,000. **High:** $7,000 (if strong competition, though without a recent headline sale like the pair had).

* **Acquisition Cost:** If won around CA$4,000 ( \~$3k USD) hammer, plus 20% \= $3,600, plus \~$300 shipping \= \~$3,900 total. (At current $1.7k bid, it could be even cheaper; even at CA$5k hammer \= $3.7k USD \+ fees ≈ $4.8k shipped.)

* **Resale Plan:** Same outlets as other Tamayos. Ideally bundle consignment with *Perro Herido* or send all Tamayos to one auction (perhaps positioning as a mini-collection to excite buyers). **Venue:** Sotheby’s/Christie’s Latin American or Swann. **Net Proceeds:** Base $5k hammer at 15% fee \= $4,250 net.

* **Profit & ROI:** If cost \~$3,900, profit \= $4,250 – $3,900 \= **$350** (+9%). If we secure for less, say $2,500 cost, profit \= $1,750 (+70%). So again, we must buy low. This lot’s ROI profile is similar to *Perro Herido*. **High scenario:** $7k hammer → $5,950 net, profit \~$2,050 on $3.9k cost (+53%). **Low scenario:** $4k → $3,400 net, profit \~$-500 (a loss if we paid $3.9k). So target hammer should be \<$3k USD to ensure a comfortable margin.

* **Liquidity:** **Tier-2.** Demand exists among Tamayo collectors, though *Dos Cabezas* doesn’t have the standalone name recognition of “Adam & Eve” or Tamayo’s more famous subjects. Still, as a Printer’s Proof of a limited edition, it will attract bidders in a Latin art sale. We might have slightly fewer bidders than for *Wounded Dog*, but enough to reach a fair price. If necessary, we could even consider selling *Dos Cabezas* and *Hombre con Sombrero* as a pair/sequence at auction to entice a Tamayo print collector (though separate lots might maximize competition).

* **Risks:** Very similar to Lot 37\. **Pricing risk** – overbidding at Kavanagh could wipe out profit. **Demand risk** – if market demand concentrates on the more “figurative” Tamayo prints (like Wounded Dog) and less on abstract ones, *Dos Cabezas* might hammer on the lower end. Mitigation: ensure the auction house sets a reasonable estimate (e.g. $4k–6k) to stimulate bidding rather than scare off with too high a reserve. **Logistics:** We’ll have multiple large Tamayo prints to ship; bundling could save cost, but we must ensure each is handled properly (possibly unframe to ship flat). **Storage/Insurance:** Holding these high-value prints until sale (which could be 3–6 months) requires safe storage (flat files) and insurance. The costs are minor over that period but worth noting.

In summary, *Dos Cabezas* is a slightly lower-value arbitrage than the Tamayo pair, but still a candidate for profit if acquired cheaply. It complements the Tamayo set we’re targeting – synergy in research and resale means pursuing it is logical as long as the purchase price remains modest.

### **5\. Lot 39 – Rufino Tamayo *“Hombre con Sombrero”* (Mixografía Print, PP VI/XIII)**

* **Lot Data:** **Artist:** Rufino Tamayo. **Title:** *Hombre con Sombrero* (“Man with Hat”). **Medium:** Mixografía print. **Edition:** Printer’s Proof VI/XIII (13 printer’s proofs exist, this is \#6). The main edition likely 110\. **Year:** circa 1975–85. **Dimensions:** \~25 × 31 inches. **Signature:** Signed, “PP VI/XIII”. **Estimate:** CAD $500–50,000 (start $500)[\[31\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Mixograf%C3%ADa%2C%20ca). **Current Bid:** CA$2,600 (\~$1,915). **Lot URL:** [Kavanagh Lot 39 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-39-rufino-tamayo/).

* **Comps & Market:** *Hombre con Sombrero* is another from Tamayo’s late print series. It’s a stylized figure of a man in a hat – a theme Tamayo explored in paintings too. There’s indication it might be part of a set or related to a smaller etching series (*15 Aguafuertes* 1975, though that was an etching portfolio)[\[32\]](https://fineart.ha.com/itm/prints-and-multiples/print/rufino-tamayo-1899-1991-hombre-con-sombrero-from-15-aguafuertes-1975-etching-in-colors-on-guarro-paper-30-x/a/5402-65091.s?ic4=GalleryView-Thumbnail-071515#:~:text=Rufino%20Tamayo%20%281899,2%20cm%29). As a mixografía, expect similar value to *Dos Cabezas*, perhaps slightly less or equal. We did not find a specific recent sale; however, its presence as one of multiple prints suggests it’s on par with others around **$4k–6k** hammer in a good sale. Demand might be a tad softer since it’s a more abstract portrait, but Tamayo collectors often seek to complete series.

* **Expected Hammer:** **Low:** $3,000. **Base:** $5,000. **High:** $6,000.

* **Acquisition Cost:** Suppose \~CA$4,000 hammer ($3k USD) \+ premium \= $3,600, \+ \~$300 shipping \= \~$3,900 total (similar to *Dos Cabezas*). At current \~$1.9k bid, it could also be cheaper.

* **Resale Plan:** Likely sold alongside *Dos Cabezas* (and possibly *Perro*) to maximize efficiency. The same auction house could list multiple Tamayo PPs with a note that they came from the same source, which might intrigue institutions or collectors. **Venue:** Latin American art sale, or possibly a high-end Mexican auction (e.g., *Morton Subastas* in Mexico City) if we wanted to target local buyers; however, selling in USD in New York likely yields more. **Net Proceeds:** Base $5k – 15% \= $4,250.

* **Profit & ROI:** Using $3,900 cost, profit \= $4,250 – $3,900 \= **$350** (+9%), similar to *Dos Cabezas*. If bought cheaper, say $2,500 total, profit \~$1,750 (+70%). High scenario: $6k hammer → $5,100 net, profit \~$1,200 (+31%). Low scenario: $3k hammer → $2,550 net, profit \~–$1,350 (negative). So again, the **purchase price must be kept low**. We wouldn’t chase this above \~$3k hammer.

* **Liquidity:** **Tier-2 to \-3.** Of the Tamayo prints, this might be the least instantly recognizable, so it could have slightly lower liquidity. However, given it’s part of Tamayo’s mixografía suite, there will be interest. If needed, a strategic move could be to consign *Hombre con Sombrero* to an auction in Mexico or Texas, where local interest in Tamayo’s imagery might be higher (the charro-like hat could appeal regionally). But likely a New York Latin sale is still fine.

* **Risks:** By now, the Tamayo risks are clear: we must avoid overpaying for incremental lots. *Hombre con Sombrero* might fetch a bit less than *Perro* or *Dos Cabezas*, so the spread could be slimmer. If competition at Kavanagh is fierce on all Tamayo lots (perhaps due to multiple bidders who recognize the opportunity), we should prioritize *Adam & Eve* and *Perro* which have the highest upside, and not get into a bidding war on *Hombre* beyond a reasonable point. Also, if we end up with many similar pieces, market absorption risk comes in – selling three similar Tamayo prints in one sale might split bidder budgets. Mitigation: possibly split between two sales (e.g., sell two in one season, one in the next). **Currency risk:** If selling in Mexico, note peso conversion etc., but likely we’ll keep it in USD markets.

In conclusion, *Hombre con Sombrero* is a “nice-to-have” arbitrage – profitable if bought low, but not a must-win if bidding goes high. It rounds out the Tamayo print group, and even if margins are thinner, including it could marginally increase total profit and appeals to a strategy of acquiring the whole set of Tamayo PPs from this auction for a unified resale narrative.

### **6\. Lot 22 – Sandra Chevrier *“La Cage: When It Is Too Late”* (2014 Screenprint, \#/45)**

* **Lot Data:** **Artist:** Sandra Chevrier (Canadian, b.1983). **Title:** *La Cage: When It Is Too Late* (2014). **Medium:** 4-color screenprint on paper. **Edition:** /45 (hand-numbered out of 45\)[\[33\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,Signed%2C%20%2F45%20%28numbered). **Signature:** Hand-signed by artist. **Dimensions:** 26 × 20 inches[\[33\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,Signed%2C%20%2F45%20%28numbered). **Framing:** Yes, framed (per catalog). **Condition:** Not detailed; presumably excellent (recent print, framed). **Estimate:** CAD $100–50,000 (start $100). **Current Bid:** CA$50 (\~$37). **Lot URL:** [Kavanagh Lot 22 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-22-sandra-chevrier/).

* **Comps & Market:** Sandra Chevrier is a contemporary urban art printmaker known for her “Cages” series (women’s portraits overlaid with comic book collage masks). This print “When It Is Too Late” (2014) is from a small edition of 45, which sold out via galleries. On the secondary market, her limited prints have traded in the **hundreds to low thousands**. While not as liquid as Banksy, Chevrier has an established collector base (especially in Canada and among urban art fans). MutualArt data indicates auction results for similar Chevrier prints in the **$800–1,500** range in recent years (the value curve shows peaks around $1.5k)[\[34\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,2020%202021%202022%202023). For example, her prints like “La Cage, et le Murmure des Amoureux” or others from 2013–2015 often fetch \~$1k. This particular image, being an early one, could be sought after. We conservatively put **fair value at \~$1,000 hammer**, with upside if two fans compete. Kavanagh’s mid-estimate of \~$25k is irrelevant (clearly a placeholder); the current bid is basically nothing, highlighting the mispricing.

* **Expected Hammer:** **Low:** $600 (if sold in a general sale without the right audience). **Base:** $1,000. **High:** $1,500 (if multiple bidders or if her market upticks).

* **Acquisition Cost:** Likely minimal. Even if bidding rises, it may cap around a few hundred CAD. Say we win at CA$800 \= \~$590 USD. Buyer’s premium 20% \= \~$708. Shipping (medium frame, glass): \~$150 (from Montreal to US). No tax out-of-state. **Total ≈ $858.** (If we win near the start price $100, cost \<$300 total, which would be phenomenal.)

* **Resale Plan:** **Venues:** A mid-tier contemporary art or urban art auction is suitable. *Heritage Auctions* conducts Urban Art sales that include prints by emerging artists; *Julien’s* or *Phillips online* might also take a Chevrier print given her rising profile. Since she is Canadian, we could consider consigning to a Canadian auction like *Heffel online* or *Waddington’s* – however, US and international exposure might bring a higher price (e.g., Artsy auctions or Urbane Art auctions in Europe). Another approach: If Banksy is consigned to a big house, see if they would accept Chevrier in the same sale (though she’s lower value, some Urban Art sales mix Banksy, Fairey, Chevrier, etc.). **Seller Commission:** Possibly higher (20%) due to lower value, or a flat minimum commission. Assume 20%. **Net Proceeds:** Base $1,000 hammer – 20% \= $800 net.

* **Profit & ROI:** Net $800 – cost $858 \= **\-$58** (slight loss) in the base scenario as calculated. That’s not good – but note we assumed a relatively high acquisition ($590 hammer). If we secure it at a cheaper price (likely), ROI improves. **If bought at $300 all-in:** profit \~$500 (net $800 – $300) \= \+167% ROI. **High scenario:** $1,500 hammer → $1,200 net, profit $342 on $858 cost (+40%). **Low scenario:** $600 hammer → $480 net, profit \~$-378 (loss). The breakeven acquisition hammer is about $500 (so total \~$650 cost). Therefore, to ensure profit, we should aim to win this under \~$500–600. Given it’s currently at $37, that seems feasible.

* **Liquidity:** **Tier-3.** Chevrier prints are moderately liquid: they attract bidders in the street art community but are not guaranteed sales like a Banksy. However, edition of 45 is quite scarce, and her profile has grown (collaborations, gallery shows). We might need to give it some marketing push (ensure it’s well-described as “from her acclaimed *Cages* series” to catch interest). It might not fly in a general decorative auction, but in a specialty sale it should sell. **Time horizon:** possibly a quick flip in the next available urban art auction (those happen frequently online).

* **Risks:** **Market Thinness:** If consigned in the wrong venue or at the wrong time, the print could underperform (or even pass). Mitigation: set a modest reserve (e.g., $600) to avoid a giveaway, and choose a venue known to have bidders for Banksy/urban art who may also appreciate Chevrier. **Value Plateau:** Chevrier’s market is still emerging; $1k is a fair expectation, but if the market softens or if this particular image is less sought, it might only fetch a few hundred (e.g., if two prints of hers show up at once). In that case, profit is negligible. **Fees relative to price:** At low price points, fixed costs (shipping, auction minimum commissions) eat into profit. We must keep costs minimal – e.g., perhaps have Kavanagh ship this print together with other items to save costs, or pick up in person (if coordinating pickup for Banksy in Montreal, e.g.). **Condition/frame:** Ensure the print is mint. If framed, we might remove and ship rolled to save cost (assuming it’s not glued or something). The frame likely isn’t high-end, so not worth heavy shipping; better to deliver the print unframed to the next buyer. Minor risk that removal from frame could reveal condition issues (fading, etc.), though unlikely for a 2014 piece.

In summary, Chevrier’s *La Cage* print is a low-cost, lower-reward flip that still meets our criteria of mispricing. It adds diversification (contemporary genre) to the arbitrage portfolio. The key is acquiring it for cheap and slotting it into the right resale channel to realize its \~$1k value.

### **7\. Lot 25 – Jesús Rafael Soto *“Vibrations”* (1969 Abstract Serigraph, \#39/300)**

* **Lot Data:** **Artist:** Jesús Rafael Soto (Venezuelan, 1923–2005). **Title:** *Vibrations* (sometimes referred to as *Vibrations I* or part of *Vibrations* series, 1969). **Medium:** Serigraph (silkscreen print) in colors. **Edition:** \#39/300 (though one source says ed. 200 – possibly 200 plus additional prints)[\[35\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame). Pencil signed and numbered. **Size:** \~26.75 × 20.25 inches (sheet)[\[35\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame). **Signature:** Signed lower right, numbered lower left. **Condition:** Not described; possibly with original gallery label on verso per catalog snippet[\[7\]](https://kavanaghauctions.com/auction/no-auction_number/lot-25-rafael-jesus/#:~:text=Lot%2025%20,original%20gallery%20label%20on%20verso). (We should verify if any condition issues; an example of \#39/200 had a water stain in margin[\[36\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=), hopefully not the same print). **Estimate:** CAD $50–50,000 (start $50)[\[7\]](https://kavanaghauctions.com/auction/no-auction_number/lot-25-rafael-jesus/#:~:text=Lot%2025%20,original%20gallery%20label%20on%20verso). **Current Bid:** CA$450 (\~$330). **Lot URL:** [Kavanagh Lot 25 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-25-rafael-jesus/).

* **Comps & Market:** Jesús Rafael Soto is a well-known kinetic/Op artist, but his prints (especially flat serigraphs) are relatively affordable compared to his sculptures and Plexiglass works. **Comparable sales:** A *Vibrations I, 1969* serigraph (signed, ed. 200\) was estimated $300–500 and sold around that range in 2023[\[37\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame). Another series “Untitled (from *Vibrations*) 1969” has appeared at Heritage with estimates \~$1,000 but often sells for a few hundred. The market for Soto prints is moderate: there are many editions out there. The presence of “original gallery label” suggests provenance but not necessarily higher value. **Fair Value:** around **$400–600 hammer**. It’s telling that Concept Art Gallery listed the same edition \#39/200 with a water stain (perhaps the very same print?) at $300–500 est.[\[37\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame). If that was unsold or sold cheaply, this could even be that print now reappearing. So we must be cautious – it might need cleaning or have condition issues that kept its price low.

* **Expected Hammer:** **Low:** $300 (if condition is an issue or low demand sale). **Base:** $400. **High:** $600.

* **Acquisition Cost:** Already at \~$330 hammer; suppose we win at $500 CAD (\~$370 USD). Plus premium $444, plus shipping \~$100 (it’s unframed? or if framed, moderate size). Total \~$544. (If we get it at current $330, total \~$500 or less.)

* **Resale Plan:** Given low value, perhaps bundle with other Op Art prints in a prints auction. *Heritage Auctions* might sell this in a Prints & Multiples sale or even a weekly online auction. Alternatively, *Doyle* or *Bonhams* prints sales. It might not meet consignment minimums at big houses (some have \~$1k lot minimums). A smaller auction like *Concept Art Gallery* already tried (if indeed it’s the same piece)[\[37\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame). We could try *eBay or an online platform* as a last resort, but the user’s constraint is auction channels. Maybe *Rago Auctions* (they do modern art sales) could take it with a low reserve. **Seller Commission:** might be high (20-25%) due to low price; some auctioneers might charge a flat entry fee. Even at zero seller’s commission, the buyer’s premium will be there for them. Assume net \~80%.

* **Net Proceeds:** Base $400 hammer – 20% \= $320 net.

* **Profit & ROI:** Net $320 – cost $544 \= **–$224** (a loss) at base scenario as computed. Not ideal. Only if we can sell at the high end $600: net $480, which is still under $544 cost (loss \~$64). For ROI positive, we must either: (a) Acquire dirt cheap (ideally \<$250 total) or (b) hope for an outlier high price (which is not likely given abundant supply of Soto prints). This analysis shows **limited arbitrage potential** – indeed at current likely purchase price, flipping via auction yields a loss once fees/shipping are considered.

* **Why consider it?** Possibly because the current bid is already $330, which may actually overshoot its resale value. This lot might be **better as a pass**, unless we can get it extremely cheaply or if we have a private buyer lined up. As a strict auction arbitrage, it’s marginal. Perhaps we put this on the **watchlist** or only pursue if it stays near the minimum. The only way to profit: negotiate a very low seller commission (if consigned with bigger ticket items, maybe a house would take it at 0% to get the Banksy or Tamayo business) and hope to sell around $600. That could net \~$600 and yield $60 profit – still negligible.

* **Liquidity:** **Tier-3 (low).** There are many Soto prints; collectors are selective. It might take time or multiple attempts to sell. Also, condition unknown – if it indeed has a water stain (like the one described in Concept Gallery)[\[36\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=), that further hurts value. Restoring it could cost more than the profit. Liquidity is not great; many remain unsold at auction if estimated too high.

* **Risks:** Quite high relative to reward. **Potential unsold:** If consigned with a $400 reserve, it might not sell at all. We might end up owning a stagnant asset. **Opportunity cost:** Effort and fees for very little gain. **Strategy adjustment:** We could treat this as a learning example and likely **not bid aggressively**. If we can pick it up for under $100, fine – otherwise skip. It’s listed as a serious candidate in our list only because it was among the prints, but in practice this is borderline.

Given the above, *Vibrations* by Soto might be more appropriate in the **“watchlist”** of borderline lots. We’ll include it in ranking for completeness (ranked 7 due to small mispricing) but with a clear note: profit is minimal, only pursue if virtually free or as part of a lot. Our execution plan would deprioritize this lot.

### **8\. Lot 19 – Alfred Pellan *“Que le fruit de cette union…”* (1980 Color Etching, H.C. print)**

* **Lot Data:** **Artist:** Alfred Pellan (Canadian, 1906–1988). **Title:** *Que le fruit de cette union…* (1980), from the artist’s book *“Le Cirque Sacré”*. **Medium:** Color etching on paper. **Edition:** This appears to be an **H.C. (hors commerce) copy** – the Iegor auction example was H.C., likely this is similar (the title suggests it’s from a book, which had 65 regular copies \+ some H.C.)[\[38\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=PELLAN%2C%20Alfred%20%281906,12x9). The Kavanagh listing doesn’t explicitly say H.C., but Pellan often signed a few H.C.s. **Signature:** Signed and dated “Pellan 1980” in pencil, numbered (possibly H.C. or out of 65). **Size:** about 12 × 9 inches image (30.5×23 cm)[\[38\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=PELLAN%2C%20Alfred%20%281906,12x9), smaller format. **Condition:** Not described; presumably good (framed per image). **Estimate:** CAD $50–50,000 (start $50)[\[39\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2019%3A%201980%20Alfred%20Pellan,Fruit%20de%20cette%20Union%20Etching). **Current Bid:** CA$50 (\~$37). **Lot URL:** [Kavanagh Lot 19 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-19-1980-alfred/).

* **Comps & Market:** Pellan is an important Canadian modern artist, but prints from *Le Cirque Sacré* (a 1980 portfolio of circus-themed etchings) are modestly valued. They appear at Canadian auctions occasionally. **Recent comp:** In Feb 2025, Iegor (Montreal) sold an H.C. impression of this exact print for **CAD $900 hammer** (est. $400–600)[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A). That sets a benchmark of \~$660 USD hammer, \~$750 with premium. It implies fair value around $600–800 USD hammer in the Canadian market. Outside Canada, Pellan is less known, so selling in the US might actually fetch less unless marketed as “Canadian modern master”. **Fair Value:** We’ll say \~$700 hammer (in Canada) or \~$500 (in US auction). Since we can resell in Canada if needed, let’s use \~$700 as base potential (which is \~the price Iegor got). This is hugely above Kavanagh’s low start of $50 – a clear mispricing by 14× on low estimate, though their mid-est of $25k is irrelevant.

* **Expected Hammer:** **Low:** $400 (if sold in US or with tepid interest). **Base:** $700 (in a Canadian sale with multiple bidders – as seen). **High:** $900 (if two bidders really want this image, as in the Iegor case which hit $900 CAD).

* **Acquisition Cost:** Likely trivial. It’s at $37 now. Suppose we win around CA$300 \= \~$220 USD hammer. With premium \~$264, shipping (small piece) $50. Total \~$314. (Even if it creeps to CA$500, that’s \~$370 \+ fees \~$444 \+ ship $50 \= \~$494 total.)

* **Resale Plan:** **Optimal venue:** a Canadian fine art auction where Pellan is appreciated. *Iegor* in Montreal or *Waddington’s* in Toronto would have the right audience. The Iegor result[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A) suggests returning it to that market could yield the \~$900 CAD again. We might even consign to Iegor’s next sale (timed online), referencing the *Cirque Sacré* context. If selling outside Canada, maybe *Swann* or *Bonhams* prints sale but likely lower outcome, so stick to Canada. **Seller Commission:** around 20% (lower-value lot). If Waddington’s or Iegor, they might charge \~18–20%. We should also factor seller’s Canadian taxes if any on commission; but net effect we consider in USD.

* **Net Proceeds:** Base $700 hammer – 20% \= $560 net (USD).

* **Profit & ROI:** Using $314 cost, profit \= $560 – $314 \= **$246** (+78% ROI). If we paid more, say $494, profit \= $560 – $494 \= $66 (+13%). If it only hammers $400, net $320, profit \~$6 (breakeven). So not much room if bought too high. Essentially, if we get it under \~$300 total, this is a decent \~+$200 flip. It’s small potatoes, but percentage ROI is good if execution costs are low.

* **Liquidity:** **Tier-3.** Within Quebec/Canada, Pellan prints have a niche market (collectors of Canadian modernism, or people completing the *Cirque Sacré* set). It sold at Iegor, indicating liquidity if appropriately estimated (they had 25% buyer’s premium and still got $900 CAD hammer)[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A). Outside of Canada, not many hunt for Pellan etchings. So liquidity is geographically limited. We should plan to sell it in Canada (which means some added logistics: either ship to that auction from the US or leave it in Montreal if we pick up there and hand off). Perhaps we could even flip it directly to Iegor, given they just had one – maybe an underbidder would take another? But to stay in auction channels, consignment is fine.

* **Risks:** **Geographic dependency:** If we sell in Canada, proceeds will be in CAD. A weakening CAD or high selling fees could cut into profit. But since we’d likely buy in CAD and sell in CAD, currency risk is minimal (just conversion for reporting). **Low absolute profit:** This is a \<$300 profit scenario typically. If anything goes awry (e.g., frame damage, additional costs), the profit vanishes. **Execution overhead:** For such a small item, the effort (arranging shipping to auction, paperwork) might outweigh the dollar gain. However, if we already are handling shipping for Banksy/Tamayo from Montreal, adding this is minor. **Condition:** These etchings were issued in a book, so they should be high quality impressions. Check that it’s indeed signed/dated (listing says yes) and not a reproduction. The listing likely came via the Artprice link to the known Pellan print[\[40\]](https://www.mutualart.com/Artwork/Que-le-fruit-de-cette-union---extrait-du/4EDBF9A45F372AE3D6820414DF756432#:~:text=Sacr%C3%A9%20www,Prints%20%26%20Graphic%20Art) confirming it’s the legit etching.

Overall, Pellan’s print is a *small but relatively low-risk arbitrage.* The mispricing is clear (Kavanagh bidders haven’t noticed it, at $50 currently). It’s worth picking up as an add-on if we’re already in the sale, as long as we keep costs negligible. It won’t be a game-changer, but a few hundred dollars profit for little capital outlay is fine.

### **9\. (Watchlist) Lot 33 – Otto Pankok *“Landscape with Figure”* (Expressionist Woodcut, signed)**

*This lot is on the* *borderline watchlist* *rather than a top candidate, due to uncertainty around its market and potential low liquidity. We include it here for completeness, but recommend caution and further data verification before bidding.*

* **Lot Data:** **Artist:** Otto Pankok (German, 1893–1966). **Title:** *Landscape with Figure* (likely mid-20th c.). **Medium:** Woodcut print on paper. **Edition:** Unnumbered (likely a limited edition, possibly posthumous?). **Signature:** Signed *“Otto Pankok”* in pencil lower right[\[41\]](https://www.mutualart.com/Artwork/Landscape-with-Figure/8745D403DBBA637B4BA06EAE188F4B82#:~:text=View%20Landscape%20with%20Figure%20By,more%20artwork%20lots%20and). **Size:** Image \~8.5″ H × 18.5″ W; framed 17″ × 27″[\[41\]](https://www.mutualart.com/Artwork/Landscape-with-Figure/8745D403DBBA637B4BA06EAE188F4B82#:~:text=View%20Landscape%20with%20Figure%20By,more%20artwork%20lots%20and) (a wide-format print). **Condition:** Not described; presumably good, framed. **Estimate:** CAD $50–50,000 (start $50)[\[42\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2033%3A%20Otto%20Pankok%20,Woodcut%20Print%20Landscape%20with%20Figure). **Current Bid:** CA$20 (\~$15). **Lot URL:** [Kavanagh Lot 33 listing](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-33-otto-pankok/).

* **Market Uncertainty:** Otto Pankok was an important German Expressionist printmaker, but his market is relatively quiet. Some Pankok woodcuts (especially those signed by his daughter Eva as estate prints) circulate in the low hundreds. The listing says **signed lower right** – presumably by Otto himself, which indicates an earlier or lifetime impression (good). We lack direct comps; likely auction prices for Pankok prints might be in the $100–300 range unless it’s a famous image. A quick search found an Etsy sale of a Pankok woodcut with Eva Pankok signature at \~$250. Given the obscurity, **expected hammer** perhaps \~$200.

* **All-In Cost:** Probably negligible ($50–100).

* **Resale:** Best done in Germany or via online print platforms; not many international auctions feature Pankok. A German auction (e.g. *Ketterer* or a regional house) might get €200 or so. But after shipping to Europe and fees, profit could be nil. If sold in the US, it might be overlooked.

* **Recommendation:** **Watchlist** – If further research (or direct inquiry to Kavanagh) confirms it’s an original lifetime signed Pankok, it could be worth a speculative bid at a very low price (sub-$50). Otherwise, skip. The liquidity is low (Tier-4), and there’s risk it might actually be a posthumous pull signed by estate, which is far less valuable. We flag this lot for **data verification** (signature authenticity, edition info) before any action. It’s a classic case of *an artwork needing specialist knowledge* – arbitrage is possible but requires knowing the collector market (perhaps a German dealer would pay more). Without solid comps, it remains a question mark.

* **Profit Potential:** Possibly buy $50, sell $200 → \~$150 profit, but this is speculative. It’s small scale, and we have bigger fish to fry (Banksy/Tamayo). Thus, we likely only bid if essentially no competition and treat any upside as bonus.

*(Other borderline lots like Lot 4 Samuel Arlent Edwards mezzotint, Lot 40 S. Yarosky engraving, Lot 42 A. James lithograph are similarly low priority – see Watchlist section below.)*

## Watchlist: Borderline or Data-Dependent Lots

These lots show potential mispricing but have **unclear resale value or require verification**. They should be approached with caution, and only pursued if further research confirms value or if they can be obtained for token prices:

* **Lot 33 – Otto Pankok “Landscape with Figure”** – *German expressionist woodcut.* **Needs verification** of signature (artist vs estate) and demand. Could be worth a few hundred if genuine Otto-signed, but negligible if not. Low liquidity; consider only if under $50. (See dossier above.)

* **Lot 4 – Samuel Arlent Edwards “Master Lambton”** – *Antique mezzotint after a famous painting (Lawrence’s “Red Boy”).* Common decorative print; an eBay listing is $195 OBO[\[43\]](https://www.ebay.com/itm/256446010851#:~:text=Antique%20Mezzotint%20Engraving%20MASTER%20LAMBTON,As%20low%20as). Likely true value \~$100. Currently at CA$20. Mispricing is minimal (already near retail). After fees, profit slim. **Skip** unless extremely cheap and one has a specific buyer.

* **Lot 40 – “Signed Mid Century Modern S. Yarosky Abstract Engraving”** – *Unknown artist.* Possibly a local or obscure printmaker; no market data found. Could be decorative value only. If it’s, say, a listed Canadian printmaker (S. Yarosky), one would need to identify them – currently too speculative. At $20 bid[\[44\]](file://file_00000000d75471fdb9ac3939655d2bf1#:~:text=40%20Yarosky%2C%20S,mid), even free it might not resell. **Skip** or pick up only if free and treat as wild card.

* **Lot 42 – “A. James – Grafika X (1965)”** – *Mid-century surrealist lithograph, artist’s proof.* The artist “A. James” is unidentified; could be an amateur or a pseudonym. Despite the cool title *Grafika X*, without artist recognition the value is likely low (maybe $50–$150 as a decorative piece). It’s currently $20. Hard to find comps; MutualArt lists some auction record but likely unsold or nominal[\[45\]](https://www.mutualart.com/Artwork/Grafika-X/3C66C121E0CECDF0C5F3C5704BA72292#:~:text=A.%20James%20,Jan%2003%2C%202026). **Skip** unless one uncovers the artist’s identity and finds a niche market.

* **Lot 21 – Sandra Chevrier “Dark Heart” (Printer’s Proof)** – *Note:* This lot was *not* in the provided excel, but appears in the catalog listing. It’s a Printer’s Proof of a Sandra Chevrier work, likely a print or unique variant. If it were available, it could be similar in potential to Lot 22 (Chevrier’s other print). However, since it wasn’t in the excel or PDF focus, we assume it might not be categorized under Prints & Multiples or possibly withdrawn. If it is present in the sale, it warrants a quick look – Chevrier’s PPs can be sought by her fans. Likely value a few hundred. If it’s cheap, one could arbitrage similarly to Lot 22\. **Needs verification** if included.

In summary, the watchlist items either lack a clear path to profit or require information we don’t currently have. They should be secondary priorities – only consider bidding if they can be acquired virtually for fees/shipping cost and if our due diligence (if time allows) uncovers hidden value.

## Summary Bidding & Execution Playbook

To capitalize on these opportunities, a disciplined approach to bidding and resale is crucial. Below is a step-by-step **playbook** for execution:

**Pre-Auction Preparation:**

1. **Registration & Approval:** Register for the Kavanagh auction well in advance. Provide any required credit card or deposit (Kavanagh’s terms indicate a payment method must be on file to bid[\[46\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Request%20to%20bid%20in%20auction)). Ensure you are approved to bid online by auction day.

2. **Research & Condition Reports:** Request condition reports for key lots (especially Banksy and Tamayo prints). For Banksy, confirm the print is not glued, and check for any condition issues under the frame. For Tamayo prints, ensure colors are strong and no damage to the heavy paper. Confirm Pellan’s print is signed and not a facsimile. Clarify any edition info on Pankok, etc. This helps avoid surprises and can be done via email (info@kavanaghauctions.com)[\[47\]](https://kavanaghauctions.com/terms-conditions/#:~:text=prospective%20buyers%20to%20evaluate%20the,mail%20to%20info%40kavanaghauctions.com)[\[48\]](https://kavanaghauctions.com/terms-conditions/#:~:text=If%20you%20are%20the%20successful,com).

3. **Set Bid Limits (Discipline):** Establish maximum bid limits for each target lot based on our analysis of ROI. For example:

4. Banksy: up to \~$10,000 USD (approx. CAD 13,500) – beyond that, ROI compresses (and competition likely fierce anyway).

5. Tamayo pair: up to \~$8,000 USD (CAD \~10,800).

6. Tamayo singles (37,38,39): ideally \< \~$3,000 USD each. Be prepared to let one go if bidding wars erupt; better to win the pair or one cheaply than overpay on all.

7. Chevrier: max \~$500 USD.

8. Pellan: max \~$300 USD.

9. Soto: **very low** max, e.g. \~$200 USD, given weak upside.

10. Others on watchlist: only token bids (e.g. $50). These limits should be input as absentee bids or kept in mind if live bidding, to avoid spur-of-moment overbidding.

11. **Auction Mechanics:** Note the auction format – Kavanagh’s site is hosting (possibly with BidSpirit integration[\[49\]](https://us.bidspirit.com/ui/catalog/auction/kavanaghauctions/68724/3#:~:text=,Screenprint%2C%20Signed%20%26%20Numbered%2024%2F250)). It’s an **online-only live auction** (scheduled Jan 3, 2026, 11:00AM EST[\[50\]](https://www.auctionzip.com/QC-Auctioneers/479068.html#:~:text=AuctionZip%20www,View%20Photo)). Ensure a stable internet connection that day. Log in early. If unfamiliar with the platform, practice with a low-value bid to see the interface.

12. **Currency Consideration:** All bidding is in CAD[\[51\]](https://kavanaghauctions.com/terms-conditions/#:~:text=All%20transactions%20are%20processed%20in,Canadian%20dollars). Use a real-time converter or set a cheat sheet for key CAD→USD amounts to avoid confusion. Remember 1 CAD ≈ $0.74 USD – advantageous for a US buyer. But also factor the \~3% foreign transaction fee if using credit card; a wire transfer might be better for large sums.

**During Auction Bidding:**

1. **Prioritize Key Lots:** The sale catalog order is by lot number. Key targets come at:

2. Lot 19 (Pellan) – early;

3. Lot 22 (Chevrier);

4. Lot 25 (Soto);

5. Lot 33 (Pankok);

6. Lot 36–40 (Tamayos & Yarosky) – cluster;

7. Lot 42 (A. James);

8. Lot 49 (Banksy) – near the end. Manage your budget so you’re ready for Banksy at the end – that’s the crown jewel. Don’t tie up too much cash on mid-tier lots early (especially avoid a bidding war on, say, the Soto or Pankok that could cap your liquidity for Banksy).

9. **Bidding Tactics:** For lots with little competition (e.g. Chevrier at $50), you might place an early proxy bid up to your max to discourage others. For high-profile lots (Banksy, Tamayo pair), expect competition:

10. **Sniping vs Incremental:** Given it’s live, be prepared to click quickly in final seconds if it’s timed, or bid promptly if live-auctioneer-led. It might not be timed-close; likely it’s live interactive. Place bids confidently but don’t jump absurdly – let others exhaust themselves, then come in near your limit.

11. **Observe Patterns:** See if any bidder ID keeps popping up on all Tamayo lots – if so, they might be a dealer with similar limits. Outbidding them on the best ones while letting them win lesser ones could be strategic.

12. **Reserves:** Kavanagh’s terms mention some lots have reserves[\[52\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Some%20of%20the%20items%20,the%20reserve%20has%20been%20meet). The low start suggests reserves are low or nil. If a lot doesn’t meet reserve, be aware it might be a post-auction negotiation opportunity – e.g., if Banksy doesn’t hit a confidential reserve, we could negotiate a private sale after. (Unlikely in this scenario given interest).

13. **Currency Buffer:** When bidding on Banksy or Tamayos, keep the FX in mind – e.g., a CAD bid of $13,000 \= \~$9,600 USD. It’s easy to lose track during fast bidding. Stick to your USD limit by translating it beforehand into CAD (perhaps even write it down: “Banksy max CAD 13k”).

14. **Avoid Overpaying on Bundle Interest:** If we aim to get all Tamayo prints, fine – but *do not* chase the last one at an unreasonably high price just for the “set.” Each must stand on its own ROI. It’s better to miss one than to win it at a price that wrecks profit.

**Post-Auction Actions (if winning):**

1. **Invoice Settlement:** Kavanagh will email invoices within 5 days[\[48\]](https://kavanaghauctions.com/terms-conditions/#:~:text=If%20you%20are%20the%20successful,com). For large totals, consider paying via wire to save credit card fees (they accept wire, credit, etc.[\[53\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Payment%20Methods)). Pay within 10 business days[\[48\]](https://kavanaghauctions.com/terms-conditions/#:~:text=If%20you%20are%20the%20successful,com) to avoid any issues.

2. **Consolidate Shipping:** Kavanagh doesn’t ship in-house[\[54\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Kavanagh%20Auctions%20does%20not%20pack,for%20the%20packing%20and%20shipping), but will assist with handing off to shippers. Contact them promptly to coordinate. Since multiple lots are won, it may be cost-effective to hire one art shipper to collect all items. Options:

* Use a Montreal pack & ship service (Kavanagh can suggest, or contacts like UPS Store Montreal etc.).

* For high-value Banksy: consider a fine art shipper (insurance, custom crate). Perhaps have it shipped by itself, and the smaller items together.

* Ensure shipping is **insured** (Kavanagh strongly advises it[\[55\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Insurance)). Insure Banksy for at least $20k, Tamayos accordingly.

* If you or an agent can *pick up in person* (Montreal), that might reduce risk and cost, especially if flying in for Banksy. But then you’d handle export paperwork (likely just declare at US border, original artwork is duty-free).

3. **Condition Check on Arrival:** Once the items arrive, carefully inspect. Unframe Banksy and Tamayos to check for hidden issues. Document their condition with photos – this will be useful for resale consignment and insurance.

4. **Authentication & Documentation:**

* For Banksy, immediately initiate contact with Pest Control for authentication (if you choose that route). Their process might require submitting photos and details. If they eventually refuse, plan to sell as “attrib.” as intended.

* Gather documentation: Keep the Kavanagh catalog info as provenance proof (print out the lot page or invoice stating “attributed Banksy, numbered 24/250”). For Tamayo prints, note they are Printer’s Proofs from a known edition – including references like “published by B/M Ediciones, Mexico City”[\[56\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Edition%20of%20each%3A%2027%2F110%20Each,y%20Arte%2C%20Mexico%20City%2C%20pub) if known, and mention they came from a Montreal collection.

* Pellan: If it’s H.C., note that on resale listing (it can even add a bit of rarity appeal).

5. **Consignment to Resale Venues:** Contact target auction houses soon after securing the items, to aim for Spring/Summer 2026 sales:

* For Banksy: reach out to Bonhams, Sotheby’s, etc., share the details and see where it fits (maybe their next urban art sale). Provide high-res photos and Pest Control submission status. Negotiate commissions – highlight that you also have Tamayo prints to sweeten the consignment package (they might not normally take a Pellan or Chevrier, but for Banksy they might accommodate all in one contract).

* For Tamayo & others: If Sotheby’s Latin American dept is interested, great. If not, Plan B: Swann or Heritage for Tamayo; Heffel/Waddington’s for Pellan (they have Canadian art sessions frequently). Chevrier might go to a different house than Tamayos due to genre difference – that’s okay.

* Stagger if needed: We don’t have to sell everything at once. For instance, if Banksy is slated for a May 2026 auction but Tamayo could go in a June sale, that’s fine. Ensure consignment deadlines are met (often \~8-10 weeks before sale).

6. **Shipping to Auction for Resale:** Once consigned, ship the artworks to the auction houses. Use the auction house’s recommended shippers or drop off in person if feasible. For Banksy (high value), get tracking and insurance up to its full value.

7. **Reserve Strategy:** Decide on reserves for resale. We might set reserves to protect from bad days:

* Banksy: maybe a reserve of $15k (so it doesn’t hammer ridiculously low – but likely unnecessary as bidding will be there).

* Tamayo pair: reserve \~$12k (just below base value).

* Other Tamayos: maybe reserve \~$4k each to ensure no loss.

* Chevrier/Pellan: low reserve (like $500 on Chevrier, $400 on Pellan) to ensure sale but not a giveaway. Too high reserves can scare off bidders, so calibrate with specialists’ advice.

8. **Marketing & Story:** Work with auction specialists to market the items:

* Banksy could be a headline lot – ensure they mention the red stamp, early POW features[\[16\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=This%20print%20bears%20many%20characteristics,Copper%20produced%20circa%202002%2C%20including), etc., and perhaps the lack of Pest Control COA is noted but downplayed since early prints often weren’t issued COAs.

* Tamayo prints – emphasize they are **Printer’s Proofs** from the *90th Anniversary* suite, possibly even mention the record sale of the Adam & Eve pair[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A) to build excitement.

* A clever idea: If one auction house takes all Tamayos, ask them to highlight it as a single-owner collection of Tamayo printer’s proofs – provenance “Montreal collection” – adds cachet.

* Chevrier – highlight it’s from her well-known *Cage* series, and edition only 45\. Perhaps mention her rising profile (this might appear in the lot essay or notes).

* Pellan – note it’s from *Le Cirque Sacré*, a famous artist’s book, and Pellan’s significance in Canadian art (maybe a Quebec bidder will bite).

9. **Monitor Resale Auctions:** When the auctions occur, watch the results (or set absentee instructions). Be prepared that not all might sell at once (if any lot fails to meet reserve, negotiate a private sale with interested parties or re-consign to a more suitable venue later).

10. **Post-Sale Accounting:** Once items sell, ensure prompt payment from houses (usually 30 days post-auction). Compare against your expected net. For instance, if Banksy hammers at $22k, verify the check is \~$19.8k (assuming 10% seller fee). Track each lot’s outcome in a spreadsheet to tally total profit.

11. **Review & Learn:** After all transactions, analyze how the arbitrage performed versus plan. This will inform future auction arbitrage attempts (e.g., perhaps modern Latin prints were great, but lower-end modernist prints not worth effort, etc.).

By following this playbook, we maintain clarity and control through each stage – from bidding strategy (ensuring we don’t get caught up emotionally and overbid) to efficiently handling logistics and resale to lock in the arbitrage profits identified. The key is to **stick to the data-driven valuations and not deviate** – the margin for error is large on some (Banksy) but razor-thin on others (Soto), so discipline is vital.

---

**Sources:**

* Kavanagh Auctions catalogue & website (lot descriptions, starting prices, etc.)[\[2\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Banksy%20%28British%2C%20b)[\[23\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2037%3A%20Rufino%20Tamayo%20,85).

* Recent auction results and analyses:

* Banksy *Rude Copper* sales (2020 Banksybase data and 2024 Bonhams result)[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales)[\[4\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=Bonhams%20LA%3A%201%20March%202024,70%2C000%20%E2%80%93%20100%2C000%20USD%2089%2C400).

* Tamayo *Adam & Eve* pair sale at John Moran Dec 2023[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A).

* Tamayo *Wounded Dog* listing and 1stdibs info[\[57\]](https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a_8000902/#:~:text=Rufino%20Tamayo%20,Message%20the%20Seller).

* Pellan etching sale at Iegor Feb 2025 (result CAD 900\)[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A).

* Soto *Vibrations* estimate (Concept Gallery 2023\)[\[35\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame).

* Sandra Chevrier print details[\[33\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,Signed%2C%20%2F45%20%28numbered), MutualArt trends[\[34\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,2020%202021%202022%202023).

---

[\[1\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Screenprint%20on%20paper%2C%20with%20red,Numbered%2024%2F250) [\[2\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Banksy%20%28British%2C%20b) [\[9\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=and%20the%20correct%20stencil,officer%20motif) [\[10\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Condition) [\[11\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=The%20auction%20will%20start%20in,days%20and%20__%20hours) [\[15\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Sheet%20approx,inches) [\[16\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=This%20print%20bears%20many%20characteristics,Copper%20produced%20circa%202002%2C%20including) [\[46\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/#:~:text=Request%20to%20bid%20in%20auction) Lot 49 \- Banksy (British, b.1974), attrib. Rude Copper, Screenprint, Signed & Numbered 24/250 \- Kavanagh Auctions

[https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/](https://kavanaghauctions.com/auction/245-antiques-decorative-and/lot-49-banksy-british/)

[\[3\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=List%20of%20Rude%20Copper%20Auction,Sales) [\[12\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=The%20Rude%20Copper%20print%20has,this%20print%20at%20this%20time) [\[14\]](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca#:~:text=,Phillips) ‘Rude Copper’ by Banksy — How Much Is It Worth? | by Alex Andrews | Banksybase | Medium

[https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca](https://medium.com/banksybase/rude-copper-by-banksy-how-much-is-it-worth-ed6ab62710ca)

[\[4\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=Bonhams%20LA%3A%201%20March%202024,70%2C000%20%E2%80%93%20100%2C000%20USD%2089%2C400) [\[13\]](https://banksyexplained.com/banksy-prints-2024-auction-results/#:~:text=BANKSY%20%28b,BANKSY%20tag%20in%20red%20ink) BANKSY Prints 2024 Auction Results \- Banksy Explained

[https://banksyexplained.com/banksy-prints-2024-auction-results/](https://banksyexplained.com/banksy-prints-2024-auction-results/)

[\[5\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Sold%3A) [\[17\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=,90) [\[20\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=%2420%2C320) [\[21\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Additional%20Details) [\[22\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Additional%20Details) [\[56\]](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b#:~:text=Edition%20of%20each%3A%2027%2F110%20Each,y%20Arte%2C%20Mexico%20City%2C%20pub) Lot \- Rufino Tamayo (1899-1991), "Adam" and "Eve" from the "Tamyao 90 Anniversario Suite," 1989-90, Two lithographs in colors on paper, Image of each: 26" H x 20" W; Sheet of each: 40.25" H x 29.75" W

[https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from\_1c2483d97b](https://www.johnmoran.com/auction-lot/rufino-tamayo-1899-1991-adam-and-eve-from_1c2483d97b)

[\[6\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2022%3A%20Sandra%20Chevrier%20,2014%2C%20Screenprint%2C%20Signed%2C%20%2F45%2C%20Framed) [\[18\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A) [\[23\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2037%3A%20Rufino%20Tamayo%20,85) [\[25\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A) [\[29\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Start%20price%3A) [\[31\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Mixograf%C3%ADa%2C%20ca) [\[39\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2019%3A%201980%20Alfred%20Pellan,Fruit%20de%20cette%20Union%20Etching) [\[42\]](https://kavanaghauctions.com/auction/245-antiques-decorative-and/#:~:text=Lot%2033%3A%20Otto%20Pankok%20,Woodcut%20Print%20Landscape%20with%20Figure) Antiques, Decorative and Fine Arts Auction Archives \- Kavanagh Auctions

[https://kavanaghauctions.com/auction/245-antiques-decorative-and/](https://kavanaghauctions.com/auction/245-antiques-decorative-and/)

[\[7\]](https://kavanaghauctions.com/auction/no-auction_number/lot-25-rafael-jesus/#:~:text=Lot%2025%20,original%20gallery%20label%20on%20verso) Lot 25 \- Rafael Jesus Soto Abstract Serigraph Titled Vibrations 1969 ...

[https://kavanaghauctions.com/auction/no-auction\_number/lot-25-rafael-jesus/](https://kavanaghauctions.com/auction/no-auction_number/lot-25-rafael-jesus/)

[\[8\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=Estimation%20%3A) [\[38\]](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree#:~:text=PELLAN%2C%20Alfred%20%281906,12x9)  PELLAN, Alfred (1906-1988) \- Lot 50

[https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree](https://www.iegor.net/en/lot/160731/27694569-pellan-alfred-1906-1988-et-que-le-fruit-de-cette-union-tiree)

[\[19\]](file://file_00000000d75471fdb9ac3939655d2bf1#:~:text=36%20Tamayo%2C%20Rufino%20Adam%20%26,37%20Tamayo%2C%20Rufino%20Perro%20Herido) [\[44\]](file://file_00000000d75471fdb9ac3939655d2bf1#:~:text=40%20Yarosky%2C%20S,mid) KAVANAGH AUCTION.pdf

[file://file\_00000000d75471fdb9ac3939655d2bf1](file://file_00000000d75471fdb9ac3939655d2bf1)

[\[24\]](https://www.mutualart.com/Artwork/Perro-Herido--Wounded-Dog/E5996873686FAF940064D50358858095#:~:text=Art%20www,26%20x%2031%20in) Rufino Tamayo | Perro Herido (Wounded Dog (1975 \- Mutual Art

[https://www.mutualart.com/Artwork/Perro-Herido--Wounded-Dog/E5996873686FAF940064D50358858095](https://www.mutualart.com/Artwork/Perro-Herido--Wounded-Dog/E5996873686FAF940064D50358858095)

[\[26\]](https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a_8000902/#:~:text=Rufino%20Tamayo%20,Message%20the%20Seller) [\[57\]](https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a_8000902/#:~:text=Rufino%20Tamayo%20,Message%20the%20Seller) Rufino Tamayo \- “Perro Herido (Wounded Dog)” from 90th ... \- 1stDibs

[https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a\_8000902/](https://www.1stdibs.com/art/prints-works-on-paper/animal-prints-works-on-paper/rufino-tamayo-perro-herido-wounded-dog-from-90th-anniversary-suite-lithograph-ed-22-110/id-a_8000902/)

[\[27\]](https://www.invaluable.com/artist/tamayo-rufino-a9wnnn18vt/sold-at-auction-prices/?page=56&srsltid=AfmBOoq8jlSzoNb51uzNjhoFRMQz_u3M4LEe-iwHpZgs_ov_Iqav_ueC#:~:text=Invaluable,Color%20lithograph%20on) Rufino Tamayo Sold at Auction Prices \- Artists \- Invaluable.com

[https://www.invaluable.com/artist/tamayo-rufino-a9wnnn18vt/sold-at-auction-prices/?page=56\&srsltid=AfmBOoq8jlSzoNb51uzNjhoFRMQz\_u3M4LEe-iwHpZgs\_ov\_Iqav\_ueC](https://www.invaluable.com/artist/tamayo-rufino-a9wnnn18vt/sold-at-auction-prices/?page=56&srsltid=AfmBOoq8jlSzoNb51uzNjhoFRMQz_u3M4LEe-iwHpZgs_ov_Iqav_ueC)

[\[28\]](https://www.mutualart.com/Artwork/Hombre-con-Sombrero/FF9DC855D6FDE753CC4B0E9A23FE9BF0#:~:text=MutualArt%20www,5%20in) Rufino Tamayo | Hombre con Sombrero (1975 \- 1985\) | MutualArt

[https://www.mutualart.com/Artwork/Hombre-con-Sombrero/FF9DC855D6FDE753CC4B0E9A23FE9BF0](https://www.mutualart.com/Artwork/Hombre-con-Sombrero/FF9DC855D6FDE753CC4B0E9A23FE9BF0)

[\[30\]](https://www.swanngalleries.com/auction-lot/rufino-tamayo-dos-cabezas._12A445AA7B#:~:text=Galleries%20www,44%2F75%20in%20dark%20blue) Lot \- RUFINO TAMAYO Dos Cabezas. \- Swann Auction Galleries

[https://www.swanngalleries.com/auction-lot/rufino-tamayo-dos-cabezas.\_12A445AA7B](https://www.swanngalleries.com/auction-lot/rufino-tamayo-dos-cabezas._12A445AA7B)

[\[32\]](https://fineart.ha.com/itm/prints-and-multiples/print/rufino-tamayo-1899-1991-hombre-con-sombrero-from-15-aguafuertes-1975-etching-in-colors-on-guarro-paper-30-x/a/5402-65091.s?ic4=GalleryView-Thumbnail-071515#:~:text=Rufino%20Tamayo%20%281899,2%20cm%29) Rufino Tamayo (1899-1991). Hombre con Sombrero, from 15

[https://fineart.ha.com/itm/prints-and-multiples/print/rufino-tamayo-1899-1991-hombre-con-sombrero-from-15-aguafuertes-1975-etching-in-colors-on-guarro-paper-30-x/a/5402-65091.s?ic4=GalleryView-Thumbnail-071515](https://fineart.ha.com/itm/prints-and-multiples/print/rufino-tamayo-1899-1991-hombre-con-sombrero-from-15-aguafuertes-1975-etching-in-colors-on-guarro-paper-30-x/a/5402-65091.s?ic4=GalleryView-Thumbnail-071515)

[\[33\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,Signed%2C%20%2F45%20%28numbered) [\[34\]](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE#:~:text=MutualArt%20www,2020%202021%202022%202023) Sandra Chevrier | La Cage: When It Is Too Late (2014) | MutualArt

[https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE](https://www.mutualart.com/Artwork/La-Cage--When-It-Is-Too-Late/DDAEF30378C1584CA01749AD00B4CBBE)

[\[35\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame) [\[36\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=) [\[37\]](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149#:~:text=Soto%2C%20Jesus,left%2C%20in%20a%20metal%20frame) Jesus-Rafael Soto orig screenprint Vibrations I sold at auction on 10th June | Concept Art Gallery

[https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149](https://bid.conceptgallery.com/online-auctions/concept-gallery/jesus-rafael-soto-orig-screenprint-vibrations-i-5017149)

[\[40\]](https://www.mutualart.com/Artwork/Que-le-fruit-de-cette-union---extrait-du/4EDBF9A45F372AE3D6820414DF756432#:~:text=Sacr%C3%A9%20www,Prints%20%26%20Graphic%20Art) Que le fruit de cette union – extrait du livre d'artiste “Le Cirque Sacré

[https://www.mutualart.com/Artwork/Que-le-fruit-de-cette-union---extrait-du/4EDBF9A45F372AE3D6820414DF756432](https://www.mutualart.com/Artwork/Que-le-fruit-de-cette-union---extrait-du/4EDBF9A45F372AE3D6820414DF756432)

[\[41\]](https://www.mutualart.com/Artwork/Landscape-with-Figure/8745D403DBBA637B4BA06EAE188F4B82#:~:text=View%20Landscape%20with%20Figure%20By,more%20artwork%20lots%20and) Otto Pankok | Landscape with Figure | MutualArt

[https://www.mutualart.com/Artwork/Landscape-with-Figure/8745D403DBBA637B4BA06EAE188F4B82](https://www.mutualart.com/Artwork/Landscape-with-Figure/8745D403DBBA637B4BA06EAE188F4B82)

[\[43\]](https://www.ebay.com/itm/256446010851#:~:text=Antique%20Mezzotint%20Engraving%20MASTER%20LAMBTON,As%20low%20as) Antique Mezzotint Engraving MASTER LAMBTON Signed Samuel ...

[https://www.ebay.com/itm/256446010851](https://www.ebay.com/itm/256446010851)

[\[45\]](https://www.mutualart.com/Artwork/Grafika-X/3C66C121E0CECDF0C5F3C5704BA72292#:~:text=A.%20James%20,Jan%2003%2C%202026) A. James | Grafika X (1965) | MutualArt

[https://www.mutualart.com/Artwork/Grafika-X/3C66C121E0CECDF0C5F3C5704BA72292](https://www.mutualart.com/Artwork/Grafika-X/3C66C121E0CECDF0C5F3C5704BA72292)

[\[47\]](https://kavanaghauctions.com/terms-conditions/#:~:text=prospective%20buyers%20to%20evaluate%20the,mail%20to%20info%40kavanaghauctions.com) [\[48\]](https://kavanaghauctions.com/terms-conditions/#:~:text=If%20you%20are%20the%20successful,com) [\[51\]](https://kavanaghauctions.com/terms-conditions/#:~:text=All%20transactions%20are%20processed%20in,Canadian%20dollars) [\[52\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Some%20of%20the%20items%20,the%20reserve%20has%20been%20meet) [\[53\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Payment%20Methods) [\[54\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Kavanagh%20Auctions%20does%20not%20pack,for%20the%20packing%20and%20shipping) [\[55\]](https://kavanaghauctions.com/terms-conditions/#:~:text=Insurance) Terms & Conditions \- Kavanagh Auctions

[https://kavanaghauctions.com/terms-conditions/](https://kavanaghauctions.com/terms-conditions/)

[\[49\]](https://us.bidspirit.com/ui/catalog/auction/kavanaghauctions/68724/3#:~:text=,Screenprint%2C%20Signed%20%26%20Numbered%2024%2F250) Bidspirit auctions | Kavanagh Auctions Antiques, Decorative and ...

[https://us.bidspirit.com/ui/catalog/auction/kavanaghauctions/68724/3](https://us.bidspirit.com/ui/catalog/auction/kavanaghauctions/68724/3)

[\[50\]](https://www.auctionzip.com/QC-Auctioneers/479068.html#:~:text=AuctionZip%20www,View%20Photo) Kavanagh Auctions of montreal, Quebec \- Find & Bid | AuctionZip

[https://www.auctionzip.com/QC-Auctioneers/479068.html](https://www.auctionzip.com/QC-Auctioneers/479068.html)

Detailed research / arbitrage notes for this sale.

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