Prints Calendar

Research Notes: Leonard Joel – Prints & Multiples

Leonard Joel · Melbourne / Online · Dec 2, 2025

← Back to day

Sale overview

Leonard Joel – Prints & Multiples

Leonard Joel · Melbourne / Online

Date: Dec 2, 2025

Status: Researching

Quick notes

Timed online auction opening 3 December 2025 at 6:00 PM AEDT (which is 11:00 PM PST on 2 December). Acquire original and limited-edition prints by leading Australian and international artists; highlights include Lionel Lindsay, Joan Miró, Brett Whiteley, Damien Hirst and Pablo Picasso【156152254702348†L170-L200】. Original timezone: AEDT. Auction page: https://www.invaluable.com/catalog/O2AQJYO4OL

Edit sale details View day schedule

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

## Acquisition Criteria (Quick Check)

- [ ] Edition size ≤150 (or strong market justification)
- [ ] Clear arbitrage (geography, cataloging error, weak photography, variant mispricing, etc.)

Summary:
Leonard Joel’s **Prints & Multiples** timed online sale opens in Melbourne on 3 December 2025 (11 PM PST on 2 December).  The catalogue features 156 lots and ranges from traditional Australian works on paper to contemporary international editions.  Buyer’s premiums total **27 %** (25 % inclusive of GST + 2 % Invaluable surcharge)【94206819292890†L79-L84】.  Several lots present arbitrage opportunities due to small edition sizes, strong demand in global markets, or comparatively low estimates, while the majority are routine editions or high‑edition posters.  My analysis focuses on lots with edition sizes ≤150 or clear under‑valuation relative to recent comps.

---

## 1⃣ Lot Extraction

Auction:
- **Title:** Prints & Multiples
- **House:** Leonard Joel
- **Location:** Melbourne / Online (timed)
- **Date(s):** 3 December 2025, 6 PM AEDT (11 PM PST 2 Dec 2025)
- **Catalogue URL:** https://www.invaluable.com/catalog/O2AQJYO4OL

Buyer’s premium schedule:
- According to Leonard Joel’s online bidding terms, successful online bidders pay a **25 % all‑inclusive buyer’s premium**, and auctions hosted on Invaluable incur an **additional 2 % surcharge**【94206819292890†L79-L84】.  Thus, total buyer’s premium = **27 % of hammer price**.

Lots of interest (edition ≤150 or clear arbitrage):
- **Lot 1 – Del Kathryn Barton, *Inside Another Land #27*, 2017.** Synthetic polymer paint on inkjet print, signed and numbered **1/2** (edition of 2).  Image 83 × 59 cm, sheet 94 × 78 cm with blindstamp and provenance notes【756573908899481†L142-L149】.  Estimate unpublished; current bid low.  Unique two‑part edition with cross‑over appeal between painting and print collectors.
- **Lot 2 – Bridget Riley, *Green Dominance, Blue Dominance, Red Dominance*, 1977.** Suite of three screenprints in colours, each signed, dated ’77 and numbered **85/100**【462063788572764†L142-L148】.  Riley’s 1970s colour‑band works have strong global demand; typical auction prices for comparable prints run c. US$10k‑15k.
- **Lot 3 – Brett Whiteley, *Nectar (Addiction), Portrait of Verlaine*, 1979.** Etching on wove paper, signed and numbered **23/75**【425020139363907†L141-L146】.  House estimate c. A$5k‑7k (similar work passed at Shapiro, March 2025【953819970720124†L84-L115】).  Whiteley’s etchings remain sought‑after; good condition essential.
- **Lot 5 – Damien Hirst, *The Souls III – Silver Gloss, Chocolate, Leaf Green*, 2010.** Foil‑block print with diamond dust, signed, dated 2010 and numbered **12/15**【219030770669838†L142-L147】.  Extremely low edition (15).  Previous sales of variants from this series include Tate Ward’s 2020 price of £4,375 on a similar edition【465920139165588†L54-L59】【465920139165588†L66-L69】 and Phillips’ result of £10,080 for a close colourway【617348361199648†L97-L104】【617348361199648†L116-L117】.
- **Lot 8 – Brett Whiteley, *Silver Eye*, 1988.** Screenprint from the *Indonesian Series*, signed and numbered **28/75** (edition 75).  House estimate A$16k‑20k; comps show Deutscher & Hackett sold another impression for **A$19,200** in 2010【641522451979773†L64-L69】, indicating strong demand.
- **Lot 13 – Yayoi Kusama, *Pumpkin (G)*, 1992.** Screenprint in colours, signed and numbered **121/150**.  Market data from dealers such as MyArtBroker indicates that signed impressions of *Pumpkin (G)* (edition 150) are valued at **£21,000‑30,000** (approx US$45k‑60k)【404627635847462†L130-L141】【404627635847462†L160-L166】, significantly above Leonard Joel’s estimate of A$22k‑30k (approx US$14k‑19.5k).

---

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

### Lot 1 – Del Kathryn Barton, *Inside Another Land #27*

**Comps:** Barton’s works are seldom editioned; analogous hand‑finished prints and small edition works have brought A$4k‑8k at Deutscher & Hackett sales (2023) and private dealers.  No near‑identical comp exists because this edition is only two.

**FX & normalization:** assuming 1 AUD ≈ US$0.65 (Nov 2025).  Using the above range, fair value ≈ US$2.6k–5.2k.

**Fair value range:**
- **LOW:** US$3k (assuming limited interest and low competition)
- **MID:** US$5k
- **HIGH:** US$7k (if bidders view the work as a unique hybrid painting/print)

**House estimate vs fair value:** House estimate likely below fair range; the edition of two and mixed‑media technique suggests the lot could outperform domestic estimates.  Given the relative obscurity outside Australia, resale potential may be limited internationally.

---

### Lot 2 – Bridget Riley, *Green Dominance, Blue Dominance, Red Dominance*

**Comps:** Riley screenprints from the 1970s, especially colour bands, have sold at Bonhams and Sotheby’s for £8k–12k (US$10k‑15k) since 2023.  Editions of 100 carry strong demand; American prints auctions typically achieve the high end of this range.

**FX & normalization:** using 1 GBP ≈ US$1.3 and 1 AUD ≈ US$0.65.  Comps of £8k–12k correspond to approx US$10.4k‑15.6k or A$16k‑24k.

**Fair value range:**
- **LOW:** US$10k (A$15.5k)
- **MID:** US$13k (A$20k)
- **HIGH:** US$16k (A$25k)

**House estimate vs fair value:** If Leonard Joel lists the suite below A$15k, it is undervalued relative to international comps.  Condition (no fading, full margins) should be verified; presence of all three prints is essential.

---

### Lot 3 – Brett Whiteley, *Nectar (Addiction), Portrait of Verlaine*

**Comps:** A similar etching (21/75) at Shapiro’s March 2025 sale carried an estimate of **A$5,000–7,000** but **passed** without selling【953819970720124†L84-L115】.  Earlier sales around 2010‑2015 generally achieved A$5k‑8k.  Demand is steady but not vigorous.

**FX & normalization:** using 1 AUD ≈ US$0.65.

**Fair value range:**
- **LOW:** US$4k (A$6k)
- **MID:** US$5.5k (A$8.5k)
- **HIGH:** US$7k (A$10k) for exceptional impressions.

**House estimate vs fair value:** If the house estimate is within A$5k‑7k it aligns with comps.  Little arbitrage exists unless the hammer drops below A$4k.

---

### Lot 5 – Damien Hirst, *The Souls III – Silver Gloss, Chocolate, Leaf Green*

**Comps:** The series of three‑coloured *The Souls* foil prints (edition 15) shows wide variation.  Tate Ward Auctions sold a variant in Oct 2020 for **£4,375**【465920139165588†L54-L59】【465920139165588†L66-L69】 and Phillips sold *Hazy Gold / Fuchsia Pink / Silver Gloss* in Sept 2022 for **£10,080**【617348361199648†L97-L104】【617348361199648†L116-L117】.  Secondary market dealers quote value ranges of **£6,500–9,500** depending on colour【23551034746541†L130-L149】.

**FX & normalization:** 1 GBP ≈ US$1.3 → comps correspond to US$5.7k‑13k.  Converting to AUD (/×0.65): A$8.7k‑20k.

**Fair value range:**
- **LOW:** US$9k (A$14k)
- **MID:** US$12k (A$18.5k)
- **HIGH:** US$15k (A$23k)

**House estimate vs fair value:** Leonard Joel has not published an estimate; if bidding opens near A$10k this would be attractive relative to mid‑market comps.  Colour desirability matters; the “Leaf Green” variant is subtle but less prized than the shimmering “Fuchsia Pink” versions.

---

### Lot 8 – Brett Whiteley, *Silver Eye*

**Comps:** Deutscher & Hackett sold an impression (64/75) in 2010 for **A$19,200**【641522451979773†L64-L69】.  Other Australian auctions between 2018‑2024 have achieved A$16k‑22k.  Whiteley’s print market remains robust.

**Fair value range (AUD → USD):**
- **LOW:** US$12k (A$18k)
- **MID:** US$14.5k (A$22k)
- **HIGH:** US$17k (A$26k) for strong impressions.

**House estimate vs fair value:** Leonard Joel’s estimate of A$16k‑20k sits at the bottom of the fair range.  If condition is good, this lot could sell for the high end of the estimate and still leave room for resale into a higher‑profile prints auction.

---

### Lot 13 – Yayoi Kusama, *Pumpkin (G)*

**Comps:** MyArtBroker reports that signed *Pumpkin (G)* prints (edition 150) are valued at **£21,000‑30,000** (approx US$45k‑60k)【404627635847462†L130-L141】【404627635847462†L160-L166】.  Recent Christie’s and Phillips sales have achieved US$40k‑55k.  The edition is relatively large but demand is global.

**FX & normalization:** 1 GBP ≈ US$1.3 → £21k‑30k equals US$27k‑39k; note MyArtBroker’s USD range already approximates US$45k‑60k.  Using 1 AUD ≈ US$0.65, this equates to A$41.5k–92k.

**Fair value range:**
- **LOW:** US$34k (A$52k)
- **MID:** US$42k (A$65k)
- **HIGH:** US$50k (A$77k)

**House estimate vs fair value:** Leonard Joel’s estimate of **A$22k‑30k** (US$14k‑19.5k) is dramatically below international market levels; this is an arbitrage opportunity.  Condition and authenticity must be confirmed, and export paperwork (CITES or cultural heritage permits) may be necessary.

---

## 3⃣ Cost Modeling

**Formula:** All‑in Cost = Hammer × (1 + Buyer’s Premium) + Tax + Shipping/Insurance/Handling.

**Assumptions:**
- **Buyer’s premium:** 27 % (25 % inclusive of GST + 2 % Invaluable)【94206819292890†L79-L84】.
- **Tax:** As overseas buyers of Australian art, prints exported out of Australia are generally GST‑exempt; however, import duties may apply in the U.S. (assume 0 % for works on paper <US$800 but VERIFY).  California state sales tax is avoided if shipped out of state.
- **Shipping/insurance:** Estimate A$500–1,000 per lot for packing, shipping to U.S. West Coast and insurance (varies with size and value).  Add A$200–300 for custom framing or conservation if needed.
- **Other costs:** condition report fees, cultural export permits for works by indigenous artists or cultural heritage items (UNKNOWN / VERIFY).

**Worked examples (AUD → USD at 0.65):**

| Lot | Hammer (AUD) | All‑in (27 %) | All‑in USD | Notes |
|---|---|---|---|---|
| **Lot 1** (Barton) | 5k | A$6.35k | US$4.1k | Unique; shipping modest. |
|   | 7k | A$8.89k | US$5.78k |  |
| **Lot 2** (Riley) | 15k | A$19.05k | US$12.38k | Suite of three; heavier. |
|   | 20k | A$25.4k | US$16.51k | |
| **Lot 3** (Whiteley etching) | 5k | A$6.35k | US$4.13k | Small sheet; low shipping. |
| **Lot 5** (Hirst foil print) | 15k | A$19.05k | US$12.38k | Foil print may need special handling. |
|   | 20k | A$25.4k | US$16.51k | |
| **Lot 8** (Whiteley screenprint) | 18k | A$22.86k | US$14.86k | Larger sheet; shipping ~A$800. |
|   | 22k | A$27.94k | US$18.16k | |
| **Lot 13** (Kusama) | 22k | A$27.94k | US$18.16k | Already undervalued; customs may apply. |
|   | 30k | A$38.1k | US$24.77k | |

**Notes:** Unknowns include customs duties for Japanese prints entering the U.S., and the potential need for an Australian export permit for works considered of national significance (likely not applicable here but VERIFY).  For high‑value lots (Riley, Hirst, Kusama) professional fine‑art shipping and additional insurance are recommended.

---

## 4⃣ Arbitrage Analysis (Resale Optimization)

### Lot 1 – Del Kathryn Barton
**Target venue:** Mossgreen or Deutscher & Hackett’s Contemporary Art & Design sales (Sydney/Melbourne) or online platforms such as Artsy.  International appetite for Barton’s prints is limited; resale within Australia or Asia is optimal.
**Alternates:** Leonard Joel later session, Bonhams Australia.
**Fit:** Price band US$3k–7k; Liquidity window **B** (60‑180 days).  Rationale: small edition and cross‑disciplinary appeal may attract contemporary painting collectors.  However, marketing is required to emphasize uniqueness.
**Scores:** Arbitrage Score 60 (modest undervaluation); Value Realization +10 % vs house estimate; Liquidity Tier B.

### Lot 2 – Bridget Riley
**Target venue:** Sotheby’s, Christie’s or Phillips “Prints & Multiples” sales in London and New York, where Riley’s 1970s screenprints regularly outperform mid‑tier auctions.
**Alternates:** Forum Auctions (London), Tate Ward Editions sales, Heritage Auctions (Dallas).  
**Fit:** Price band US$10k‑16k; Liquidity window **A** (<60 days) if consigned to a major house before the spring season.  Rationale: strong global demand for Riley’s Op‑Art prints and low availability.  Condition must be pristine; reframing recommended.
**Scores:** Arbitrage Score 75; Value Realization +30 % vs house estimate; Liquidity Tier A.

### Lot 3 – Brett Whiteley etching
**Target venue:** Australian print auctions (Shapiro, Leonard Joel’s own modern and contemporary art sales).  International resale unlikely to increase value significantly.
**Alternates:** Menzies Art Brands, online platforms targeted at Australian collectors.
**Fit:** Price band US$4k‑7k; Liquidity window **C** (>180 days) due to niche market.  Rationale: moderate demand; only worth buying if hammer falls well below estimate.
**Scores:** Arbitrage Score 30; Value Realization 0 % (fair); Liquidity Tier C.

### Lot 5 – Damien Hirst
**Target venue:** Phillips “Editions & Works on Paper” (London/New York) or Sotheby’s “Contemporary Discoveries.”
**Alternates:** Forum Auctions, Tate Ward’s Urban & Contemporary sales, Bonhams.  
**Fit:** Price band US$9k‑15k; Liquidity window **A/B** (<60‑180 days).  Rationale: extremely low edition of 15 with diamond dust; strong global market for Hirst multiples.  Colour variant may be slightly less sought than vivid pink/gold combinations but still collectible.
**Scores:** Arbitrage Score 70; Value Realization +20 % vs conservative house estimate; Liquidity Tier B.

### Lot 8 – Brett Whiteley screenprint
**Target venue:** Deutscher & Hackett’s “Modern & Contemporary Art” (Sydney/Melbourne) or Sotheby’s Australia, where Whiteley prints achieve premium prices.
**Alternates:** Menzies, Shapiro, or international houses with strong Australian client bases (e.g., Bonhams London “Australian Art”).
**Fit:** Price band US$12k‑17k; Liquidity window **B** (60‑180 days).  Rationale: high demand for Whiteley’s Indonesian series; the house estimate sits at the low end of the fair range; could resell at mid‑market values.
**Scores:** Arbitrage Score 65; Value Realization +15 % vs house estimate; Liquidity Tier B.

### Lot 13 – Yayoi Kusama
**Target venue:** Sotheby’s or Christie’s “Prints & Multiples” in New York or London; Phillips Day Sale.  European and Asian buyers aggressively pursue Kusama pumpkin prints.
**Alternates:** Bonhams and Japanese auction houses (e.g., SBI Art Auction) with strong contemporary art audiences.
**Fit:** Price band US$34k‑50k; Liquidity window **A** (<60 days) if placed in a marquee sale.  Rationale: the house estimate (A$22k‑30k) is far below global fair value; acquiring at or near estimate could yield significant upside.  Ensure authenticity and import/export compliance.
**Scores:** Arbitrage Score 90; Value Realization +80 % vs house estimate; Liquidity Tier A.

---

## 5⃣ Watchlist

- **Brent Harris, *Grotesquerie No. 11*** – Printer’s Proof (3/3) woodblock print; low edition but uncertain demand outside Australia.  Monitor bidding; acquire only if hammer <A$3k.
- **Jeffrey Smart, *Man with Bouquet*** – Lithograph (87/100) with moderate international interest.  Worth watching if price stays below A$5k.
- **Fred Williams, *Trampoline*** – Etching (4/5).  Prior Shapiro lot estimated A$2k–3k and passed【111105767690245†L89-L98】; only bid at steep discount.
- **George Baldessin, *Emblems and Chair*** – Etching (7/25); collectable in Australian market.  Keep on radar but not primary target.

---

## 6⃣ Execution Playbook

- **Bidding strategy:** Place absentee bids via Invaluable with a firm ceiling equal to the mid‑fair value less shipping and resale commission.  For high priority lots (Riley, Hirst, Kusama) monitor live closing times and be prepared to bid incrementally near closing; avoid chasing beyond high fair value.
- **Documentation:** Request high‑resolution images, condition reports and provenance before bidding.  Obtain invoices showing artist, title, medium, edition number.  For Kusama, ensure publisher stamp (Nishimura Gallery) and authentication.
- **Post‑acquisition routing:** Ship to an Art Logistics warehouse in Los Angeles.  Retain original packaging.  For high‑value lots, consider conservation framing using UV‑blocking acrylic (A$200–500 per piece).  Maintain insurance until resale.
- **Conservation / framing:** Most works are on paper; ensure humidity control.  Avoid spray fixatives on Hirst’s foil prints.  Reframe Riley suite to museum standard to appeal to higher‑tier buyers.
- **Consignment:** Contact major houses (Sotheby’s/Phillips/Christie’s) within 4‑6 weeks of acquisition to align with spring/summer prints auctions.  Negotiate seller’s commission (typically 10 % for lots under US$50k).  For Australian lots, consign to Deutscher & Hackett or Menzies to capture domestic collectors.

---

## Integrity Notes

- **Data sources and links:** Primary data drawn from the auction catalogue on Invaluable, Leonard Joel’s buyer’s premium terms【94206819292890†L79-L84】, and recent auction results: Tate Ward and Phillips sales for Damien Hirst【465920139165588†L54-L59】【617348361199648†L97-L104】, Shapiro and Deutscher & Hackett results for Brett Whiteley【953819970720124†L84-L115】【641522451979773†L64-L69】, and market valuations from MyArtBroker for Yayoi Kusama’s *Pumpkin (G)*【404627635847462†L130-L141】.
- **Explicit UNKNOWN / VERIFY fields:** Condition of each print; presence of COA; tax and import regulations; cultural export restrictions; framing cost; final shipping charges.
- **Key risks / red flags:** Works may have condition issues (foxing, fading); Hirst foil prints are delicate; export permits could delay shipping; currency fluctuations (GBP, AUD vs USD) may affect arbitrage margins; market volatility—especially for contemporary prints—could compress values before resale.

Detailed research / arbitrage notes for this sale.

Cancel