Prints Calendar

Research Notes: Wright – Editions & Works on Paper

Wright · Chicago, IL (live) · Apr 16, 2026

← Back to day

Sale overview

Wright – Editions & Works on Paper

Wright · Chicago, IL (live)

Date: Apr 16, 2026

Status: Researching

Quick notes

11 AM CDT (9 AM PST). Live auction in Chicago focusing on editions and works on paper, celebrating the history and potential of the multiple with lithographs, screenprints, etchings, objects and artists’ books. Highlights include prints by Jasper Johns, Roy Lichtenstein, Frank Stella, Andy Warhol, Louise Nevelson, Helen Frankenthaler, Jim Dine, Robert Motherwell, Donald Sultan, David Hockney, Ed Ruscha, Jean Dubuffet and more. Listing: https://www.wright20.com/auctions/2026/04/editions-works-on-paper/info

Edit sale details View day schedule

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

# Fine Art Prints: Auction Mispricing \& Arbitrage Scanner for WRIGHT: Editions \& Works on Paper, 16 April 2026

## Auction lot universe and extraction notes

This research treats the sale **“Editions \& Works on Paper”** as the **exclusive lot universe**, with the auction occurring **April 16, 2026 at 11:00 AM CST** and listed at **1440 W Hubbard Street, Chicago, IL 60642 (US)**. [\[1]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) The attached catalog files were used to scan the full lot list; **lot-by-lot details** (medium, edition data, signature status, condition notes, shipping origin, estimate) were then **verified on** Invaluable[\[2]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) because Wright’s own site was intermittently inaccessible to the browsing tool while research was being performed. [\[3]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

A key operational fact for this sale is that the **platform-displayed buyer’s premium is tiered at 33% up to $20,000,000** (and 27% above), and the embedded terms also explain that the house buyer’s premium is **28% of the first $2,000,000 (22% above) plus any additional platform premium**. [\[4]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) This matters because many “paper” lots only have a few hundred dollars of spread between “cheap” and “not cheap” once premium, freight, and resale seller commissions are applied.

Tax handling in the platform terms is also explicit: sales/use tax may apply depending on where the buyer takes possession/shipping jurisdiction, but a **valid resale certificate on file can exempt the buyer from being charged sales/use tax**. [\[5]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) For Illinois-specific compliance mechanics (forms and resale-cert context), the Illinois Department of Revenue guidance is consistent with the general “resale certificate” concept referenced in the auction terms. [\[6]](https://tax.illinois.gov/businesses/crtinfo.html?utm_source=chatgpt.com)

## Acquisition-cost and resale-fee assumptions

All modeling is “auction-to-auction only” as requested: **no retail/gallery** exits.

**All‑in acquisition cost (base model):**  
All‑in Cost = Hammer × (1 + BP) + Tax + Shipping/insurance/handling

* **Buyer’s premium (BP):** modeled at **33%** (the platform schedule shown in the lot pages). [\[4]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* **Tax:** modeled at **0%** because the stated operating assumption is “we are exempt as a business,” contingent on having a resale certificate on file. [\[7]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* **Shipping/handling:** assumptions are intentionally simple and conservative:
* **Framed, \~30–50 inch works on paper:** $350–$600 depending on size/glazing (glass vs acrylic) and fragility.
* **Small artist books:** \~$75 per lot (pack + insured ground). These are not quotes; they are placeholders to keep the profit model honest.

**Resale (exit) assumptions (base model):**

* **Resale hammer:** derived from comps (or comp-implied ranges) and venue quality.
* **Seller commission/fees:** modeled at **15%** of hammer (assumption; negotiable in practice).
* **Outbound shipping to the resale venue:** folded into a simple **$75** (books) or **$300–$500** (framed prints) placeholder.

**Comps and “hammer” handling rules used here:**

* Where a comp is published as **“Price realised”** on Christie's[\[8]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9), it is treated as **hammer + buyer’s premium**, per Christie’s glossary definition. [\[9]](https://www.christies.com/en/help/glossary)
* For GBP-denominated comp ranges, FX is normalized using published monthly averages (e.g., **May 2024 average GBP→USD \~1.2627**; **Oct 2022 \~1.1283**). [\[10]](https://www.x-rates.com/average/?amount=1&from=GBP&to=USD&year=2024)

## Market and arbitrage summary table

The table below ranks the **top 8 actionable targets** by a mix of (a) **mispricing vs estimate midpoint**, (b) **ability to survive fees**, and (c) **liquidity/placement fit**. Note that several “long-shot” targets require winning materially *below* estimate to clear fees; those are still included because the sale’s live pre-bid state shows some lots sitting at low bid levels. [\[11]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

Assumptions used in ROI math: **BP 33%**, tax‑exempt via resale certificate, seller commission 15%, and shipping placeholders as described above. [\[12]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

|Lot No|Artist / Title|WRIGHT Estimate|Your Fair Value (Base)|All-in Cost (Est.)|Optimal Resale Venue|Value Realization (%)|Expected ROI (Base %)|Liquidity Tier|Notes|
|-:|-|-:|-:|-:|-|-:|-:|:-:|-|
|134|Ellsworth Kelly — *Light Blue with Orange* (Suite of Twenty-Seven Color Lithographs)|$3,000–5,000|$9,000|$5,651|Christie’s / Phillips / Swann (NY prints)|125%|30%|A|Max hammer ≈ $3,988 for \~30% base ROI (condition-adjusted).|
|244|Joan Miró — *Homentage a Joan Prats*|$800–1,200|$3,000|$1,731|Swann Fine Art Prints (NY) / Christie’s online prints|200%|30%|A|Max hammer ≈ $1,038 for \~30% base ROI; condition notes mention attenuation.|
|107|Andy Warhol — *Electric Chair* (AP 7/50, aside ed. 250)|$10,000–15,000|$20,000|$12,691|Phillips Editions / Christie’s–Sotheby’s Prints|60%|30%|B|Must win ≈ $9,100 hammer to clear base ROI; high variance outcome.|
|261|Jean Dubuffet — *Ontogenese*|$4,000–6,000|$6,200|$3,784|Swann Post‑War / Christie’s online prints|24%|30%|B|Only works if bought deep (≈$2,500 hammer) vs estimate; otherwise fee drag dominates.|
|289|Ed Ruscha — *Twentysix Gasoline Stations* (3rd ed. 3000)|$600–800|$1,000|$597|Swann Photobooks / specialized book auctions|43%|30%|A|Needs a sub-$400 hammer win to work under conservative resale.|
|290|Ed Ruscha — *Various Small Fires and Milk* (2nd ed. 3000)|$300–500|$700|$400|Swann Photobooks / specialized book auctions|75%|30%|A|Needs ≈$244 hammer; attractive only if the room stays asleep.|
|286|Ed Ruscha — *Records* (ed. 2000)|$300–500|$650|$367|Swann Photobooks; pair/bundle routing|63%|30%|A|Needs ≈$220 hammer; condition is “good” but has page/edge issues.|
|285|Ed Ruscha — *Real Estate Opportunities* (1st ed. 4000)|$500–700|$800|$466|Swann Photobooks; best bundled|33%|30%|A|Needs ≈$294 hammer; standalone resale is marginal vs fees.|

## Top opportunity dossiers

### Lot 134 — Ellsworth Kelly, *Light Blue with Orange*

**Lot facts (verified):** The work is a **1964–65 color lithograph on BFK Rives**, **signed and numbered “72/75 Kelly”**, published/printed by Maeght[\[13]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf); shipping is from Chicago[\[14]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9). Condition flags include toning/foxing/discoloration and pencil annotations verso; framed (behind glass). [\[15]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

**Why it looks mispriced:** The estimate is **$3,000–$5,000**. [\[16]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) A directly comparable work—same title from the same 27‑lithograph suite—shows a materially higher **Christie’s “Price realised” of $12,600** in February 2025. [\[17]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) Since Christie’s defines “Price realised” as hammer plus premium, the implied hammer is lower than $12,600, but still far above Wright’s midpoint even after adjusting for this lot’s noted condition issues. [\[18]](https://www.christies.com/en/help/glossary)

**Comps (outside Wright) used:**

* Christie's[\[8]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) (online sale), **Feb 26, 2025**: *Light Blue with Orange* — **Price realised $12,600** (includes BP). [\[19]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com)

**Fair value (hammer) estimate (condition-adjusted):**

* Low: $7,500
* Base: $9,000
* High: $10,000  
Rationale: start from the Christie’s comp-implied hammer and haircut for the catalogued foxing/toning and annotations, plus the fact it is framed and may require conservation to be “A venue.” [\[20]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

**Acquisition economics (assumptions labeled):**

* Buyer’s premium: 33% (platform). [\[21]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* Tax: 0% (resale certificate on file). [\[7]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* Shipping assumption: $350 (oversized glazed framed work).

**Actionable bid cap and modeled outcomes:**

* **Max hammer (base case, targets \~30% ROI): \~$3,990**
* All‑in at cap: \~$5,651
* Resale net-to-owner (base hammer $9,000): $9,000 × 0.85 − $300 ≈ $7,350
* Base profit: ≈ $1,700 (≈30% ROI)

Low/base/high resale scenarios at the same buy cap:

* Low resale ($7,500 hammer): \~7% ROI
* Base resale ($9,000 hammer): \~30% ROI
* High resale ($10,000 hammer): \~45% ROI

**Best resale venues (auction only):**

* Phillips[\[22]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) (Editions / Prints, NY or online) — strongest “post-war print” audience; suite work is legible.
* Christie’s prints/editions (NY/online) — demonstrated liquidity in closely comparable material. [\[19]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com)
* Swann Galleries[\[23]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) (Fine Art Prints, NY) — specialist depth, often strong for modern masters.

**Key risks:**

* Condition (foxing/toning/annotations) may force a lower multiple than the clean comp; conservation cost/time. [\[24]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* Buyer’s premium variance if bidding route changes (28% base + platform uplift vs 33% shown). [\[25]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

\---

### Lot 244 — Joan Miró, *Homentage a Joan Prats*

**Lot facts (verified):** **1975 lithograph in colors**, **signed/numbered 20/100**, published by Fundació Joan Miró[\[26]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf); shipping from Lambertville[\[27]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf). Condition note: “colors slightly attenuated”; framed behind glass. [\[28]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)

**Why it looks mispriced:** Estimate is **$800–$1,200**, with midpoint $1,000. [\[29]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) Multiple non‑Wright auction outcomes for closely related *Homenatge à Joan Prats* lithographs cluster around **\~$3k hammer** (or comp-implied hammer). [\[30]](https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats_e214b08998)

**Comps (outside Wright) used:**

* John Moran Auctioneers[\[31]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9), **June 13, 2023**: *Homenatge a Joan Prats* lithograph (edition 120/150) — **Sold $3,125**. [\[32]](https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats_e214b08998)
* Swann Galleries, **April 28, 2022**: *Homenage à Joan Prats* color lithograph (edition 70/75) — **Sold $3,600** (sold price includes BP).

**Fair value (hammer) estimate for this lot:**

* Low: $2,400
* Base: $3,000
* High: $3,600  
Rationale: base anchored on Moran’s 2023 result and contextualized by Swann’s sold price. Adjust down slightly for “attenuated colors” and for edition/year differences versus the cited comps. [\[33]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)

**Acquisition economics (assumptions):**

* BP 33% (platform). [\[21]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* Tax 0% with resale certificate. [\[34]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* Shipping assumption: $350 (glazed framed).

**Actionable bid cap and modeled outcomes:**

* **Max hammer (base case, targets \~30% ROI): \~$1,040**
* All‑in at cap: \~$1,731
* Resale net-to-owner (base hammer $3,000): $3,000 × 0.85 − $300 ≈ $2,250
* Base profit: ≈ $520 (≈30% ROI)

Low/base/high resale at the same buy cap:

* Low resale ($2,400): \~1% ROI
* Base resale ($3,000): \~30% ROI
* High resale ($3,600): \~59% ROI

**Best resale venues (auction only):**

* Swann Fine Art Prints — demonstrated market depth and repeat bidding for Miró lithographs.
* Christie’s online prints — broader international bidder reach without forcing a live-sale consign.

**Key risks:**

* “Colors slightly attenuated” may compress top-end; confirm paper tone and any light damage before committing to the cap. [\[35]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)
* If the room bids it up into the $2k+ hammer range, the “fees wall” becomes punitive.

\---

### Lot 107 — Andy Warhol, *Electric Chair* (AP 7/50)

**Lot facts (verified):** **1971 screenprint in colors** (Feldman/Schellmann II.76), signed/dated verso and stamped **“A.p. VII/L”**; described as **artist’s proof 7/50 apart from an edition of 250**, printed by Silkprint Kettner[\[36]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) and co‑published by Factory Additions[\[37]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) and Bruno Bischofberger[\[38]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) (Zurich[\[39]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)). Ships from Lambertville; framed behind acrylic; condition notes minor accretion at right edge. [\[40]](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb)

**Wright estimate:** $10,000–$15,000. [\[41]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2)

**Comps (outside Wright) used (hammer-range approach):**

* MyArtBroker[\[42]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) reports a **hammer-price range** for Warhol *Electric Chair (F\&S II.76)* with a **low hammer of £7,144 (May 2024)** and **high hammer of £28,846 (Oct 2022)**. [\[43]](https://www.wright20.com/auctions/2025/04/editions-works-on-paper/104?utm_source=chatgpt.com)
* FX normalization used for those months: **May 2024 avg \~1.2627 USD/GBP** and **Oct 2022 avg \~1.1283 USD/GBP**, implying an approximate USD hammer range of **\~$9.0k to \~$32.6k**. [\[10]](https://www.x-rates.com/average/?amount=1&from=GBP&to=USD&year=2024)

**Fair value (hammer) estimate for this specific AP example:**

* Low: $15,000
* Base: $20,000
* High: $28,000  
Rationale: the comp-implied nail range is wide; this example is an AP with documented publication details, which can (but does not always) outperform standard-numbered impressions depending on buyer preference. [\[44]](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb)

**Acquisition economics (assumptions):**

* BP 33% (platform). [\[45]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* Tax 0% (resale certificate). [\[34]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* Shipping assumption: $600 (large acrylic-glazed framed work).

**Actionable bid cap and modeled outcomes:**

* **Max hammer (base case, targets \~30% ROI): \~$9,100** (notably below the low estimate)
* All‑in at cap: \~$12,691
* Resale net-to-owner (base hammer $20,000): $20,000 × 0.85 − $500 ≈ $16,500

Low/base/high resale at that buy cap:

* Low resale ($15,000): \~−3% ROI (loss)
* Base resale ($20,000): \~30% ROI
* High resale ($28,000): \~84% ROI

**Best resale venues (auction only):**

* Phillips Editions or marquee post-war print sales — strongest Warhol bidder pools (higher probability of the “high” scenario).
* Sotheby's[\[46]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_) / Christie’s prints (NY or London) — best chance of global competition at the cost of higher consign timelines.

**Key risks:**

* The cap required for acceptable ROI is **below estimate**, so probability of winning is lower. [\[41]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2)
* Warhol print markets can be sensitive to colorway, sheet condition, and recent supply.

\---

### Lot 290 — Ed Ruscha, *Various Small Fires and Milk* (2nd edition)

**Lot facts (verified):** **1964/1970** offset book with yellow varnish tint overprint; **second edition of 3000**; ships from Chicago; condition notes pale toning and glassine wear/discoloration. [\[47]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_)  
**Estimate:** $300–$500. [\[48]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_)

**Comps (outside Wright) used (contextual):**

* Swann sold a 3-book Ruscha group (including *Various Small Fires* second edition 1970, plus other titles) for **$2,375** in May 2024 (sold price includes BP). [\[49]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)
* DuMouchelles sold a 2-book Ruscha grouping for **$2,500** (sold price excludes BP) in Oct 2024—evidence that book-group bidding can be strong depending on the included editions. [\[50]](https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043)

**Fair value (hammer) estimate (as a standalone later-edition copy):**

* Low: $500
* Base: $700
* High: $1,000  
This is intentionally conservative; the safer executable edge here is **“only if you steal it.”** [\[51]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_)

**Actionable bid cap (base case targeting \~30% ROI):** \~$244 hammer (below estimate).  
At higher hammers, fees erase the spread quickly because later-edition Ruscha books are liquid but not scarce.

**Resale routing:** Swann Photobooks (solo lot or paired with *Records* for a slightly stronger “Ruscha pair” lot narrative). [\[52]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)

**Key risks:** later edition + visible toning and dust-jacket wear; if any bidder wants “a Ruscha book” and bids to estimate, edge is gone. [\[47]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_)

\---

### Lot 286 — Ed Ruscha, *Records* (edition of 2000)

**Lot facts (verified):** **1971** black-and-white offset book; **edition of 2000**; ships from Chicago. Condition report cites minor discoloration to edges and creasing to upper-right corners of early pages. [\[53]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)  
**Estimate:** $300–$500. [\[54]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

**Comps used:** same book-group comp logic as Lot 290 (Swann 2024 group sale; DuMouchelles 2024 group sale). [\[55]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)

**Fair value (hammer) estimate:** low $450 / base $650 / high $900 (standalone, condition-adjusted). [\[56]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

**Actionable bid cap (base case targeting \~30% ROI):** \~$220 hammer.

**Best venue:** Swann Photobooks, ideally **paired** with another Ruscha title in the next consignment cycle (auction-only exit). [\[52]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)

**Key risks:** page-corner creasing and edge discoloration reduce photobook collector enthusiasm; if you can’t win sub-$250 hammer, the model breaks. [\[57]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

\---

### Lot 289 — Ed Ruscha, *Twentysix Gasoline Stations* (third edition of 3000)

**Lot facts (verified):** **1963/1969** book; **third edition of 3000**, printed by Cunningham Press[\[58]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i); ships from Chicago. Condition: pale toning throughout; glassine dust jacket discoloration. [\[59]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)  
**Estimate:** $600–$800. [\[34]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

**Comps (outside Wright) used:**

* Swann (2011) sold a 1969 Cunningham Press copy for **$1,320** (sold price includes BP). While older than the preferred 4–7 years window, it still acts as an anchor that third-edition copies can exceed $1k all-in at auction under the right category placement. [\[60]](https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations_6ebea7d35b)
* DuMouchelles (Oct 2024) sold a 2-book Ruscha group including *Twentysix Gasoline Stations* for **$2,500** (sold price excludes BP), reinforcing that this title is often bought *in groups*. [\[50]](https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043)

**Fair value (hammer) estimate:** low $800 / base $1,000 / high $1,400 (standalone, given condition and edition size). [\[61]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

**Actionable bid cap (base case targeting \~30% ROI):** \~$392 hammer (well below estimate).

**Resale strategy:** if you win at a true bargain, route to Swann Photobooks with a clean description emphasizing edition/printing and with clear photos of the glassine presentability. [\[62]](https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations_6ebea7d35b)

**Key risks:** edition size is large and condition is explicitly toned; you must buy cheap.

\---

### Lot 285 — Ed Ruscha, *Real Estate Opportunities* (first edition of 4000)

**Lot facts (verified):** **1970** offset book; **first edition of 4000**, printed by G. R. Huttner Lithography[\[63]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com); ships from Chicago. Condition: pale toning; minor dust-jacket issues. [\[64]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI)  
**Estimate:** $500–$700. [\[65]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI)

**Comps used (outside Wright, contextual):**

* Swann May 2024 group sale includes *Real Estate Opportunities* first edition (as part of a 3-book group) sold **$2,375** (inclusive of BP). [\[49]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)

**Fair value (hammer) estimate:** low $500 / base $800 / high $1,100. (This is the weakest of the “Ruscha book quartet” on a standalone basis; it performs better when bundled in a specialist photobook sale.) [\[66]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI)

**Actionable bid cap (base case targeting \~30% ROI):** \~$294 hammer.

**Key risk:** by itself, it is “too common” for the fee stack unless you win well under estimate.

\---

### Lot 261 — Jean Dubuffet, *Ontogenese* (Webel 1168)

**Lot facts (verified):** **1975 screenprint on Arches**, image 23.625 × 29.25 in; sheet 29.125 × 34 in; **signed, dated, numbered 43/50**, published by Pace Editions, Inc.[\[67]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf). Provenance includes an October 2021 sale at a Seattle auction house. Condition: slightly toned; agitation to paper fibers at right edge; framed behind acrylic. [\[68]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD)  
**Estimate:** $4,000–$6,000. [\[69]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD)

**Comps (outside Wright) used:**

* Heritage Auctions[\[70]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2) sold an example (edition 48/50) for **$6,125** on Feb 20, 2024. [\[71]](https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s)
* Heritage also shows another sale for the same work with **$6,562.50** (Oct 2020). [\[72]](https://fineart.ha.com/c/search-results.zx?N=231+50&Ntk=SI_Titles-Desc&Ntt=Jean+Dubuffet&Nty=1&ic4=RemoveFilter-071515)

**Fair value (hammer) estimate (given the comp level):**

* Low $5,500 / base $6,200 / high $7,500.

**Economics reality check:** With BP 33% and framed shipping, **this is only an arbitrage if you buy it far below estimate**. A base‑case \~30% ROI requires a hammer around **$2,500**, which is structurally unlikely unless the room is extremely thin. [\[73]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD)

**Resale venues:** Swann (Post‑War/Contemporary prints) and Christie’s online prints—both can plausibly deliver the \~$6k hammer environment implied by Heritage outcomes. [\[74]](https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s)

**Key risks:** fee drag + framing/shipping + the lot’s stated edge fiber issues; if you pay within estimate, you are buying retail for auction.

## Watchlist

These are not ranked as “top 8” because comps were not fully developed within the constraints of accessible public data, but each could become a candidate with sharper condition/comp work:

* **Lot 130 Frank Stella, *Sinjerli Variation Ia*** — needs current non‑Wright comps with known hammer (or reliably back-calculated hammer) and a check whether the right-sale venue is a major-print day sale vs online. [\[75]](https://www.invaluable.com/auction-lot/frank-stella-sinjerli-variation-ia-130-c-91680a2b2f?srsltid=AfmBOorCgfmUF-FTgdbireMf34mvHaQQUuBATUvKzvbqdeYYh2G1v9z_)
* **Lot 201 Robert Rauschenberg, *Hog Chow (from the Chow Bags series)*** — can be liquid in the right department; requires comps outside Wright/Rago and a close read on handling/condition due to stitched/relief elements. [\[76]](https://www.invaluable.com/auction-lot/robert-rauschenberg-hog-chow-from-the-chow-bags-s-201-c-5763327051?srsltid=AfmBOopaF1w1vIY0TRfnaeQtluf2CNuC6SD51l-Yox3HJQWeR89-MJxy)
* **Lot 121 Jasper Johns, *Cicada II*** — estimate is high; the key is whether this impression’s specifics map to the strongest past results (edition, publisher, condition). [\[77]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/121)
* **Lot 128 Robert Indiana, *Love* (Book of Love booklet)** — worth comping across specialist prints sales; routing may matter more than estimate. [\[78]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/128)

## Bidding and execution playbook

The execution edge here is mostly structural: controlling platform costs, keeping caps absolute, and routing into venues that actually clear higher hammer.

**Fee control and registration**

* If bidding through Invaluable/online, the tool-visible premium schedule shows **33%** for most lots. [\[4]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)
* The embedded terms also explicitly describe that the house premium is **28% + any additional platform premium**, implying you should confirm whether you can bid directly with a lower total premium (the model above uses the more conservative 33%). [\[21]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* File your **resale certificate** ahead of time if relying on tax exemption; both the auction terms and Illinois guidance indicate the exemption can apply when properly documented. [\[7]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

**Condition diligence**

* The platform terms and lot pages emphasize that condition reports are available and that lot descriptions may not be exhaustive; for framed works, confirm sheet condition out of frame where possible (Kelly/Miró in particular). [\[79]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

**Max hammer bids for the top targets (hard caps)** These caps are set to target roughly **30% base-case ROI** under the stated assumptions (BP 33%, seller commission 15%, shipping placeholders):

* Lot 134 (Kelly): **max hammer \~$4,000**. [\[80]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* Lot 244 (Miró): **max hammer \~$1,040**. [\[81]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)
* Lot 107 (Warhol): **max hammer \~$9,100** (below estimate; only bid if room is soft). [\[82]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2)

**How to bid live vs absentee**

* For the two strongest “estimate-survivable” deals (Kelly and Miró), an **absentee max at the cap** is efficient: you are trying to avoid adrenaline overshoot and enforce the fee wall.
* For the long-shot “cheap-win” Ruscha books, prioritize **live participation** late in the book segment: if multiple bidders wake up, you stop immediately because the model is fee-sensitive. [\[83]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

**Routing for resale**

* **Kelly (Lot 134):** route to Christie’s/Phillips NY prints or Swann Fine Art Prints, depending on whether conservation/appearance can be improved without risk; emphasize suite reference and edition and provide clean condition images. [\[20]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)
* **Miró (Lot 244):** Swann Fine Art Prints is the most targeted; include full bibliographic refs (Mourlot/Cramer) and disclose the “attenuated colors” note transparently. [\[84]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)
* **Warhol (Lot 107):** only worth routing if you win below estimate; best hammer upside is at Phillips/Christie’s/Sotheby’s, but timelines and seller terms must be negotiated. [\[44]](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb)

**Documentation to secure**

* Keep invoices, lot description PDFs/screenshots, and any condition reports obtained; terms explicitly place the burden of due diligence on the buyer, and condition reports are positioned as the proper channel for fuller fault disclosure. [\[85]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

\---

[\[1]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[4]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[5]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[7]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[12]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[13]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[22]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[26]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[27]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[34]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[42]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[45]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[59]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[61]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[67]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) [\[83]](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf) https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua\_r3wCA\_8\_BlfPCbQZVXf

[https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua\_r3wCA\_8\_BlfPCbQZVXf](https://www.invaluable.com/auction-lot/ed-ruscha-twentysix-gasoline-stations-289-c-4b546aa2e8?srsltid=AfmBOoqIBEGpmCW-ydKsm2NFTsqQ1bctrMua_r3wCA_8_BlfPCbQZVXf)

[\[2]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[8]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[14]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[31]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[38]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[49]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[52]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) [\[55]](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9) https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%2A-real-esta\_B514279AB9

[https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%2A-real-esta\_B514279AB9](https://www.swanngalleries.com/auction-lot/edward-ruscha.-los-angeles-apartments-%252A-real-esta_B514279AB9)

[\[3]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[11]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[15]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[16]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[20]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[21]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[24]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[25]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[37]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[39]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[58]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) [\[80]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i) https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors\_4xK26uJCb4w0xr3SkIXOFkCh\_MD8aOAgDlzzHeSX\_MnU94i

[https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors\_4xK26uJCb4w0xr3SkIXOFkCh\_MD8aOAgDlzzHeSX\_MnU94i](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOors_4xK26uJCb4w0xr3SkIXOFkCh_MD8aOAgDlzzHeSX_MnU94i)

[\[6]](https://tax.illinois.gov/businesses/crtinfo.html?utm_source=chatgpt.com) Certificate of Resale - Illinois Department of Revenue

[https://tax.illinois.gov/businesses/crtinfo.html?utm\_source=chatgpt.com](https://tax.illinois.gov/businesses/crtinfo.html?utm_source=chatgpt.com)

[\[9]](https://www.christies.com/en/help/glossary) [\[18]](https://www.christies.com/en/help/glossary) https://www.christies.com/en/help/glossary

[https://www.christies.com/en/help/glossary](https://www.christies.com/en/help/glossary)

[\[10]](https://www.x-rates.com/average/?amount=1&from=GBP&to=USD&year=2024) https://www.x-rates.com/average/?amount=1\&from=GBP\&to=USD\&year=2024

[https://www.x-rates.com/average/?amount=1\&from=GBP\&to=USD\&year=2024](https://www.x-rates.com/average/?amount=1&from=GBP&to=USD&year=2024)

[\[17]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) [\[19]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) [\[23]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) [\[63]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) ELLSWORTH KELLY (1923-2015), Light Blue with ...

[https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm\_source=chatgpt.com](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com)

[\[28]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[29]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[33]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[35]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[36]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[81]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) [\[84]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_) https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T\_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh\_

[https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T\_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh\_](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOooFt6UBKIDsO3T_VBPXfIeOwcsOw5C723VjnAN3IzzzRtuR2zh_)

[\[30]](https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats_e214b08998) [\[32]](https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats_e214b08998) https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats\_e214b08998

[https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats\_e214b08998](https://www.johnmoran.com/auction-lot/joan-miro-1893-1983-homenatge-a-joan-prats_e214b08998)

[\[40]](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb) [\[44]](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb) https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb

[https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb](https://www.invaluable.com/auction-lot/andy-warhol-electric-chair-107-c-35c44cae1a?srsltid=AfmBOooRyTkAMYOA4YdObNNXkq6muMLMnbmtypeSIFKA8I-RorGFo7Jb)

[\[41]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2) [\[70]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2) [\[82]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2) https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2

[https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOopPRmIjWJ4V0bIAdOEnGIZCgoWxz921-zlA37AKeYhgHwby-Lg2)

[\[43]](https://www.wright20.com/auctions/2025/04/editions-works-on-paper/104?utm_source=chatgpt.com) 104: ANDY WARHOL, Electric Chair

[https://www.wright20.com/auctions/2025/04/editions-works-on-paper/104?utm\_source=chatgpt.com](https://www.wright20.com/auctions/2025/04/editions-works-on-paper/104?utm_source=chatgpt.com)

[\[46]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_) [\[47]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_) [\[48]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_) [\[51]](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_) https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn\_BGG64S7PVv0r2KiPp-6AD\_

[https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn\_BGG64S7PVv0r2KiPp-6AD\_](https://www.invaluable.com/auction-lot/ed-ruscha-various-small-fires-and-milk-290-c-1aefae902d?srsltid=AfmBOor5yFMkqHs8qP6F0DFtxr7fm35Kn_BGG64S7PVv0r2KiPp-6AD_)

[\[50]](https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043) https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043

[https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043](https://live.dumoart.com/online-auctions/dumouchelles/ed-ruscha-american-b-1937-artist-books-1965-1969-some-los-angeles-apartments-twentysix-gasoline-stations-2-books-h-7-w-5-5-2-pcs-6670043)

[\[53]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) [\[54]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) [\[56]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) [\[57]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) [\[79]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) [\[85]](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5) https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS\_0Xx5

[https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS\_0Xx5](https://www.invaluable.com/auction-lot/ed-ruscha-records-286-c-4001646e31?srsltid=AfmBOorzAW5zNKDO5dZaBvyTaIQraSexiV40xwHRe4uZIWaSZeS_0Xx5)

[\[60]](https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations_6ebea7d35b) [\[62]](https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations_6ebea7d35b) https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations\_6ebea7d35b

[https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations\_6ebea7d35b](https://www.swanngalleries.com/auction-lot/ruscha-edward-twentysix-gasoline-stations_6ebea7d35b)

[\[64]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI) [\[65]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI) [\[66]](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI) https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI

[https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI](https://www.invaluable.com/auction-lot/ed-ruscha-real-estate-opportunities-285-c-3dfcc14b54?srsltid=AfmBOoo9Cn5hyVgkfOF4ABcEMfuD3oNRYAVKjMS5icHkadbnAAjGXzdI)

[\[68]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD) [\[69]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD) [\[73]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD) https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z\_EoQSxp3cjY\_o4pGCKD

[https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z\_EoQSxp3cjY\_o4pGCKD](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOorrErgFVAKDzGL2TFwW21MeSZlLZWR3z_EoQSxp3cjY_o4pGCKD)

[\[71]](https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s) [\[74]](https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s) https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s

[https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s](https://fineart.ha.com/itm/prints-and-multiples/jean-dubuffet-1901-1985-ontogenese-1975screenprint-in-colors-on-wove-paper24-1-2-x-30-inches-622-x-762-cm-/a/17194-33160.s)

[\[72]](https://fineart.ha.com/c/search-results.zx?N=231+50&Ntk=SI_Titles-Desc&Ntt=Jean+Dubuffet&Nty=1&ic4=RemoveFilter-071515) https://fineart.ha.com/c/search-results.zx?N=231+50\&Ntk=SI\_Titles-Desc\&Ntt=Jean+Dubuffet\&Nty=1\&ic4=RemoveFilter-071515

[https://fineart.ha.com/c/search-results.zx?N=231+50\&Ntk=SI\_Titles-Desc\&Ntt=Jean+Dubuffet\&Nty=1\&ic4=RemoveFilter-071515](https://fineart.ha.com/c/search-results.zx?N=231+50&Ntk=SI_Titles-Desc&Ntt=Jean+Dubuffet&Nty=1&ic4=RemoveFilter-071515)

[\[75]](https://www.invaluable.com/auction-lot/frank-stella-sinjerli-variation-ia-130-c-91680a2b2f?srsltid=AfmBOorCgfmUF-FTgdbireMf34mvHaQQUuBATUvKzvbqdeYYh2G1v9z_) https://www.invaluable.com/auction-lot/frank-stella-sinjerli-variation-ia-130-c-91680a2b2f?srsltid=AfmBOorCgfmUF-FTgdbireMf34mvHaQQUuBATUvKzvbqdeYYh2G1v9z\_

[https://www.invaluable.com/auction-lot/frank-stella-sinjerli-variation-ia-130-c-91680a2b2f?srsltid=AfmBOorCgfmUF-FTgdbireMf34mvHaQQUuBATUvKzvbqdeYYh2G1v9z\_](https://www.invaluable.com/auction-lot/frank-stella-sinjerli-variation-ia-130-c-91680a2b2f?srsltid=AfmBOorCgfmUF-FTgdbireMf34mvHaQQUuBATUvKzvbqdeYYh2G1v9z_)

[\[76]](https://www.invaluable.com/auction-lot/robert-rauschenberg-hog-chow-from-the-chow-bags-s-201-c-5763327051?srsltid=AfmBOopaF1w1vIY0TRfnaeQtluf2CNuC6SD51l-Yox3HJQWeR89-MJxy) https://www.invaluable.com/auction-lot/robert-rauschenberg-hog-chow-from-the-chow-bags-s-201-c-5763327051?srsltid=AfmBOopaF1w1vIY0TRfnaeQtluf2CNuC6SD51l-Yox3HJQWeR89-MJxy

[https://www.invaluable.com/auction-lot/robert-rauschenberg-hog-chow-from-the-chow-bags-s-201-c-5763327051?srsltid=AfmBOopaF1w1vIY0TRfnaeQtluf2CNuC6SD51l-Yox3HJQWeR89-MJxy](https://www.invaluable.com/auction-lot/robert-rauschenberg-hog-chow-from-the-chow-bags-s-201-c-5763327051?srsltid=AfmBOopaF1w1vIY0TRfnaeQtluf2CNuC6SD51l-Yox3HJQWeR89-MJxy)

[\[77]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/121) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/121

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/121](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/121)

[\[78]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/128) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/128

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/128](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/128)

---
---
---
---

# Auction Mispricing and Arbitrage Scanner for Wright Editions and Works on Paper April 16 2026

## Scope and methodology

This report scans the attached **WRIGHT** sale files (HTML/PDF/XLSX/CSV) as the lot universe, then uses external, non-Wright auction data for comps and valuation. fileciteturn0file0 fileciteturn0file1

The sale is scheduled for **April 16, 2026 at 11:00 AM CST**, with the catalog listing an address at **1440 W Hubbard Street, Chicago**[**\[1]**](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) **60642** on Invaluable[\[2]](https://www.christies.com/en/lot/lot-5363750). [\[3]](https://www.invaluable.com/auction-lot/david-hockney-polaroids-of-swimmer-los-angeles-19-220-c-1bdc9660b6?srsltid=AfmBOoq7K2hraZTeewU54ibAmVLbx7Wf92LRguG5mgV8LIpzsMg2LCuS)

Per the sale’s online materials, lots in this auction are located across **Chicago**, Los Angeles, and Lambertville[\[4]](https://phillips.com/auction/NY030217/browse), and individual lot pages specify which location a given work will ship from—this matters for pickup, packing, and freight. [\[5]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper?utm_source=chatgpt.com)

Filtering logic applied for “trade-able” arbitrage candidates:

* **Works are editioned prints / multiples / works-on-paper** (signed/numbered preferred; artist book portfolios included when they are standard auction-traded editions).
* **Estimates at $6,000 or less** (based on published estimate band from the catalog files and online lot pages). fileciteturn0file0 [\[6]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)
* **Comps are from non-Wright venues only** (auction house archives and other auction platforms), and I explicitly avoid using prior Wright sale results as valuation anchors, per your constraint.

A practical constraint: many auction-house archives show **“price realized / sold for” including the buyer’s premium** rather than the raw hammer. Where the source does not publish hammer explicitly, I treat realized prices as a **ceiling** and compute a **hammer-equivalent range** by removing a typical low-value buyer’s premium (clearly labeled as an approximation). The fair value ranges below are therefore “auction-hammer-equivalent” estimates rather than guaranteed hammer prints.

## Transaction cost framework used for arbitrage math

### Buyer’s premium and platform fee risk

The sale’s online terms show **two layers** depending on how you bid:

* If you bid through Invaluable, the lot pages display a buyer’s premium schedule of **“$0 - 20,000,000: 33.0%\*”** (verbatim). [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)
* The same lot pages also display house terms indicating **“Buyer's premium is 28% of first $2,000,000 and 22% over”** and warn that third-party platforms may add additional commission (verbatim wording appears on the lot terms section). [\[8]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)

Because your strategy is margin-sensitive, the modeling below assumes **28%** if bidding directly with the house (best case), and I flag where outcomes are likely to deteriorate if your effective premium is closer to **33%**. [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)

### Tax and shipping assumptions

Shipping language on the lot pages is explicit that **buyers are responsible for shipment**, and costs of packing/insurance/shipping are in addition to the purchase price. [\[10]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

This report uses:

* **Tax:** assumed **0%** (business exemption), but you should still confirm exemption handling in your bidder profile and invoice flow.
* **Inbound shipping/packing:** a conservative flat assumption per lot (typically $175–$350) based on scale and whether framed/boxed.
* **Outbound shipping to resale venue:** a second conservative assumption ($150–$300).

These are intentionally conservative because fragile framing and oversized glazing can blow up packing costs.

### Resale auction economics assumptions

For resale venues, I model:

* **Seller’s commission:** 15% of hammer (assumption; negotiable and varies by house/relationship/format).
* **Net-to-owner:** Resale Hammer × (1 – 0.15) – outbound shipping.

No retail/gallery channel is modeled, per your instruction.

## Ranked opportunities summary

Interpretation notes for the table:

* **Your Fair Value (Base)** is an estimated **hammer-equivalent** fair value at a *stronger auction venue* than Wright, derived from non-Wright auction comps (often reported as price realized; converted to hammer-equivalent when necessary).
* **All-in Cost (Est.)** uses: Hammer (assumed = low estimate) × 1.28 + inbound shipping, with tax assumed exempt.
* **Expected ROI (Base %)** uses: ((Base Net-to-Owner) – (All-in Cost)) / All-in Cost, assuming buy at low estimate hammer and sell at the base fair value hammer.
* **Bid cap** in Notes is the hammer at Wright that holds **\~30% base-case ROI** under these assumptions.

|Lot No|Artist / Title|WRIGHT Estimate|Your Fair Value (Base)|All-in Cost (Est.)|Optimal Resale Venue|Value Realization (%)|Expected ROI (Base %)|Liquidity Tier|Notes|
|-:|-|-:|-:|-:|-|-:|-:|:-:|-|
|244|**Joan Miró**[**\[11]**](https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print_B474D53B98) **— Homentage a Joan Prats**|$800–1,200|$3,000|$1,274|\*\*Swann Auction Galleries[\[12]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55) (Fine Art Prints)|200%|88%|A|Bid cap ≈ $1,247 hammer for \~30% ROI (28% BP).|
|241|Joan Miró — Femme, lune, étoile|$2,000–3,000|$5,500|$2,860|Swann Auction Galleries (Fine Art Prints)|120%|56%|A|Bid cap ≈ $2,455 hammer for \~30% ROI (28% BP). Attribution nuance: some venues catalog as “after”; verify.|
|155|**Agnes Martin**[**\[13]**](https://www.phillips.com/detail/roy-lichtenstein/226723) **— Paintings and Drawings: Stedelijk Museum Portfolio**|$3,000–5,000|$7,000|$4,090|Swann Auction Galleries (Contemporary Art / Prints)|75%|41%|B|Bid cap ≈ $3,260 hammer for \~30% ROI (28% BP).|
|134|**Ellsworth Kelly**[**\[14]**](https://www.christies.com/en/lot/lot-5363750) **— Light Blue with Orange**|$3,000–5,000|$7,000|$4,190|\*\*Phillips (Editions)|75%|36%|B|Bid cap ≈ $3,152 hammer for \~30% ROI; condition is meaningfully impaired (foxing/toning).|
|100|**Roy Lichtenstein**[**\[15]**](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) **— Flowers (Corlett III.46)**|$4,000–6,000|$8,500|$5,370|Phillips (Editions)|70%|30%|A|Bid cap ≈ $3,996 hammer for \~30% ROI; subject to condition/colophon framing.|
|261|**Jean Dubuffet**[**\[16]**](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49) **— Ontogénèse (Webel 1168)**|$4,000–6,000|$7,000|$5,470|\*\*Christie's[\[17]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885) (Prints \& Multiples)|40%|3%|B|Needs “steal” buy: bid cap ≈ $3,122 hammer for \~30% ROI.|
|150|**Sol LeWitt**[**\[18]**](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq) **— Brushstrokes in All Directions**|$1,500–2,500|$2,600|$2,095|Christie’s (online editions)|30%|-2%|A|Only works if bought well below estimate or with lower seller fees. Bid cap ≈ $1,101 hammer for \~30% ROI.|
|243|Joan Miró — Miró à l'Encre|$2,000–3,000|$3,200|$2,810|Phillips (Editions)|28%|-10%|B|Needs buy below estimate OR exit nearer the top of comp range. Bid cap ≈ $1,319 hammer for \~30% ROI.|

## Opportunity dossiers

Costing convention in all dossiers (base case):

* **Buy at Wright**: hammer target + **28% buyer’s premium**, tax-exempt assumed, plus inbound shipping/packing.
* **Sell at exit auction**: hammer as projected; **15% seller’s commission** assumed; outbound shipping/insurance to venue included.

### Lot 244 — Joan Miró, Homentage a Joan Prats

**Lot facts (Wright / Invaluable):** lithograph in colors, 1975; size 22 × 29.5 in; signed and numbered **20/100**; published by Fundació Joan Miró; ships from Lambertville, NJ. Condition: not examined out of frame; “good condition,” with colors “slightly attenuated,” framed behind glass \~31 × 39 in. [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244 [\[20]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244) · Invaluable lot page https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9 [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

**Non-Wright auction comps (external):**

* Phillips sold **Homentage à Joan Prats: one plate** for **$3,175** (reported “Sold For”; likely includes BP). [\[21]](https://www.phillips.com/detail/joan-miro/216368)
* Toomey \& Co listing for the same title shows a **$2,413** result (as reported in the search capture). [\[22]](https://www.toomeyco.com/auctions/2025/11/prints-multiples/132)
* Christie's historical listing shows **price realised $4,560** for “Homentage à Joan Prats” (reported “Price realised”; includes BP). [\[23]](https://www.christies.com/en/lot/lot-4894884)

**Fair value (hammer-equivalent) range derived:**  
Because the comps are presented as “sold for / price realised,” I treat them as realized prices and back into hammer-equivalents using a conservative \~25% buyer premium assumption (approx.). This yields a working hammer-equivalent range roughly **$2,400 (low) / $3,000 (base) / $3,600 (high)**. [\[24]](https://www.phillips.com/detail/joan-miro/216368)

**Mispricing call:** **Undervalued (clear asymmetry)**. The Wright mid-estimate is $1,000, while a conservative hammer-equivalent base of $3,000 implies \~**+200%** value realization. [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

**Acquisition cost model (assumptions labeled):**

* Buyer’s premium: **28%** (direct bidding assumption; Invaluable may be higher). [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)
* Tax: **0% assumed (exempt)**
* Shipping/packing: **$250 assumed** (framed/glass, moderate size)

If you win at **$800 hammer** (low estimate):

* All-in ≈ 800 × 1.28 + 250 = $1,274

**Exit routing (auction-only):**

* Best fit: Swann Auction Galleries — Fine Art Prints (NY): consistent demand for Miró lithographs in this value band. [\[25]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49)
* Alternate: Christie's Prints \& Multiples (online) where Miró works regularly trade. [\[23]](https://www.christies.com/en/lot/lot-4894884)
* Alternate: Phillips Editions (online) if they’ll take it at this low-mid estimate band. [\[21]](https://www.phillips.com/detail/joan-miro/216368)

**Resale economics (base case):**

* Expected resale hammer: **$2,400 / $3,000 / $3,600**
* Net-to-owner (after 15% seller commission; $150 outbound shipping assumed):
* Low: 2400×0.85–150 = $1,890
* Base: 3000×0.85–150 = $2,400
* High: 3600×0.85–150 = $2,910
* Profit \& ROI if bought at $800 hammer (all-in $1,274):
* Base profit ≈ **$1,126**; base ROI ≈ **88%**

**Bid discipline:** To hold **\~30% base-case ROI**, max hammer ≈ **$1,250** (direct 28% BP, assumptions as above).

**Primary risks:**

* “Colors slightly attenuated” (value sensitivity for color lithographs). [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)
* Framed behind glass: packing risk; confirm glazing type and corner stability before shipment. [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

### Lot 241 — Joan Miró, Femme, lune, étoile

**Lot facts:** The Invaluable/Wright listing is for “Femme, lune, étoile,” lithograph, editioned and signed/numbered (verify exact cataloging). [\[26]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/241 (verify online) · Invaluable catalog routing shows it as Lot 241 in this sale. [\[27]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)

**Non-Wright auction comps (external):**

* Swann sold “Femme, lune, etoile” for **$7,200** (sold price includes BP). [\[25]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49)
* Swann also shows another sale at **$6,250** (sold price includes BP). [\[28]](https://catalogue.swanngalleries.com/Lots/auction-lot/JOAN-MIR%25C3%2593-%2528after%2529-Femme-Lune-Etoile?lotNo=495&refNo=737127&saleno=2454)
* Andrew Jones Auctions shows a materially lower realized price around **$2,200** (suggesting wide dispersion by condition/attribution/market timing). [\[29]](https://www.andrewjonesauctions.com/auction-lot/after-joan-miro-spanish-1893-1983-femme-lune_4ee4352b3b)

**Fair value (hammer-equivalent) range derived:**  
Swann’s pages show buyer’s premium terms (example: 23% shown on a Swann lot page), so a $7,200 “sold” implies hammer ≈ $5,850 if that BP is comparable (approx.). [\[30]](https://www.swanngalleries.com/auction-lot/marc-chagall-le-songe-du-peintre._7AF93C8693)  
Working hammer-equivalent range: **$4,000 (low) / $5,500 (base) / $6,500 (high)**.

**Mispricing call:** **Undervalued** vs non-Wright auction outcomes, but with dispersion risk. Using base hammer $5,500 versus Wright mid-estimate $2,500 implies **\~+120% value realization**.

**Acquisition cost model (assumptions):**

* Hammer target: **$2,000** (low estimate)
* BP: 28% direct (note 33% if routed through Invaluable). [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)
* Shipping/packing: **$300** assumed (framed work; mid-size)

All-in at $2,000 hammer ≈ 2000×1.28+300 = $2,860

**Exit routing (auction-only):**

* Swann Auction Galleries — Fine Art Prints (NY). [\[25]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49)
* Bonhams Prints \& Multiples (online or London/NY prints weeks) as a secondary option. [\[31]](https://www.bonhams.com/auction/28042/lot/43/after-joan-miro-1893-1983-femme-lune-etoile-woman-moon-star/)
* Christie's Prints \& Multiples online as a third. [\[32]](https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101&lid=1)

**Resale economics (base case):**

* Net-to-owner (15% seller commission; $200 outbound shipping):
* Base: 5500×0.85–200 = $4,475
* Profit if bought at $2,000 hammer: 4,475 – 2,860 ≈ $1,615
* ROI base ≈ **56%** (direct 28% BP).

**Bid discipline:** For \~30% base-case ROI, max hammer ≈ **$2,450**.

**Primary risks:**

* **Cataloging ambiguity**: some auctions have used “after” language for this title, which can change bidder appetite materially; you should verify signature, numbering, and any publisher marks on the Wright condition report/photos before bidding hard. [\[33]](https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101&lid=1)
* Wide comp dispersion (Andrew Jones much lower than Swann), which could indicate condition or attribution variance. [\[34]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49)

### Lot 155 — Agnes Martin, Paintings and Drawings: Stedelijk Museum Portfolio

**Lot facts (Wright / Invaluable):** 1990 lithograph portfolio on vellum parchment; **10 unbound lithographs** in original slipcase with monograph/supplemental catalog; edition **2,500**; printed by Lecturis and published for the Stedelijk Museum retrospective materials; ships from Chicago. Condition: generally good; faint pinpoint foxing in some, minor discoloration to one, slight undulation on some edges, minor wear to accompanying book and portfolio case. [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/155 [\[35]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/155?utm_source=chatgpt.com) · Invaluable lot page https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63 [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)

**Non-Wright auction comps (external):**

* Swann sold the same titled portfolio for **$8,750** (sold price includes BP), June 10, 2021. [\[36]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885)

**Fair value (hammer-equivalent) range derived:**  
Assuming a Swann-style premium in the low-20%s, $8,750 realized implies a hammer in the low-$7k range (approx.). Working hammer-equivalent: **$5,500 (low) / $7,000 (base) / $8,000 (high)**. [\[36]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885)

**Mispricing call:** **Undervalued**. Wright mid-estimate $4,000 vs base hammer $7,000 implies \~**+75% value realization**. [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)

**Acquisition cost model (assumptions):**

* Target hammer: **$3,000** (low estimate)
* BP: 28% direct (33% via Invaluable). [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)
* Shipping/packing: **$250** assumed (boxed portfolio)

All-in at $3,000 hammer ≈ 3000×1.28 + 250 = $4,090

**Exit routing (auction-only):**

* Swann Auction Galleries — Contemporary Art / Fine Art Prints, NY (proven comp venue). [\[36]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885)
* Phillips Editions (online) when they accept portfolios / complete sets. [\[37]](https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio)
* Sotheby's Prints \& Multiples online (case-by-case; often selective, but this is low-risk to request). [\[37]](https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio)

**Resale economics (base case):**

* Base resale hammer: $7,000 → net-to-owner ≈ 7000×0.85 – 200 = $5,750
* Profit at $3,000 hammer buy: 5,750 – 4,090 ≈ $1,660
* ROI base ≈ **41%**

**Bid discipline:** \~30% base-case ROI max hammer ≈ **$3,260**.

**Primary risks:**

* Portfolio completeness matters: confirm all 10 sheets + slipcase + books are present and matching. [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)
* Vellum is unforgiving: even small foxing/undulation can reduce competitive bidding in higher-tier venues. [\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)

### Lot 134 — Ellsworth Kelly, Light Blue with Orange

**Lot facts (Wright / Invaluable):** 1964–65 lithograph in colors on BFK Rives; 35.125 × 23.375 in; signed and numbered **72/75**; printed/published by Maeght; ships from Chicago. Condition is materially impaired: toned with foxing/discoloration/handling marks; pencil annotations verso; framed. [\[38]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/134 [\[39]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261) · Invaluable lot page https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b [\[38]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl)

**Non-Wright auction comps (external):**

* Christie's shows **price realised $12,600** for “Light Blue with Orange” in 2025 (reported “Price realised”; includes BP). [\[40]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com)
* Phillips shows an artist proof sold for **$11,430** (reported “Sold For”; includes BP). [\[41]](https://www.phillips.com/detail/ellsworth-kelly/182108)
* Phillips also shows another example sold for **$10,000** (reported “Sold For”). [\[42]](https://phillips.com/auction/NY030217/browse)

**Fair value (hammer-equivalent) range derived:**  
Raw realized prices imply hammer-equivalent roughly in the high-$8k to low-$10k band for clean impressions. However, the Wright condition is notably worse (foxing, discoloration, handling marks), so I haircut aggressively:

* **$5,500 (low) / $7,000 (base) / $8,500 (high)** hammer-equivalent. [\[43]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl)

**Mispricing call:** **Undervalued but condition-discounted.** The estimate may be “protecting” the condition; you only have edge if you can buy close to the low estimate and the sheet presents acceptably in person.

**Acquisition cost model (assumptions):**

* Target hammer $3,000 (low estimate)
* BP 28% direct; shipping/packing **$350** assumed (large framed work)

All-in ≈ 3000×1.28 + 350 = $4,190

**Exit routing (auction-only):**

* Phillips Editions (NY/online): strongest venue for Kelly prints. [\[41]](https://www.phillips.com/detail/ellsworth-kelly/182108)
* Christie's Prints \& Multiples (NY). [\[40]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com)
* Sotheby's Prints \& Multiples (NY) as a tertiary option. [\[44]](https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46)

**Resale economics (base case):**

* Base resale hammer $7,000 → net-to-owner ≈ 7000×0.85–250 = $5,700
* Profit at $3,000 hammer buy: 5,700 – 4,190 ≈ $1,510
* ROI base ≈ **36%**

**Bid discipline:** \~30% base-case ROI max hammer ≈ **$3,150**.

**Primary risks:**

* Condition is the entire story: foxing/toning can push the work into a “trade” channel rather than top-tier bidding. [\[38]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl)
* Large framed glazing increases freight risk and cost.

### Lot 100 — Roy Lichtenstein, Flowers (Corlett III.46)

**Lot facts (Wright / Invaluable):** 1973 screenprint in colors; image 14.625 × 8.375 in, sheet 16 × 9.875 in; from the edition of **380** published by Ernst Beyeler, Basel; sold with original numbered colophon page from the folio; ships from Los Angeles. Condition: hinged upper edge; sheet shows toning/light staining with faint corner stains; colophon page trimmed from the folio and framed together; framed behind glass. [\[45]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100 [\[46]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100) · Invaluable lot page https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610 [\[45]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)

**Non-Wright auction comps (external):**

* Phillips sold **Flowers (C. III.46)** for **$11,610** (reported “Sold For”; likely includes BP). [\[47]](https://www.phillips.com/detail/roy-lichtenstein/226723)
* Christie's sale summary lists **Flowers (C. III.46)** at **$4,750 price realised** in at least one past sale context (includes BP). [\[48]](https://www.christies.com/en/lot/lot-ellsworth-kelly-untitled-from-eight-by-eight-5224725/?from=salesummery&intObjectID=5224725&sid=7a633fd8-47c2-4d4c-92c6-f3f7cb064f24)

**Fair value (hammer-equivalent) range derived:**  
Given the high Phillips result but also lower Christie's outcomes—and factoring the Wright example’s toning/staining and the “trimmed + framed colophon” presentation—I anchor:

* **$6,500 (low) / $8,500 (base) / $10,000 (high)** hammer-equivalent. [\[49]](https://www.phillips.com/detail/roy-lichtenstein/226723)

**Mispricing call:** **Moderately undervalued**, but you are buying a condition-affected example, so the “clean comp” ceiling may not apply.

**Acquisition cost model (assumptions):**

* Target hammer $4,000 (low estimate)
* BP 28% direct; inbound shipping/packing **$250** assumed

All-in ≈ 4000×1.28 + 250 = $5,370

**Exit routing (auction-only):**

* Phillips Editions (NY) — strong print buyer base for Lichtenstein. [\[47]](https://www.phillips.com/detail/roy-lichtenstein/226723)
* Sotheby's Prints \& Multiples (NY) — frequently trades this exact print. [\[44]](https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46)
* Christie's Prints \& Multiples (NY/online). [\[50]](https://www.christies.com/en/lot/lot-5111016)

**Resale economics (base case):**

* Base resale hammer $8,500 → net-to-owner ≈ 8500×0.85–250 = $6,975
* Profit at $4,000 hammer buy: 6,975 – 5,370 ≈ $1,605
* ROI base ≈ **30%**

**Bid discipline:** For \~30% base-case ROI, max hammer is essentially **$4,000** (i.e., you need to win at or slightly under low estimate).

**Primary risks:**

* Condition noted (toning/staining) can compress resale hammer meaningfully. [\[45]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)
* “Colophon trimmed and framed” is not always preferred versus intact folder/justification; verify market preference for the intended exit venue.

### Lot 261 — Jean Dubuffet, Ontogénèse (Webel 1168)

**Lot facts (Wright / Invaluable):** 1975 screenprint in colors on Arches; image 23.625 × 29.25 in; sheet 29.125 × 34 in; signed/dated/numbered **43/50**; published by Pace Editions (New York); ships from Lambertville. Condition: good; sheet slightly toned; agitation to paper fibers at right extreme edge; framed behind acrylic. [\[51]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261 [\[39]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261) · Invaluable lot page https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba [\[51]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq)

**Non-Wright auction comps (external):**

* Christie's shows **price realised $10,000** for **Ontogénèse (W.1168)** (includes BP). [\[52]](https://www.christies.com/en/lot/lot-5363750)
* Another Christie's listing shows **price realised $5,760** for the same work, with some condition notes (includes BP). [\[53]](https://www.christies.com.cn/en/lot/lot-4573257)

**Fair value (hammer-equivalent) range derived:**  
Based on these two Christie's outcomes (and treating them as realized with BP included), a conservative hammer-equivalent range is:

* **$5,000 (low) / $7,000 (base) / $8,500 (high)**. [\[54]](https://www.christies.com/en/lot/lot-5363750)

**Mispricing call:** **Potentially undervalued, but only if you buy below estimate.** At the low estimate ($4,000 hammer), fees and shipping largely eat the edge.

**Acquisition cost model (assumptions):**

* BP 28% direct; inbound shipping/packing **$350** assumed (large framed)

All-in at $4,000 hammer ≈ 4000×1.28 + 350 = $5,470

**Exit routing (auction-only):**

* Christie's Prints \& Multiples (NY/online) — demonstrated comp venue. [\[52]](https://www.christies.com/en/lot/lot-5363750)
* Phillips Editions (NY). [\[52]](https://www.christies.com/en/lot/lot-5363750)
* Sotheby's Prints \& Multiples (NY). [\[55]](https://www.christies.com/en/auction/prints-multiples-including-property-from-the-collection-of-max-palevsky-22617/)

**Resale economics (base case):**

* Base resale hammer $7,000 → net-to-owner ≈ 7000×0.85–300 = $5,650
* Profit at $4,000 hammer buy: 5,650 – 5,470 ≈ $180
* ROI base ≈ **3%** (not enough)

**Bid discipline:** To hold \~30% base ROI, max hammer ≈ **$3,100**. This is **below the published low estimate**, so treat this as an opportunistic bid rather than a core target.

**Primary risks:**

* Large-format framed acrylic shipment risk. [\[51]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq)
* If the market treats this edition as “mid-tier Dubuffet,” liquidity can be slower than Miró/Lichtenstein.

### Lot 150 — Sol LeWitt, Brushstrokes in All Directions

**Lot facts (Wright):** 1994 screenprint in colors on Folio White; sheet 16.25 × 16.25 in; signed and numbered (reported as 300/500 in the sale listing); estimate $1,500–2,500. [\[56]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150 [\[57]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150)

**Non-Wright auction comps (external):**

* Christie's listing shows **price realised $3,250** (includes BP). [\[58]](https://www.christies.com/en/lot/lot-6306661)
* Phillips sold for **$2,540** (includes BP). [\[59]](https://phillips.com/artist/7455/sol-lewitt)

**Fair value (hammer-equivalent) range derived:**  
Workable hammer-equivalent range: **$2,200 (low) / $2,600 (base) / $3,200 (high)**. [\[60]](https://www.christies.com/en/lot/lot-6306661)

**Mispricing call:** **Thin edge / only if bought well.** This is the type of lot you include only if you can buy under estimate or consolidate with other lots for resale.

**Acquisition cost model:** inbound shipping/packing **$175** assumed (unframed if possible). With $1,500 hammer:

* All-in ≈ $2,095, which is close to base net-to-owner at exit in this value band.

**Exit routing (auction-only):**

* Christie's online editions (Contemporary Edition format). [\[58]](https://www.christies.com/en/lot/lot-6306661)
* Swann Auction Galleries — Fine Art Prints. [\[61]](https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print_B474D53B98)
* Phillips Editions online. [\[59]](https://phillips.com/artist/7455/sol-lewitt)

**Bid discipline:** For a real 30% base ROI under this fee model, max hammer is about **$1,100** (below low estimate). So treat as **watch-if-soft**.

### Lot 243 — Joan Miró, Miró à l’Encre

**Lot facts (Wright / Invaluable):** Wright lists Miró à l’Encre (1972), lithograph in colors on Arches; estimate $2,000–3,000. [\[62]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243?utm_source=chatgpt.com)  
The Invaluable condition note says: not examined out of frame; “very good condition”; framed behind glass. [\[63]](https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6?srsltid=AfmBOoqvunYJ9CecepIxefMzMJnNjQexHuYpdigFX04nOIYnxinm-fN7&utm_source=chatgpt.com)  
Links: Wright lot page https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243 [\[62]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243?utm_source=chatgpt.com) · Invaluable lot page https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6 [\[63]](https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6?srsltid=AfmBOoqvunYJ9CecepIxefMzMJnNjQexHuYpdigFX04nOIYnxinm-fN7&utm_source=chatgpt.com)

**Non-Wright auction comps (external):**

* Phillips shows a plate from Miró à l’encre sold for **£6,985** (reported “Sold For”; includes BP). [\[64]](https://www.phillips.com/detail/joan-miro/190541)
* Swann sold a related Miró à l’Encre impression for **$1,125** (sold price includes a buyer’s premium; this may be a different impression type, e.g., HC). [\[65]](https://www.swanngalleries.com/auction-lot/joan-miro-miro-a-l-encre._2fa44f1894)
* LotSearch snippet indicates a **$3,125 price realised** outcome for this title (useful directional anchor). [\[66]](https://www.lotsearch.net/artist/joan-mir%25C3%25B3/archive?order=ASC&orderBy=dollarBasedPrice-startPrice&page=28&perPage=30&utm_source=chatgpt.com)

**Fair value (hammer-equivalent) range derived:**  
Due to dispersion (and at least one comp seemingly an HC impression), I keep this conservative:

* **$2,500 (low) / $3,200 (base) / $4,500 (high)** hammer-equivalent. [\[67]](https://www.phillips.com/detail/joan-miro/190541)

**Mispricing call:** **Possible undervaluation, but not clean.** The estimate band is not obviously “wrong” unless you believe you can exit nearer the top of the comp range.

**Bid discipline:** For a true 30% base ROI under the modeled fees, max hammer is about **$1,300**, below the low estimate—so treat as **conditional** unless you have a stronger comp set or believe the Phillips outcome is the correct benchmark for this exact impression.

## Watchlist

These are lots that *may* be mispriced but need verification (edition details, attribution, condition clarity, or tighter non-Wright comps) before they qualify as “clean arbitrage”:

* **Andy Warhol, Untitled (Plate IV from In the Bottom of My Garden), Lot 108**: lot details and condition are clear, but public comps for single plates are harder to source cleanly versus complete-book comps; treat as comps-needed. [\[68]](https://www.invaluable.com/auction-lot/andy-warhol-untitled-plate-iv-from-the-in-the-bot-108-c-3b0e61515d?srsltid=AfmBOooWfoJYvMRqZPR-1h63UaZwvYyUgC6Ob3aT2V1hqKpgd5aLaIR-)
* **Other Roy Lichtenstein lots (e.g., triptych / engraved works)**: likely liquid, but you need specific edition matching and condition to justify a venue upgrade. [\[69]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOoppdyYIPtpc6uxHxxgdsubByG21t7ETWmRvX4heGZUXZXrI9GRb)
* **Takashi Murakami “And then and then…” lots (262–276 range)**: highly liquid but also highly supplied; comps can be surprisingly low at some venues, so you need *exact* variant matching and a tight bid cap. [\[70]](https://www.invaluable.com/auction-lot/takashi-murakami-and-then-and-then-and-then-cream-262-c-05acd22de4?srsltid=AfmBOooIPvypaxnvnuDWH673H72ft0htwvdv4XGT-XKOYLX24ykauk7-&utm_source=chatgpt.com)
* **Wayne Thiebaud, Clown, Lot 191**: Christie's example shows real demand but pricing is closer to fair; only interesting if it stays soft at Wright. [\[71]](https://www.invaluable.com/auction-lot/wayne-thiebaud-clown-from-the-recent-etchings-i-p-191-c-fcda4ff6cf?srsltid=AfmBOooRwMR4qNZn1c9Iib0aKLoOjUu_6cKTiTU0n5xZ2GwoI-z3rhIm&utm_source=chatgpt.com)
* **The rest of the Miró cluster (242, 245)**: could be attractive (Miró works on paper can travel well at auction), but needs more comp work and condition inspection to upgrade to top targets. [\[72]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/242?utm_source=chatgpt.com)

## Bidding and execution playbook

### Bidding strategy for this sale

Because the buyer’s premium can effectively be **28% vs 33%** depending on how you bid, the highest-ROI operational move is to **control your fee stack first** (bid directly with the house where possible rather than through a platform that adds commission). [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)

For the top targets above, the **bid caps (hammer)** that maintain roughly **30% base-case ROI** under the modeled resale economics are:

* Lot 244 Miró: ≈ $1,250 hammer
* Lot 241 Miró: ≈ $2,450 hammer
* Lot 155 Martin portfolio: ≈ $3,260 hammer
* Lot 134 Kelly: ≈ $3,150 hammer
* Lot 100 Lichtenstein: ≈ $4,000 hammer  
(For Lots 261, 150, 243 the ROI-quality bid caps are below the low estimate, so treat those as opportunistic only.)

Execution preference:

* **Absentee bidding** is generally preferred for disciplined caps (it’s easier to avoid adrenaline overbids).
* If bidding live, pre-write the cap per lot and do not chase past it—your whole model is fee-sensitive and the edges collapse quickly.

### Operational notes that hit P\&L

The lot terms note:

* You are responsible for shipment and costs are in addition to purchase price. [\[73]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)
* You generally must remove property within a stated post-sale window (the pages describe a 15-day removal deadline and storage consequences). [\[10]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

Operationally, that means:

* **Request condition reports and high-res images immediately** for anything you intend to route to a higher-tier venue; your resale buyer base will punish hidden foxing/abrasions.
* For framed lots, consider whether to **ship unframed** (if feasible and permitted) or re-crate to reduce damage risk; your shipping assumptions are conservative, but glass + corners can still break the trade.
* Keep documentation: invoice, lot page screenshots, and any publisher/literature references. Your resale cataloguing improves and buyer confidence rises if you supply the reference numbers already given in the lot entries (e.g., Corlett / Mourlot / Webel). [\[74]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)

### Grouping works for resale at auction

Bundling can either help or hurt:

* For **recognized blue-chip print names** (Miró, Lichtenstein, Kelly, Dubuffet), single-lot resale is usually best because bidders want the specific image/edition and will pay for clean cataloguing.
* For **portfolios/sets** (Agnes Martin Stedelijk portfolio), keep them intact; breaking tends to destroy the story and can reduce auction desirability. [\[75]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)

\---

[\[1]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) [\[10]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) [\[15]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) [\[19]](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92) https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92

[https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92](https://www.invaluable.com/auction-lot/joan-miro-homentage-a-joan-prats-244-c-d9a9a3e9c9?srsltid=AfmBOorwFWyN2VZZTeiHEER3ASx8RS-ESydKhAiCqKoBkuvJTDbGGs92)

[\[2]](https://www.christies.com/en/lot/lot-5363750) [\[14]](https://www.christies.com/en/lot/lot-5363750) [\[52]](https://www.christies.com/en/lot/lot-5363750) [\[54]](https://www.christies.com/en/lot/lot-5363750) https://www.christies.com/en/lot/lot-5363750

[https://www.christies.com/en/lot/lot-5363750](https://www.christies.com/en/lot/lot-5363750)

[\[3]](https://www.invaluable.com/auction-lot/david-hockney-polaroids-of-swimmer-los-angeles-19-220-c-1bdc9660b6?srsltid=AfmBOoq7K2hraZTeewU54ibAmVLbx7Wf92LRguG5mgV8LIpzsMg2LCuS) https://www.invaluable.com/auction-lot/david-hockney-polaroids-of-swimmer-los-angeles-19-220-c-1bdc9660b6?srsltid=AfmBOoq7K2hraZTeewU54ibAmVLbx7Wf92LRguG5mgV8LIpzsMg2LCuS

[https://www.invaluable.com/auction-lot/david-hockney-polaroids-of-swimmer-los-angeles-19-220-c-1bdc9660b6?srsltid=AfmBOoq7K2hraZTeewU54ibAmVLbx7Wf92LRguG5mgV8LIpzsMg2LCuS](https://www.invaluable.com/auction-lot/david-hockney-polaroids-of-swimmer-los-angeles-19-220-c-1bdc9660b6?srsltid=AfmBOoq7K2hraZTeewU54ibAmVLbx7Wf92LRguG5mgV8LIpzsMg2LCuS)

[\[4]](https://phillips.com/auction/NY030217/browse) [\[42]](https://phillips.com/auction/NY030217/browse) https://phillips.com/auction/NY030217/browse

[https://phillips.com/auction/NY030217/browse](https://phillips.com/auction/NY030217/browse)

[\[5]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper?utm_source=chatgpt.com) Editions \& Works on Paper, 16 April 2026 < Auctions

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper?utm\_source=chatgpt.com](https://www.wright20.com/auctions/2026/04/editions-works-on-paper?utm_source=chatgpt.com)

[\[6]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp) [\[45]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp) [\[74]](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp) https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp

[https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp](https://www.invaluable.com/auction-lot/roy-lichtenstein-flowers-100-c-bbf27b9610?srsltid=AfmBOooFUniQgmQrObjWM7afegiMEZRno3tji7oRSLkLEsiGPEHE1MYp)

[\[7]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55) [\[12]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55) [\[73]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55) [\[75]](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55) https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi\_LzgI1jZc5cnPtCeTNEAMZzD55

[https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi\_LzgI1jZc5cnPtCeTNEAMZzD55](https://www.invaluable.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus-155-c-ccbf9f1a63?srsltid=AfmBOoq2uwZ5zErAOjUY-cpMyOIEUi_LzgI1jZc5cnPtCeTNEAMZzD55)

[\[8]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk) [\[9]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk) [\[26]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk) [\[27]](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk) https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO\_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk

[https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO\_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk](https://www.invaluable.com/auction-lot/joan-miro-femme-lune-etoile-241-c-5178fd70b1?srsltid=AfmBOooAlE8jkrBW1VO_otFRfu6yYAvPEezRVKiQp4HhAtapLf1cGvBk)

[\[11]](https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print_B474D53B98) [\[61]](https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print_B474D53B98) https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print\_B474D53B98

[https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print\_B474D53B98](https://www.swanngalleries.com/auction-lot/sol-lewitt-lincoln-center-print_B474D53B98)

[\[13]](https://www.phillips.com/detail/roy-lichtenstein/226723) [\[47]](https://www.phillips.com/detail/roy-lichtenstein/226723) [\[49]](https://www.phillips.com/detail/roy-lichtenstein/226723) https://www.phillips.com/detail/roy-lichtenstein/226723

[https://www.phillips.com/detail/roy-lichtenstein/226723](https://www.phillips.com/detail/roy-lichtenstein/226723)

[\[16]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49) [\[25]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49) [\[34]](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49) https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile\_11b30a9c49

[https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile\_11b30a9c49](https://www.swanngalleries.com/auction-lot/joan-miro-after-femme-lune-etoile_11b30a9c49)

[\[17]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885) [\[36]](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885) https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus\_9B34343885

[https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus\_9B34343885](https://www.swanngalleries.com/auction-lot/agnes-martin-paintings-and-drawings-stedelijk-mus_9B34343885)

[\[18]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq) [\[51]](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq) https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1\_Rl3xAoD5VTlMWki2\_BbeUcPkCcq

[https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1\_Rl3xAoD5VTlMWki2\_BbeUcPkCcq](https://www.invaluable.com/auction-lot/jean-dubuffet-ontogenese-261-c-b8337501ba?srsltid=AfmBOoq8swEdzqlPwnjtZri0ZtK1_Rl3xAoD5VTlMWki2_BbeUcPkCcq)

[\[20]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/244)

[\[21]](https://www.phillips.com/detail/joan-miro/216368) [\[24]](https://www.phillips.com/detail/joan-miro/216368) https://www.phillips.com/detail/joan-miro/216368

[https://www.phillips.com/detail/joan-miro/216368](https://www.phillips.com/detail/joan-miro/216368)

[\[22]](https://www.toomeyco.com/auctions/2025/11/prints-multiples/132) https://www.toomeyco.com/auctions/2025/11/prints-multiples/132

[https://www.toomeyco.com/auctions/2025/11/prints-multiples/132](https://www.toomeyco.com/auctions/2025/11/prints-multiples/132)

[\[23]](https://www.christies.com/en/lot/lot-4894884) https://www.christies.com/en/lot/lot-4894884

[https://www.christies.com/en/lot/lot-4894884](https://www.christies.com/en/lot/lot-4894884)

[\[28]](https://catalogue.swanngalleries.com/Lots/auction-lot/JOAN-MIR%25C3%2593-%2528after%2529-Femme-Lune-Etoile?lotNo=495&refNo=737127&saleno=2454) https://catalogue.swanngalleries.com/Lots/auction-lot/JOAN-MIR%C3%93-%28after%29-Femme-Lune-Etoile?lotNo=495\&refNo=737127\&saleno=2454

[https://catalogue.swanngalleries.com/Lots/auction-lot/JOAN-MIR%C3%93-%28after%29-Femme-Lune-Etoile?lotNo=495\&refNo=737127\&saleno=2454](https://catalogue.swanngalleries.com/Lots/auction-lot/JOAN-MIR%25C3%2593-%2528after%2529-Femme-Lune-Etoile?lotNo=495&refNo=737127&saleno=2454)

[\[29]](https://www.andrewjonesauctions.com/auction-lot/after-joan-miro-spanish-1893-1983-femme-lune_4ee4352b3b) https://www.andrewjonesauctions.com/auction-lot/after-joan-miro-spanish-1893-1983-femme-lune\_4ee4352b3b

[https://www.andrewjonesauctions.com/auction-lot/after-joan-miro-spanish-1893-1983-femme-lune\_4ee4352b3b](https://www.andrewjonesauctions.com/auction-lot/after-joan-miro-spanish-1893-1983-femme-lune_4ee4352b3b)

[\[30]](https://www.swanngalleries.com/auction-lot/marc-chagall-le-songe-du-peintre._7AF93C8693) https://www.swanngalleries.com/auction-lot/marc-chagall-le-songe-du-peintre.\_7AF93C8693

[https://www.swanngalleries.com/auction-lot/marc-chagall-le-songe-du-peintre.\_7AF93C8693](https://www.swanngalleries.com/auction-lot/marc-chagall-le-songe-du-peintre._7AF93C8693)

[\[31]](https://www.bonhams.com/auction/28042/lot/43/after-joan-miro-1893-1983-femme-lune-etoile-woman-moon-star/) https://www.bonhams.com/auction/28042/lot/43/after-joan-miro-1893-1983-femme-lune-etoile-woman-moon-star/

[https://www.bonhams.com/auction/28042/lot/43/after-joan-miro-1893-1983-femme-lune-etoile-woman-moon-star/](https://www.bonhams.com/auction/28042/lot/43/after-joan-miro-1893-1983-femme-lune-etoile-woman-moon-star/)

[\[32]](https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101&lid=1) [\[33]](https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101&lid=1) https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101\&lid=1

[https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101\&lid=1](https://www.christies.com/lot/joan-miro-plate-1-from-fundacio-palma-4879101/?intObjectID=4879101&lid=1)

[\[35]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/155?utm_source=chatgpt.com) 155: AGNES MARTIN, Paintings and Drawings: Stedelijk ...

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/155?utm\_source=chatgpt.com](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/155?utm_source=chatgpt.com)

[\[37]](https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio) https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio

[https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio](https://www.artsy.net/artwork/agnes-martin-paintings-and-drawings-from-the-stedelijk-museum-portfolio)

[\[38]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl) [\[43]](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl) https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl

[https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl](https://www.invaluable.com/auction-lot/ellsworth-kelly-light-blue-with-orange-from-suite-134-c-7ba7ad6a3b?srsltid=AfmBOorLMCwO-1LOqRFP6WDgSzPvtzf4MQnLYmqDLbwRHt5uad59ozMl)

[\[39]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/261)

[\[40]](https://onlineonly.christies.com/s/contemporary-edition-new-york/ellsworth-kelly-1923-2015-76/249634?utm_source=chatgpt.com) ELLSWORTH KELLY (1923-2015), Light Blue with ...

[\[41]](https://www.phillips.com/detail/ellsworth-kelly/182108) https://www.phillips.com/detail/ellsworth-kelly/182108

[https://www.phillips.com/detail/ellsworth-kelly/182108](https://www.phillips.com/detail/ellsworth-kelly/182108)

[\[44]](https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46) https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46

[https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46](https://www.sothebys.com/en/buy/auction/2021/prints-multiples-3/flowers-corlett-iii-46)

[\[46]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/100)

[\[48]](https://www.christies.com/en/lot/lot-ellsworth-kelly-untitled-from-eight-by-eight-5224725/?from=salesummery&intObjectID=5224725&sid=7a633fd8-47c2-4d4c-92c6-f3f7cb064f24) https://www.christies.com/en/lot/lot-ellsworth-kelly-untitled-from-eight-by-eight-5224725/?from=salesummery\&intObjectID=5224725\&sid=7a633fd8-47c2-4d4c-92c6-f3f7cb064f24

[https://www.christies.com/en/lot/lot-ellsworth-kelly-untitled-from-eight-by-eight-5224725/?from=salesummery\&intObjectID=5224725\&sid=7a633fd8-47c2-4d4c-92c6-f3f7cb064f24](https://www.christies.com/en/lot/lot-ellsworth-kelly-untitled-from-eight-by-eight-5224725/?from=salesummery&intObjectID=5224725&sid=7a633fd8-47c2-4d4c-92c6-f3f7cb064f24)

[\[50]](https://www.christies.com/en/lot/lot-5111016) https://www.christies.com/en/lot/lot-5111016

[https://www.christies.com/en/lot/lot-5111016](https://www.christies.com/en/lot/lot-5111016)

[\[53]](https://www.christies.com.cn/en/lot/lot-4573257) https://www.christies.com.cn/en/lot/lot-4573257

[https://www.christies.com.cn/en/lot/lot-4573257](https://www.christies.com.cn/en/lot/lot-4573257)

[\[55]](https://www.christies.com/en/auction/prints-multiples-including-property-from-the-collection-of-max-palevsky-22617/) https://www.christies.com/en/auction/prints-multiples-including-property-from-the-collection-of-max-palevsky-22617/

[https://www.christies.com/en/auction/prints-multiples-including-property-from-the-collection-of-max-palevsky-22617/](https://www.christies.com/en/auction/prints-multiples-including-property-from-the-collection-of-max-palevsky-22617/)

[\[56]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150) [\[57]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150) https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/150)

[\[58]](https://www.christies.com/en/lot/lot-6306661) [\[60]](https://www.christies.com/en/lot/lot-6306661) https://www.christies.com/en/lot/lot-6306661

[https://www.christies.com/en/lot/lot-6306661](https://www.christies.com/en/lot/lot-6306661)

[\[59]](https://phillips.com/artist/7455/sol-lewitt) https://phillips.com/artist/7455/sol-lewitt

[https://phillips.com/artist/7455/sol-lewitt](https://phillips.com/artist/7455/sol-lewitt)

[\[62]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243?utm_source=chatgpt.com) 243: JOAN MIRÓ, Miró à l'Encre

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243?utm\_source=chatgpt.com](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/243?utm_source=chatgpt.com)

[\[63]](https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6?srsltid=AfmBOoqvunYJ9CecepIxefMzMJnNjQexHuYpdigFX04nOIYnxinm-fN7&utm_source=chatgpt.com) At Auction: Joan Miró, Joan Miro, Miro a l'Encre

[https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6?srsltid=AfmBOoqvunYJ9CecepIxefMzMJnNjQexHuYpdigFX04nOIYnxinm-fN7\&utm\_source=chatgpt.com](https://www.invaluable.com/auction-lot/joan-miro-miro-a-lencre-243-c-c20d6546a6?srsltid=AfmBOoqvunYJ9CecepIxefMzMJnNjQexHuYpdigFX04nOIYnxinm-fN7&utm_source=chatgpt.com)

[\[64]](https://www.phillips.com/detail/joan-miro/190541) [\[67]](https://www.phillips.com/detail/joan-miro/190541) https://www.phillips.com/detail/joan-miro/190541

[https://www.phillips.com/detail/joan-miro/190541](https://www.phillips.com/detail/joan-miro/190541)

[\[65]](https://www.swanngalleries.com/auction-lot/joan-miro-miro-a-l-encre._2fa44f1894) https://www.swanngalleries.com/auction-lot/joan-miro-miro-a-l-encre.\_2fa44f1894

[https://www.swanngalleries.com/auction-lot/joan-miro-miro-a-l-encre.\_2fa44f1894](https://www.swanngalleries.com/auction-lot/joan-miro-miro-a-l-encre._2fa44f1894)

[\[66]](https://www.lotsearch.net/artist/joan-mir%25C3%25B3/archive?order=ASC&orderBy=dollarBasedPrice-startPrice&page=28&perPage=30&utm_source=chatgpt.com) Joan Miró - lots in our price database - LotSearch

[https://www.lotsearch.net/artist/joan-mir%C3%B3/archive?order=ASC\&orderBy=dollarBasedPrice-startPrice\&page=28\&perPage=30\&utm\_source=chatgpt.com](https://www.lotsearch.net/artist/joan-mir%25C3%25B3/archive?order=ASC&orderBy=dollarBasedPrice-startPrice&page=28&perPage=30&utm_source=chatgpt.com)

[\[68]](https://www.invaluable.com/auction-lot/andy-warhol-untitled-plate-iv-from-the-in-the-bot-108-c-3b0e61515d?srsltid=AfmBOooWfoJYvMRqZPR-1h63UaZwvYyUgC6Ob3aT2V1hqKpgd5aLaIR-) https://www.invaluable.com/auction-lot/andy-warhol-untitled-plate-iv-from-the-in-the-bot-108-c-3b0e61515d?srsltid=AfmBOooWfoJYvMRqZPR-1h63UaZwvYyUgC6Ob3aT2V1hqKpgd5aLaIR-

[https://www.invaluable.com/auction-lot/andy-warhol-untitled-plate-iv-from-the-in-the-bot-108-c-3b0e61515d?srsltid=AfmBOooWfoJYvMRqZPR-1h63UaZwvYyUgC6Ob3aT2V1hqKpgd5aLaIR-](https://www.invaluable.com/auction-lot/andy-warhol-untitled-plate-iv-from-the-in-the-bot-108-c-3b0e61515d?srsltid=AfmBOooWfoJYvMRqZPR-1h63UaZwvYyUgC6Ob3aT2V1hqKpgd5aLaIR-)

[\[69]](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOoppdyYIPtpc6uxHxxgdsubByG21t7ETWmRvX4heGZUXZXrI9GRb) https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOoppdyYIPtpc6uxHxxgdsubByG21t7ETWmRvX4heGZUXZXrI9GRb

[https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOoppdyYIPtpc6uxHxxgdsubByG21t7ETWmRvX4heGZUXZXrI9GRb](https://www.invaluable.com/catalog/6INXQXBB1K?srsltid=AfmBOoppdyYIPtpc6uxHxxgdsubByG21t7ETWmRvX4heGZUXZXrI9GRb)

[\[70]](https://www.invaluable.com/auction-lot/takashi-murakami-and-then-and-then-and-then-cream-262-c-05acd22de4?srsltid=AfmBOooIPvypaxnvnuDWH673H72ft0htwvdv4XGT-XKOYLX24ykauk7-&utm_source=chatgpt.com) At Auction: Takashi Murakami, Takashi Murakami, And then and ...

[https://www.invaluable.com/auction-lot/takashi-murakami-and-then-and-then-and-then-cream-262-c-05acd22de4?srsltid=AfmBOooIPvypaxnvnuDWH673H72ft0htwvdv4XGT-XKOYLX24ykauk7-\&utm\_source=chatgpt.com](https://www.invaluable.com/auction-lot/takashi-murakami-and-then-and-then-and-then-cream-262-c-05acd22de4?srsltid=AfmBOooIPvypaxnvnuDWH673H72ft0htwvdv4XGT-XKOYLX24ykauk7-&utm_source=chatgpt.com)

[\[71]](https://www.invaluable.com/auction-lot/wayne-thiebaud-clown-from-the-recent-etchings-i-p-191-c-fcda4ff6cf?srsltid=AfmBOooRwMR4qNZn1c9Iib0aKLoOjUu_6cKTiTU0n5xZ2GwoI-z3rhIm&utm_source=chatgpt.com) Wayne Thiebaud, Clown (from the Recent Etchings I portfolio)

[https://www.invaluable.com/auction-lot/wayne-thiebaud-clown-from-the-recent-etchings-i-p-191-c-fcda4ff6cf?srsltid=AfmBOooRwMR4qNZn1c9Iib0aKLoOjUu\_6cKTiTU0n5xZ2GwoI-z3rhIm\&utm\_source=chatgpt.com](https://www.invaluable.com/auction-lot/wayne-thiebaud-clown-from-the-recent-etchings-i-p-191-c-fcda4ff6cf?srsltid=AfmBOooRwMR4qNZn1c9Iib0aKLoOjUu_6cKTiTU0n5xZ2GwoI-z3rhIm&utm_source=chatgpt.com)

[\[72]](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/242?utm_source=chatgpt.com) 242: JOAN MIRÓ, Untitled (from the Flight portfolio)

[https://www.wright20.com/auctions/2026/04/editions-works-on-paper/242?utm\_source=chatgpt.com](https://www.wright20.com/auctions/2026/04/editions-works-on-paper/242?utm_source=chatgpt.com)

Detailed research / arbitrage notes for this sale.

Cancel