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Research Notes: Phillips – Modernism: Editions & Works on Paper

Phillips · New York, NY (live) · Apr 22, 2026

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Sale overview

Phillips – Modernism: Editions & Works on Paper

Phillips · New York, NY (live)

Date: Apr 22, 2026

Status: Researching

Quick notes

2 PM ET (11 AM PST). Live sale in New York celebrating editions and works on paper from the early 20th century onwards. Highlights include selections by El Lissitzky, Edvard Munch, Paul Klee, Edward Hopper, Pablo Picasso, Charles Sheeler, René Magritte, Georges Braque and others. Listing: https://www.phillips.com

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

## Acquisition Criteria

- [ ] Edition size ≤150 (or justified by strong market history)
- [ ] Clear arbitrage (geographic, cataloging error, weak photography, variant mispricing, etc.)

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## 1️⃣ Lot Extraction

- Auction: {{ event.title }} ({{ event.auction_house }} — {{ event.location }})
- Catalogue URL(s):
- Buyer’s premium schedule:

Lots of interest:
- Lot ___ – Artist, *Title*, year, medium, edition, size, signature, condition.
- Lot ___ – ...

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

For each lot:

- Recent comps:
  - [Auction House, Date] — Price, details
  - ...
- FX assumptions:
- Fair value range:
  - LOW  : $
  - MID  : $
  - HIGH : $
- Notes vs. house estimate:

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## 3️⃣ Cost Modeling

Formula: All-in = Hammer × (1 + BP) + Tax + Shipping/Insurance/Handling

- Tax assumption:
- Shipping estimate:
- Storage / framing (if any):
- Unknowns / VERIFY:

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## 4️⃣ Arbitrage Analysis (Resale Optimization)

For each viable lot:

- Optimal venue:
- Alternates:
- Price band:
- Expected liquidity window:
- Rationale:

Score:
- Arbitrage Score (0–100):
- Value Realization (±% vs estimate):
- Liquidity Tier: A / B / C

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## 5️⃣ Watchlist

Lots to watch contingent on:
- Condition checks:
- Bidding patterns:
- Catalogue discrepancies:
- Timing:

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## 6️⃣ Execution Playbook

- Bidding strategy:
- Documentation prep:
- Post-acquisition routing:
- Conservation / framing:
- Consignment target(s) + fee assumptions:

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## Integrity Notes

- Data sources:
- Unknowns flagged:
- Risks / red flags:

Detailed research / arbitrage notes for this sale.

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