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Research Notes: Roseberys London – Prints & Multiples

Roseberys London · London, UK (live) · Apr 16, 2026

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Sale overview

Roseberys London – Prints & Multiples

Roseberys London · London, UK (live)

Date: Apr 16, 2026

Status: Researching

Quick notes

British auction focusing on prints and multiples. Includes 56 lots from the Agathe Sorel and Gabor Sitkey collection, with rare prints by Paul Gauguin, Edvard Munch and David Bomberg. Original time 10:00 AM BST (2:00 AM PST). Listing: https://www.roseberys.co.uk/auction/prints-and-multiples.

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

I screened the uploaded Roseberys sale file as the lot universe and checked the live Roseberys catalogue/lot pages for the main candidates. The sale is **Roseberys, Prints \& Multiples, Thursday 16 April 2026, 10:00**. ([Roseberys London](https://www.roseberys.co.uk/prints-multiples/2026-04-16))

Bottom line: under a strict **sub-$6k estimate** filter, the **comp-backed tradeable edge is concentrated in 6 clear buys and 2 conditional cases**. The strongest arbitrage is **Lot 40 Francis Bacon**, then **Lot 412 STIK**, then a cluster of **Banksy lower-ticket prints/posters**. Several other recognizable names in the sale looked fair or overvalued after fees.

### **Core assumptions used throughout**

Roseberys states buyer’s premium as **“26% + VAT (31.2% inclusive of VAT) up to and including £20,000,”** **“25% + VAT (30% inclusive of VAT) from £20,001 to £500,000,”** and **“20% + VAT (24% inclusive of VAT) on any amount above £500,001.”** Roseberys also states VAT on hammer only when specifically indicated, and Artist’s Resale Right may apply from the sterling equivalent of €1,000. ([Roseberys London](https://www.roseberys.co.uk/terms-conditions))

FX normalization assumption: **1 GBP = 1.34357 USD** and **1 EUR = 1.17016 USD**, using XE rates viewed on **2026-04-08**. Treat these as approximate working rates for modeling, not transaction-settlement rates. ([Xe](https://www.xe.com/currencytables/))

Tax assumption: **business buyer, no additional VAT on hammer unless the lot page explicitly flags it**. None of the shortlisted public lot pages I checked showed a VAT-on-hammer warning. Shipping assumptions are estimates: **£120 inbound / £80 outbound** for small unframed works, **£180 inbound / £150 outbound** for larger framed works, **£250 inbound / £200 outbound** for the STIK five-print framed set. Seller-fee assumption on exit: **15%** for Christie’s / Phillips / Bonhams and **12%** for Tate Ward / Forum / Heritage-type specialist platforms. These seller-side percentages are assumptions, not verified consignment quotes.

## **1) Market \& arbitrage summary table**

All values below are modeled in **GBP**, with USD equivalents noted in the dossiers.

|Lot No|Artist / Title|ROSEBERYS Estimate|Fair Value (Base Hammer)|All-in Cost (Est.)|Optimal Resale Venue|Value Realization|Expected ROI (Base)|Liquidity|Notes|
|-|-|-|-|-|-|-|-|-|-|
|40|Francis Bacon, *Logic de la Sensation*, 1981|£2,000–£3,000|**£6,000**|**£3,635**|Phillips Editions London / Christie’s London|**140.0%**|**30.9%**|A|Best major-house arbitrage|
|412|STIK, *Holding hands* (set of 5)|£1,200–£1,800|**£4,300**|**£2,548**|Christie’s Contemporary Edition / Tate Ward|**186.7%**|**33.9%**|A|Scarce signed complete set|
|399|Banksy, *GDP Flower Thrower*, 2019|£500–£700|**£2,100**|**£1,038**|Tate Ward / Forum / Heritage Urban Art|**250.0%**|**62.2%**|A|Best % trade if bought cheaply|
|404|Banksy, *GDP Rat*, 2019|£800–£1,200|**£2,400**|**£1,432**|Tate Ward / Forum / Heritage Urban Art|**140.0%**|**35.2%**|A|More volatile than 399|
|400|Banksy, *Tesco Petrol Bomb*, 2011|£1,500–£2,000|**£2,800**|**£1,742**|Tate Ward / Forum / Bonhams Online|**60.0%**|**29.3%**|A/B|Prefer this unframed example|
|414|Banksy, *Tesco Petrol Bomb*, 2011|£1,500–£2,000|**£2,700**|**£1,667**|Tate Ward / Forum / Bonhams Online|**54.3%**|**27.0%**|A/B|Similar trade, more shipping risk|
|349|Richard Hambleton, *Horse and Rider, red edition*, 2015|£1,000–£1,500|**£2,400**|**£1,492**|Heritage Urban Art / Forum|**92.0%**|**25.1%**|B|Conditional; comp set is near-exact, not exact|
|196|Peter Doig, *Cyril’s Bay*, 2008|£1,800–£2,200|**£2,200**|**£1,742** at £1,200 hammer|Bonhams / Phillips Online|**10.0%**|**-2.3%** base|B|Watch only unless bidding stalls|

Lot data came from the uploaded sale file and the official Roseberys lot pages. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613228&layout=details&option=com_bidding&view=commission))

## **2) Full dossiers**

### **Lot 40 — Francis Bacon, *Logic de la Sensation*, 1981**

Official Roseberys lot page: lithograph in colours on wove, signed and numbered **64/150** in pencil, sheet **44.8 × 32.7 cm**, estimate **£2,000–£3,000**, ARR flagged. Public condition report is not posted on the page. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613228&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Phillips London**, 22 Jan 2015, same work, sold for **£10,000** on a published sold-for basis. ([Phillips](https://www.phillips.com/detail/francis-bacon/UK030115/166))
* **Phillips New York**, 25 Oct 2019, same work, sold for **$11,250** on a published sold-for basis. ([Phillips](https://www.phillips.com/detail/francis-bacon/NY030219/271))
* **Bonhams Paris** snippet indicates a 2023 sale around **€6,400** for the same title. ([Bonhams](https://www.bonhams.com/auction/28507/lot/48/francis-bacon-1909-1992-logique-de-la-sensation-1981-sabatier-28texte-de-gilles-deleuzelithographie-en-couleurs-sur-archessignee-et-numerotee-13150editions-de-la-difference-editeur-parisporte-le-cachet-sec-arts-litho-paris45-x-33-cm-a-pleine-page/))

Because Phillips’ public “sold for” figures usually include premium, I discounted those into a more conservative **hammer** fair-value range rather than treating them as raw hammer.

**Fair hammer range**

* Low: **£4,500**
* Base: **£6,000**
* High: **£8,000**

**Mispricing call**  
Clear **undervaluation** versus exact public auction history. The Roseberys estimate is well below exact same-work prints sold at larger houses. ([Phillips](https://www.phillips.com/detail/francis-bacon/UK030115/166))

**All-in acquisition model**

* Max hammer bid: **£2,600**
* Buyer’s premium: **31.2% verified**
* ARR: modeled applicable
* Shipping/handling: **£120**
* **All-in cost: £3,635** (\~**$4,884**) ([Roseberys London](https://www.roseberys.co.uk/terms-conditions))

**Exit venues**

* **Phillips – Editions London / New York**: active global editions calendar and strong 20th/21st-century editions platform. ([Phillips](https://www.phillips.com/editions?gad_source=1))
* **Christie’s – Prints \& Multiples / Contemporary Edition London**: strong specialist bench and crossover contemporary print audience. ([Christie's](https://www.christies.com/en/departments/prints-and-multiples))
* **Bonhams – Prints \& Multiples London / New York**: broad prints network and regular online/live prints sales. ([Bonhams](https://www.bonhams.com/department/PIC-PRT/prints-and-multiples/))

**Resale model**

* Expected hammer: **£4,500 / £6,000 / £8,000**
* Net-to-owner: **£3,545 / £4,760 / £6,380**
* Profit: **-£90 / +£1,125 / +£2,745**
* Profit in USD: **-$121 / +$1,511 / +$3,688**
* ROI: **-2.5% / +30.9% / +75.5%**

**Main risks**  
Condition could be decisive; exact Phillips comp level may be hard to repeat at a weaker venue; Bacon prints can be sensitive to margin condition and paper tone.

\---

### **Lot 412 — STIK, *Holding hands, blue, teal, yellow, orange and red***

Official Roseberys lot page describes **five offset lithographs in colour**, **all signed in black pen**, sheets **49 × 49 cm**, framed, estimate **£1,200–£1,800**. Public condition report is not posted. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613609&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Tate Ward @ Artsy**, 17 Nov 2022, same signed complete set, sold **£5,625 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/298-stik-british-1979--holding-hands-red-orange-yellow-blue--teal-2020/?lot=14460&sd=1))
* **Tate Ward**, 9 Dec 2020, same signed complete set, sold **£5,625 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/133-stik-british-1979--holding-hands-red-orange-yellow-blue--teal-2020/?lot=7202&sd=1))

Tate Ward’s published buyer’s premium is **30%**, implying hammer around **£4,327** on those £5,625 sold-for results. ([Invaluable](https://www.invaluable.com/auction-lot/kaws-american-1974-here-today-bronze-2022-205-c-7d04083b42))

Scarcity matters here: Christie’s and Sotheby’s note that the original distribution involved **Hackney Today** newspapers and that only a small proportion of sets were later signed, which supports the premium for a **complete signed set**. ([Christie's](https://www.christies.com/en/lot/lot-6306835))

**Fair hammer range**

* Low: **£3,200**
* Base: **£4,300**
* High: **£5,000**

**Mispricing call**  
Clear **undervaluation**, mainly because Roseberys is pricing it more like a generic STIK print grouping than a scarce **complete signed five-sheet set**.

**All-in acquisition model**

* Max hammer bid: **£1,700**
* Shipping/handling: **£250** due to five framed sheets
* **All-in cost: £2,548** (\~**$3,424**)

**Exit venues**

* **Christie’s – Contemporary Edition London**: Christie’s explicitly markets Banksy/STIK in that channel. ([Christie's](https://www.christies.com/en/stories/street-art-collecting-guide-3f62e458b2ba4b5a95fb9094f3059385))
* **Tate Ward – Urban \& Contemporary**: strongest comp evidence for this exact set. ([Tate Ward](https://www.tateward.com/auction/lot/298-stik-british-1979--holding-hands-red-orange-yellow-blue--teal-2020/?lot=14460&sd=1))
* **Heritage – Urban Art**: dedicated Urban Art department. ([Heritage Auctions](https://fineart.ha.com/urban-art/))
* **Forum – Modern, Contemporary Art \& Editions**: handles urban/contemporary crossover editions. ([Forum Auctions](https://www.forumauctions.co.uk/departments/modern-contemporary-art-and-editions))

**Resale model**

* Expected hammer: **£3,200 / £4,300 / £5,000**
* Net-to-owner: **£2,488 / £3,412 / £4,000**
* Profit: **-£60 / +£864 / +£1,452**
* Profit in USD: **-$81 / +$1,160 / +$1,950**
* ROI: **-2.4% / +33.9% / +57.0%**

**Main risks**  
Frame/shipping damage risk; signed-set premium depends on paperwork and presentation; urban-art consignments can bunch seasonally.

\---

### **Lot 399 — Banksy, *GDP Flower Thrower*, 2019**

Official Roseberys page: **monochrome screenprint on thin paper**, issued at the Croydon GDP store, sheet **76.5 × 57.5 cm**, estimate **£500–£700**, unframed. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613596&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Tate Ward**, 9 Dec 2020, exact work, sold **£3,750 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-51---banksy-british-1974--gdp-flower-thrower-2019/?lot=7726&sd=1))
* **Tate Ward**, 12 May 2020, exact work, sold **£1,875 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/74-banksy-british-1974--gdp-flower-thrower-2019/?lot=5184&sd=1))
* **Tate Ward**, 1 Sep 2022, exact work, sold **£1,375 incl. premium**; condition included a small tear. ([Tate Ward](https://www.tateward.com/auction/lot/141-banksy-british-1974--gdp-flower-thrower-2019/?lot=13516&sd=1))

Using Tate Ward’s 30% BP, those imply hammer roughly **£1,058–£2,885**. ([Invaluable](https://www.invaluable.com/auction-lot/kaws-american-1974-here-today-bronze-2022-205-c-7d04083b42))

**Fair hammer range**

* Low: **£1,100**
* Base: **£2,100**
* High: **£2,900**

**Mispricing call**  
Strong **undervaluation**. Roseberys is below the center of recent specialist-urban auction results even after allowing for GDP-paper fragility.

**All-in acquisition model**

* Max hammer bid: **£700**
* Shipping/handling: **£120**
* **All-in cost: £1,038** (\~**$1,395**)

**Exit venues**

* **Tate Ward – Urban \& Contemporary**: exact-comp venue. ([Tate Ward](https://www.tateward.com/auction/lot/lot-51---banksy-british-1974--gdp-flower-thrower-2019/?lot=7726&sd=1))
* **Forum – Modern \& Contemporary Editions**: good low-to-mid-ticket urban print fit. ([Forum Auctions](https://www.forumauctions.co.uk/departments/modern-contemporary-art-and-editions))
* **Heritage – Urban Art**: dedicated urban buyer base. ([Heritage Auctions](https://fineart.ha.com/urban-art/))
* **Bonhams Online – Prints \& Multiples**: viable lower-fee route if paper condition is strong. ([Bonhams](https://www.bonhams.com/department/PIC-PRT/prints-and-multiples/))

**Resale model**

* Expected hammer: **£1,100 / £2,100 / £2,900**
* Net-to-owner: **£844 / £1,684 / £2,356**
* Profit: **-£194 / +£646 / +£1,318**
* Profit in USD: **-$261 / +$867 / +$1,770**
* ROI: **-18.7% / +62.2% / +126.9%**

**Main risks**  
GDP sheets routinely show waviness/handling marks; one bad edge can compress value hard; avoid overbidding on the assumption that every GDP example reaches 2020 peak levels.

\---

### **Lot 404 — Banksy, *GDP Rat*, 2019**

Official Roseberys page: **screenprint on very thin paper**, sheet **38.5 × 50.5 cm**, estimate **£800–£1,200**. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613601&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Tate Ward**, 24 Nov 2020, exact work, sold **£4,688 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-58---banksy-british-1974--gdp-rat-2019/?lot=7103&sd=1))
* **Tate Ward**, 30 Mar 2022, exact work, sold **£1,250 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/277-banksy-british-1974--gdp-rat-2019/?lot=11186&sd=1))
* **Tate Ward**, 1 Sep 2022, exact work, sold **£1,250 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-142---banksy-british-1974--gdp-rat-2019/?lot=13225&sd=1))

Those imply hammer from about **£962** to **£3,606** using Tate Ward’s 30% BP. ([Invaluable](https://www.invaluable.com/auction-lot/kaws-american-1974-here-today-bronze-2022-205-c-7d04083b42))

**Fair hammer range**

* Low: **£1,200**
* Base: **£2,400**
* High: **£3,600**

**Mispricing call**  
Still **undervalued**, but more volatile than Flower Thrower because the comp range is wider.

**All-in acquisition model**

* Max hammer bid: **£1,000**
* Shipping/handling: **£120**
* **All-in cost: £1,432** (\~**$1,924**)

**Exit venues**  
Same routing as lot 399: Tate Ward / Forum / Heritage / Bonhams Online. ([Tate Ward](https://www.tateward.com/auction/lot/lot-58---banksy-british-1974--gdp-rat-2019/?lot=7103&sd=1))

**Resale model**

* Expected hammer: **£1,200 / £2,400 / £3,600**
* Net-to-owner: **£928 / £1,936 / £2,944**
* Profit: **-£504 / +£504 / +£1,512**
* Profit in USD: **-$677 / +$677 / +$2,031**
* ROI: **-35.2% / +35.2% / +105.6%**

**Main risks**  
Higher variance than 399; the best GDP Rat sale was a spike; paper quality and presentation matter.

\---

### **Lot 400 — Banksy, *Tesco Petrol Bomb*, 2011**

Official Roseberys page: **offset lithograph in colours on wove**, from an **edition of 2000**, sheet **50 × 40 cm**, unframed, estimate **£1,500–£2,000**, with Bristol Anarchist Book Fair provenance. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613597&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Tate Ward**, 16 Feb 2022, exact work, sold **£3,750 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-289---banksy-british-1974--tesco-value-petrol-bomb-2011/?lot=11321&sd=1))
* **Tate Ward**, 1 Sep 2022, exact work, sold **£2,500 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/272-banksy-british-1974--tesco-value-petrol-bomb-2011/?lot=13213&sd=1))
* Tate Ward archive also shows another exact example sold **£4,000 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/search/?au=35&g=1&pn=2&pp=12&sd=0&st=banksy&sto=0))

**Fair hammer range**

* Low: **£1,900**
* Base: **£2,800**
* High: **£3,100**

**Mispricing call**  
Moderate **undervaluation**. This is a thinner trade than the GDP works, but still acceptable if bought at or below the cap.

**All-in acquisition model**

* Max hammer bid: **£1,200**
* Shipping/handling: **£120**
* **All-in cost: £1,742** (\~**$2,341**)

**Exit venues**

* **Tate Ward – Urban \& Contemporary**: strongest exact-price evidence. ([Tate Ward](https://www.tateward.com/auction/lot/lot-289---banksy-british-1974--tesco-value-petrol-bomb-2011/?lot=11321&sd=1))
* **Forum – Modern \& Contemporary Editions**: decent price-band fit. ([Forum Auctions](https://www.forumauctions.co.uk/departments/modern-contemporary-art-and-editions))
* **Bonhams Online Prints \& Multiples**: workable for lower-value Banksy editions. ([Bonhams](https://www.bonhams.com/department/PIC-PRT/prints-and-multiples/))

**Resale model**

* Expected hammer: **£1,900 / £2,800 / £3,100**
* Net-to-owner: **£1,496 / £2,252 / £2,504**
* Profit: **-£246 / +£510 / +£762**
* Profit in USD: **-$331 / +$685 / +$1,023**
* ROI: **-14.1% / +29.3% / +43.7%**

**Main risks**  
Edition of 2000 limits ceiling; if paper is toned or lightly knocked, the thin base spread disappears.

\---

### **Lot 414 — Banksy, *Tesco Petrol Bomb*, 2011**

Official Roseberys page: similar work, sheet **48.7 × 39 cm**, framed, signed in the plate, estimate **£1,500–£2,000**. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613611&layout=details&option=com_bidding&view=commission))

**Comp logic**  
Same comp set as lot 400. ([Tate Ward](https://www.tateward.com/auction/lot/lot-289---banksy-british-1974--tesco-value-petrol-bomb-2011/?lot=11321&sd=1))

**Fair hammer range**

* Low: **£1,800**
* Base: **£2,700**
* High: **£3,000**

**Mispricing call**  
Marginally **undervalued**, but I prefer **lot 400** because it is unframed and cheaper to ship.

**All-in acquisition model**

* Max hammer bid: **£1,100**
* Shipping/handling: **£180**
* **All-in cost: £1,667** (\~**$2,240**)

**Resale model**

* Expected hammer: **£1,800 / £2,700 / £3,000**
* Net-to-owner: **£1,362 / £2,118 / £2,370**
* Profit: **-£305 / +£451 / +£703**
* Profit in USD: **-$410 / +$606 / +$944**
* ROI: **-18.3% / +27.0% / +42.2%**

**Main risks**  
Frame adds freight and inspection risk; lower margin than lot 400.

\---

### **Lot 349 — Richard Hambleton, *Horse and Rider, red edition*, 2015**

Official Roseberys page: **giclée print in colours on wove**, embossed signature, numbered **18/75**, sheet **128 × 89 cm**, framed, estimate **£1,000–£1,500**. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613544&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Tate Ward**, 2020, *Horse \& Rider – Red*, sold **£3,125 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-292---richard-hambleton-canadian-1952-2017-horse--rider---red-2018/?lot=12234&sd=1))
* **Tate Ward**, 2020, another *Horse \& Rider – Red*, sold **£3,000 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-356---richard-hambleton-canadian-1952-2017-horse--rider---red-2018/?lot=12330&sd=1))
* **Tate Ward**, 2021, *Horse \& Rider*, sold **£3,500 incl. premium**. ([Tate Ward](https://www.tateward.com/auction/lot/lot-141---richard-hambleton-canadian-1952-2017-horse--rider-2005/?lot=13276&sd=1))

These are **near-exact** rather than perfectly exact matches, so this one is lower confidence.

**Fair hammer range**

* Low: **£1,700**
* Base: **£2,400**
* High: **£2,800**

**Mispricing call**  
Likely **undervalued**, but this is a more conditional call than the Bacon/STIK/Banksy group.

**All-in acquisition model**

* Max hammer bid: **£1,000**
* Shipping/handling: **£180**
* **All-in cost: £1,492** (\~**$2,005**)

**Exit venues**

* **Heritage – Urban Art**. ([Heritage Auctions](https://fineart.ha.com/urban-art/))
* **Forum – Modern \& Contemporary Editions**. ([Forum Auctions](https://www.forumauctions.co.uk/departments/modern-contemporary-art-and-editions))
* **Bonhams Prints \& Multiples Online** for a quicker lower-friction exit. ([Bonhams](https://www.bonhams.com/department/PIC-PRT/prints-and-multiples/))

**Resale model**

* Expected hammer: **£1,700 / £2,400 / £2,800**
* Net-to-owner: **£1,278 / £1,866 / £2,202**
* Profit: **-£214 / +£374 / +£710**
* Profit in USD: **-$288 / +$502 / +$954**
* ROI: **-14.3% / +25.1% / +47.6%**

**Main risks**  
Near-exact, not exact, comps; oversized framed work raises shipping/storage friction; Hambleton market can be streaky.

\---

### **Lot 196 — Peter Doig, *Cyril’s Bay*, 2008**

Official Roseberys page: **giclée print in colours with screenprinted varnish on wove**, signed with initials, dated and numbered **125/500**, published by Tate, sheet **51.3 × 39 cm**, estimate **£1,800–£2,200**. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613387&layout=details&option=com_bidding&view=commission))

**Key comps outside Roseberys**

* **Sworders**, 15 Apr 2025, exact work, sold **£2,200**. ([Sworders](https://www.sworder.co.uk/auction/lot/421-peter-doig-b1959/?lot=530457))
* **Bonhams London** via Art.Salon mirror, 9 Dec 2021, exact work, sold **£1,275**. ([Art.Salon](https://www.art.salon/artwork/peter-doig_cyrils-bay_AID519017))

**Fair hammer range**

* Low: **£1,500**
* Base: **£2,200**
* High: **£2,500**

**Mispricing call**  
At current Roseberys bidding levels this is **not a true arbitrage**. Include only as a conditional case if bidding stalls.

**All-in acquisition model**

* At **£1,200 hammer**, all-in is **£1,742** (\~**$2,341**)
* Base case still gives **negative** ROI.

**Exit venues**

* **Bonhams Prints \& Multiples**. ([Bonhams](https://www.bonhams.com/department/PIC-PRT/prints-and-multiples/))
* **Phillips Online Editions**. ([Phillips](https://www.phillips.com/editions?gad_source=1))

**Resale model at £1,200 hammer acquisition**

* Expected hammer: **£1,500 / £2,200 / £2,500**
* Net-to-owner: **£1,135 / £1,702 / £1,945**
* Profit: **-£607 / -£40 / +£203**
* Profit in USD: **-$816 / -$54 / +$272**
* ROI: **-34.9% / -2.3% / +11.6%**

**Main risks**  
Too little spread after fees; edition of 500 caps urgency; only worth monitoring if bidding remains anomalously low.

## **3) Watchlist**

These are not top targets now, but worth checking if condition/paperwork improves the case.

**Lot 206 — Damien Hirst, *Forever (small)*, 2020**  
Exact Bonhams New York result around **$1,658** does not leave enough margin after fees despite Roseberys’ lower estimate. Need a very cheap hammer or a seller-fee deal on exit. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613398&layout=details&option=com_bidding&view=commission))

**Lot 207 — Damien Hirst, *Fruitful (small)*, 2020**  
Edition is larger than *Forever (small)* and Roseberys pricing already looks near fair. Verify reverse-label condition and box completeness. ([Roseberys London](https://www.roseberys.co.uk/index.php?id=613399&layout=details&option=com_bidding&view=commission))

**Lot 357 — Chris Levine, *Lightness of Being (Freedom edition)*, 2021**  
Tate Ward sold an exact example for **£2,500 incl. premium**, almost exactly where Roseberys is estimating it. No edge unless it slips materially. ([Tate Ward](https://www.tateward.com/auction/lot/lot-189---chris-levine-canadian-1960--lightness-of-being-freedom-edition-2021/?lot=16384&sd=1))

**Lot 331 — Keith Haring, *Free South Africa*, 1986**  
Large poster, distributed edition of **20,000**; Swann-level pricing is lower than Roseberys’ estimate. Needs format/condition surprise to work. ([Invaluable](https://www.invaluable.com/auction-lot/keith-haring-free-south-africa-186-c-70c785377e))

**Lot 325 — Bob Dylan, *Brooklyn Bridge, 7am*, 2023**  
Tennants sold an example for **£1,100**; Roseberys is estimating **£1,500–£2,000**. No arbitrage unless bidding is very soft. ([Tennants Auctioneers](https://auctions.tennants.co.uk/auction/lot/663-bob-dylan-b1941-american-brooklyn-bridge/?lot=2466052&sd=1))

## **4) Bidding \& execution playbook**

### **Priority order**

1. **Lot 40 Francis Bacon**
2. **Lot 412 STIK**
3. **Lot 399 Banksy GDP Flower Thrower**
4. **Lot 404 Banksy GDP Rat**
5. **Lot 400 Banksy Tesco Petrol Bomb**
6. **Lot 414 Banksy Tesco Petrol Bomb**
7. **Lot 349 Richard Hambleton**
8. **Lot 196 Peter Doig** only if bidding stalls

### **Max hammer bids**

* Lot 40 Bacon: **£2,600**
* Lot 412 STIK: **£1,700**
* Lot 399 Banksy GDP Flower Thrower: **£700**
* Lot 404 Banksy GDP Rat: **£1,000**
* Lot 400 Banksy Tesco Petrol Bomb: **£1,200**
* Lot 414 Banksy Tesco Petrol Bomb: **£1,100**
* Lot 349 Hambleton: **£1,000**
* Lot 196 Doig: **£1,000–£1,100**, otherwise pass

### **How to bid**

Use **absentee bids** for the thin-margin pieces so you do not chase them emotionally. Stay **live** for the Bacon, STIK, and the two best Banksys, because those are the only lots where a modest extra increment can still make sense if competing interest is light.

### **Sequencing**

Do **not** plan to buy both Banksy Tesco Petrol Bombs unless one comes in significantly below reserve logic. Prefer **Lot 400** over **Lot 414**. Within the GDP pair, **Flower Thrower** has the best percentage upside; **GDP Rat** has the bigger variance.

### **Documentation to secure**

Get the **invoice**, screenshots/PDF of the **Roseberys description**, any **provenance note** shown on the lot page, and any associated packaging or issue-specific material:

* GDP works: anything linking back to **Gross Domestic Product / Croydon issue context**
* STIK: anything supporting the **complete signed set**
* Hirsts: reverse-label photos and **HENI box**
* Banksy Tesco works: provenance note tied to **Bristol Anarchist Book Fair**

### **Logistics / conservation**

Do not reframe or conserve unless a specialist says the intervention will raise auctionability. For GDP Banksys, condition traits from the very thin stock are often considered inherent by specialist houses, but edge tears and corner losses are not. ([Tate Ward](https://www.tateward.com/auction/lot/lot-58---banksy-british-1974--gdp-rat-2019/?lot=7103&sd=1))

## **Final view**

The sale does **not** present 12–16 equally strong trades. It presents about **six genuinely actionable arbitrage lots**, plus **two conditional** ones. The best executable basket is:

* **Bacon 40**
* **STIK 412**
* **Banksy 399 / 404 / 400**
* optionally **Banksy 414**
* optionally **Hambleton 349**

What is incomplete: I could not verify **private condition reports** where Roseberys requires a request/login, and I did not obtain house-specific **seller’s-commission quotes** for your outbound consignments, so exit-fee assumptions remain modeled rather than verified. Those two variables could move the weaker trades from “go” to “pass.”

---
---

I screened the full Roseberys upload against the auction-only framework in your playbook. The upload supplies the lot universe, estimates, and bid snapshot; Roseberys’ live lot pages confirm the sale is on **Thursday 16 April 2026**. Roseberys’ terms show **31.2% buyer’s premium up to £20,000**, **30% on the next £480,000**, and **ARR at 4% up to £50,000 on qualifying lots**, which means sub-£20k living/ARR-eligible material often carries about **35.2% friction before shipping**. I modeled **0% tax**, **12% seller’s commission** on exit, and **£1 = $1.33** because the uploaded sheet itself uses roughly that conversion.   ([Roseberys London][1])

Bottom line: this is **not** a deep-buy catalog after fees. At the bid levels currently shown in the upload/live pages, only **2 lots qualify as true arbitrage buys** and **2 more are conditional only**. The rest are either already at fair auction value once Roseberys fees are added, or they lack enough transparent auction-only comp support to justify a flip. The best absolute opportunity is **Lot 398 Banksy, HMV**; the best percentage edge is **Lot 310 Robert Motherwell, Flags**.  ([Phillips][2])

### Summary table

The table below uses the **current shown bid** from the upload/live page, Roseberys’ published fee schedule, 0% tax, and the shipping assumptions stated underneath. Fair value is modeled as **hammer**, not total price. Liquidity tiers follow your A/B/C framework.   ([Roseberys London][3])

| Lot No | Artist / Title                                    |       Estimate | Fair Value (Base hammer) | All-in Cost | Best Venue            | Value Realization % |     ROI % | Liquidity | Notes                                                                                                                                                                       |
| ------ | ------------------------------------------------- | -------------: | -----------------------: | ----------: | --------------------- | ------------------: | --------: | --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 398    | Banksy / *HMV*                                    | £7,000–£10,000 |   **$24,000** (~£18,045) | **$12,787** | Phillips              |           **+112%** |  **+65%** | A         | Exact-market support from Phillips **$32,760** and Christie’s **£27,720**. Ceiling: **~£9.7k**. ([Phillips][2])                                                             |
| 310    | Robert Motherwell / *Flags*                       |  £2,000–£3,000 |     **$6,500** (~£4,887) |  **$2,850** | Phillips / Christie’s |            **+95%** | **+101%** | B         | Exact-work cluster: Heritage **$7,500**; Christie’s **$6,325** and **$10,710**. Ceiling: **~£2.47k**. ([Heritage Auctions][4])                                              |
| 331    | Keith Haring / *Free South Africa*                |    £800–£1,200 |     **$1,800** (~£1,353) |  **$1,199** | Swann                 |            **+35%** |  **+32%** | B         | Only if signature and condition check out. Signed public comp sold **$1,400**; Swann carried a signed example at **$2k–3k** estimate. Ceiling: **~£619**. ([John Moran][5]) |
| 158    | David Hockney / *Felicite sleeping with a Parrot* |  £3,000–£5,000 |     **$5,200** (~£3,910) |  **$3,862** | Christie’s / Bonhams  |             **-2%** |  **+18%** | B         | Exact-work data are thin; this only works if the hammer stays around **£2k**. Ceiling: **~£1.97k**. ([Christie's][6])                                                       |

Assumed shipping: **£150** for Lot 398, **£250** for Lot 310, **£180** for Lot 331, **£200** for Lot 158. Seller fee assumed **12%** on exit because your playbook says to model **10–20%** when unknown.

## Full dossiers

### 1) Lot 398 — Banksy, *HMV* — **BUY**

Roseberys lists Lot 398 as Banksy’s *HMV*, 2003, an **unsigned impression from the edition of 600**, numbered **399/600** in pencil, stamped “Banksy” in red, with the Pictures on Walls blindstamp and a **Pest Control certificate**; the lot is estimated at **£7,000–£10,000** and the live page shows **£7,000**. ([Roseberys London][7])

Comp support is clean and directly relevant. Phillips sold an unsigned *HMV* impression **206/600** with Pest Control for **$32,760**, and Christie’s lists *HMV Dog* at **£27,720 price realised**. Those are public sold/price-realized figures, so I haircut them into a conservative hammer range rather than treating the gross figures as hammer. ([Phillips][2])

My fair hammer range is **$20,000 / $24,000 / $26,000**. At a **£7,000** hammer, modeled all-in is **$12,786.62**. Net to owner at a 12% seller fee is **$17,600 / $21,120 / $22,880**, which implies modeled profit of **$4,813 / $8,333 / $10,093** and ROI of **38% / 65% / 79%**. Bid ceiling for maintaining a **20% base-case ROI** is about **£9,677**.  ([Roseberys London][3])

Best exit route is **Phillips Editions** first, then **Christie’s Prints**, then **Sotheby’s**. That routing is supported by the exact public comp depth already visible at Phillips and Christie’s. Liquidity is **A**. Main risk is simply price creep: if the lot runs materially above **~£9.7k hammer**, the spread compresses fast. ([Phillips][2])

### 2) Lot 310 — Robert Motherwell, *Flags* — **BUY**

Roseberys lists Lot 310 as Robert Motherwell’s *Flags*, 1989: lithograph and embossing on red Moriki appliqué, **signed with initials**, **numbered 61/68**, published by Tyler Graphics, sheet **92.1 x 76.2 cm**, framed. The upload shows **£2,000–£3,000 estimate** and **£1,400 current bid**.  ([Roseberys London][3])

This is the cleanest exact-work mismatch in the sale. Public exact-work results include Heritage at **$7,500**, Christie’s at **$6,325**, and Christie’s again at **$10,710**. That is unusually strong comp triangulation for an editioned print in this price band. ([Heritage Auctions][4])

I model fair hammer at **$5,500 / $6,500 / $8,500**. At the uploaded **£1,400** bid, modeled all-in is **$2,849.92**. Net to owner after a 12% seller fee is **$4,840 / $5,720 / $7,480**, giving modeled profit of **$1,990 / $2,870 / $4,630** and ROI of **70% / 101% / 162%**. Bid ceiling for a **20% base-case ROI** is about **£2,466**.  ([Roseberys London][3])

Best exit is **Phillips Editions** or **Christie’s Prints & Multiples**, with **Heritage** as the U.S. backup venue. Placement fit is high because the exact public comp set already lives at those houses. Liquidity is **B** rather than A because Motherwell editions are liquid but not as instantly tradable as blue-chip Banksy. The main risk is condition sensitivity around the Moriki appliqué and the framed presentation. ([Heritage Auctions][4])

### 3) Lot 331 — Keith Haring, *Free South Africa* — **CONDITIONAL ONLY**

Roseberys lists Lot 331 as *Free South Africa*, 1986, an offset lithograph in colours, **signed in black marker and dated**, sheet **122 x 123 cm**, framed; the note says the vendor met Haring and had the work signed directly. The upload shows **£800–£1,200 estimate** and **£550 current bid**.  ([Roseberys London][8])

The market split is all about signature quality and condition. John Moran sold a signed example for **$1,400** in July 2023, while Swann catalogued a signed and inscribed copy at **$2,000–$3,000** estimate. That is enough to support a trade only if the signature is right and the sheet condition is materially better than the rolled/poster-grade comps. ([John Moran][5])

I model fair hammer at **$1,400 / $1,800 / $2,200**, but only **conditional on signature and condition**. At **£550** hammer, modeled all-in is **$1,199.13**. Net to owner is **$1,232 / $1,584 / $1,936**, for modeled profit of **$33 / $385 / $737** and ROI of **3% / 32% / 61%**. Bid ceiling for a **20% base-case ROI** is only about **£619**.  ([Roseberys London][3])

Best venue is **Swann** first, then **Heritage** or **Bonhams**. Liquidity is **B** because signed Haring posters are saleable, but the buyer pool is narrower than for certified editioned screenprints. This is not a blind buy. It is a verification trade. ([John Moran][5])

### 4) Lot 158 — David Hockney, *Felicite sleeping with a Parrot* — **CONDITIONAL ONLY**

Roseberys lists Lot 158 as Hockney’s *Felicite sleeping with a Parrot*, 1974, an etching with aquatint in colours on wove, **signed, dated and numbered 38/100**, printed by Crommelynck, published by Petersburg Press, sheet **37 x 39 cm**, framed, with Sims Reed provenance. The upload shows **£3,000–£5,000 estimate** and **£2,000 current bid**.  ([Roseberys London][9])

The issue is not authenticity or quality; it is margin. Exact-work public data are thin: Christie’s shows **£4,000 price realised** in 2009, a proof example carried a **£3,000–£5,000 estimate** in 2024, and a 2017 Koller result surfaced at **CHF 4,750**. That supports a fair value band, but not a fat edge. ([Christie's][6])

I model fair hammer at **$4,500 / $5,200 / $6,000**. At **£2,000** hammer, modeled all-in is **$3,862.32**. Net to owner is **$3,960 / $4,576 / $5,280**, for modeled profit of **$98 / $714 / $1,418** and ROI of **3% / 18% / 37%**. Bid ceiling for a **20% base-case ROI** is about **£1,973**. In practice, that means this is only viable if the lot stays roughly where it is now.  ([Roseberys London][3])

Best exit is **Christie’s Online**, **Bonhams Prints**, then **Phillips Editions**. Liquidity is **B**. This is a thin-spread, low-error trade, not a slam dunk.

## Watchlist

**Lot 314 — Andy Warhol, *Flowers* (II.65), 1970).** Roseberys lists the lot as **unsigned and unnumbered**, sheet **91.4 x 91.4 cm**, with Richard Polsky authentication, at **£18,000–£22,000 estimate** and **£12,000** shown on the live page. Public Phillips results for comparable **unsigned proofs** range from **£16,250** to **£47,880**, with another at **£22,500** and another at **£20,000**. That range is too wide to treat as clean arbitrage when Roseberys’ starting point already becomes roughly **£15.7k before shipping** even at buyer’s premium alone. This is a **watchlist, not a blind bid**. ([Roseberys London][10])

**Lot 205 — Damien Hirst, *Benzyloxyurea, from 40 Woodcut Spots*.** Roseberys has a good object here—signed, numbered **8/55**, Paragon Press, with provenance to Christie’s New York in 2024—but I did not find a transparent public sold figure for a directly comparable recent impression, only exact cataloguing references. Without one more public comp, it does not meet the standard for executable arbitrage. ([Roseberys London][11])

**Lot 413 — Stik, *Standing Figure (Grey)*, 2015.** Roseberys lists a **PP 1/4** deluxe book-edition variant with Squarity certificate and a live **£14,000** current bid against a **£20,000–£30,000** estimate. The format is interesting, but the public comp set I found was not transparent enough for this exact deluxe proof configuration. Keep it on watch, but do not force a bid without a directly comparable result. ([Roseberys London][12])

**Lot 410 — D*Face, *A*Hole (Orange)*.** The upload shows **£3,500–£4,500 estimate** and **£2,200 current bid**. Roseberys describes it as a **unique screenprint in colours**. That uniqueness may be attractive, but it also makes fast auction-only comping much weaker. This is speculative placement, not pure arbitrage.  ([Roseberys London][7])

## Clear passes

**Lot 405 — Banksy, *Jack and Jill*.** The live Roseberys page shows **£20,000 current bid** on a signed edition of **350** with Pest Control. Phillips public results at **£24,130** and **£33,020** do not leave enough room once Roseberys fees and seller-side exit costs are applied. This is market-level, not a discount. ([Roseberys London][13])

**Lot 357 — Chris Levine, *Lightness of Being* (Freedom edition), 2021.** Roseberys shows **£1,400** against **£2,000–£3,000**. A Chiswick exact Freedom edition sold for **£1,890 including premium** in February 2026, while Roseberys has also previously carried stronger *Lightness of Being* variants unsold at much higher levels. There is no clear spread here. ([Roseberys London][14])

**Lot 325 — Bob Dylan, *Brooklyn Bridge, 7am*, 2023.** The upload shows **£1,000** current bid against **£1,500–£2,000** estimate. Roseberys already sold the same work in February 2026 for **£1,706 including premium**. That leaves almost no room after fees and shipping.  ([Roseberys London][15])

**Lot 312 — Andy Warhol, *Mick Jagger* (F&S II.138), 1975.** Roseberys shows **£55,000** on a strong impression signed by Warhol and Mick Jagger. Recent Phillips public sold-for figures of **$98,750** and **$96,750** for comparable examples suggest Roseberys’ live bid is already at near-market total-cost territory before any resale friction. Pass. ([Roseberys London][16])

## Final take

This scan comes out **2 buys / 2 conditionals / 4 watchlist / pass on the balance**. The catalog’s fee drag is the main problem, not the estimates. Bid the **ceilings**, not the estimates: about **£9.7k on Banksy HMV** and **£2.47k on Motherwell Flags** are the only numbers here that still preserve robust, comp-supported auction-only arbitrage.

[1]: https://www.roseberys.co.uk/index.php?id=613504&layout=details&option=com_bidding&view=commission&utm_source=chatgpt.com "Roseberys London | Robert Motherwell, American 1915-1991, Flags,"
[2]: https://www.phillips.com/detail/banksy/159404?utm_source=chatgpt.com "Banksy Editions & Works on Paper - phillips.com"
[3]: https://www.roseberys.co.uk/index.php?id=613504&layout=details&option=com_bidding&view=commission "https://www.roseberys.co.uk/index.php?id=613504&layout=details&option=com_bidding&view=commission"
[4]: https://fineart.ha.com/itm/prints-and-multiples/robert-motherwell-1915-1991-flags-1989lithograph-with-embossing-on-chine-applique-of-red-moriki-handmade-paper/a/8098-65098.s?utm_source=chatgpt.com "Robert Motherwell (1915-1991). Flags, 1989. Lithograph with | Lot ..."
[5]: https://www.johnmoran.com/auction-lot/keith-haring-1958-1990-free-south-africa-19_1514165B80?utm_source=chatgpt.com "Lot - Keith Haring (1958-1990), \"Free South Africa,\" 1985, Offset ..."
[6]: https://www.christies.com/en/lot/lot-5251800?utm_source=chatgpt.com "Félicité sleeping, with Parrot: Illustration for A Simple Heart of ..."
[7]: https://www.roseberys.co.uk/index.php?el=613595&id=613595&layout=details&lo=&option=com_bidding&pp=96&view=commission "https://www.roseberys.co.uk/index.php?el=613595&id=613595&layout=details&lo=&option=com_bidding&pp=96&view=commission"
[8]: https://www.roseberys.co.uk/index.php?id=613526&layout=details&option=com_bidding&view=commission "https://www.roseberys.co.uk/index.php?id=613526&layout=details&option=com_bidding&view=commission"
[9]: https://www.roseberys.co.uk/index.php?id=613349&layout=details&option=com_bidding&view=commission "https://www.roseberys.co.uk/index.php?id=613349&layout=details&option=com_bidding&view=commission"
[10]: https://www.roseberys.co.uk/a0777-lot-613507-andy-warhol-american-1928-1987-flowers-ii-65-1970-silkscreen-ink-on "https://www.roseberys.co.uk/a0777-lot-613507-andy-warhol-american-1928-1987-flowers-ii-65-1970-silkscreen-ink-on"
[11]: https://www.roseberys.co.uk/index.php?el=613397&id=613397&layout=details&lo=&option=com_bidding&pp=96&view=commission "https://www.roseberys.co.uk/index.php?el=613397&id=613397&layout=details&lo=&option=com_bidding&pp=96&view=commission"
[12]: https://www.roseberys.co.uk/index.php?id=613610&layout=details&option=com_bidding&view=commission "https://www.roseberys.co.uk/index.php?id=613610&layout=details&option=com_bidding&view=commission"
[13]: https://www.roseberys.co.uk/index.php?id=613602&layout=details&option=com_bidding&view=commission "https://www.roseberys.co.uk/index.php?id=613602&layout=details&option=com_bidding&view=commission"
[14]: https://www.roseberys.co.uk/index.php?el=613552&id=613552&layout=details&lo=&option=com_bidding&pp=96&view=commission "https://www.roseberys.co.uk/index.php?el=613552&id=613552&layout=details&lo=&option=com_bidding&pp=96&view=commission"
[15]: https://www.roseberys.co.uk/a0766-lot-609545-bob-dylan-american-b-1941-brooklyn-bridge-7am-2023-giclee-print-on "https://www.roseberys.co.uk/a0766-lot-609545-bob-dylan-american-b-1941-brooklyn-bridge-7am-2023-giclee-print-on"
[16]: https://www.roseberys.co.uk/a0777-lot-613614-andy-warhol-american-1928-1987-mick-jagger-f-and-s-ii-138 "https://www.roseberys.co.uk/a0777-lot-613614-andy-warhol-american-1928-1987-mick-jagger-f-and-s-ii-138"

Detailed research / arbitrage notes for this sale.

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