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Research Notes: Phillips – DUCHAMP & COMPANY

Phillips · New York, NY (live) · Apr 23, 2026

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Sale overview

Phillips – DUCHAMP & COMPANY

Phillips · New York, NY (live)

Date: Apr 23, 2026

Status: Researching

Quick notes

Live auction curated by Francis M. Naumann focusing on Marcel Duchamp and artists influenced by him. Includes prints, posters, book covers and a suitcase of miniatures by Duchamp, along with works by Man Ray, Robert Rauschenberg, Richard Pettibone, Mike Bidlo, Sherrie Levine, John Baldessari and Joseph Kosuth. Starts at 4:00 pm ET (1:00 pm PST). Listing: https://www.phillips.com/auction/NY030826

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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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