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Research Notes: Heritage Auctions – Prints & Multiples Signature Auction #8250

Heritage Auctions · Dallas, TX (online) · Apr 23, 2026

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Sale overview

Heritage Auctions – Prints & Multiples Signature Auction #8250

Heritage Auctions · Dallas, TX (online)

Date: Apr 23, 2026

Status: Researching

Quick notes

Signature auction focusing on modern and contemporary prints and multiples. Highlights include works by David Hockney, Andy Warhol, Roy Lichtenstein, Banksy, RETNA and Harland Miller. Time not specified. Listing: https://fineart.ha.com/c/auction-home.zx?SaleNo=8250

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

I screened the full Heritage universe in your uploaded files and stayed inside your auction-only playbook. Heritage’s live lot pages for this sale show a 25% buyer’s premium (minimum $49); I assumed tax-exempt purchase, 15% seller commission on exit, and shipping of $175 for small ceramics, $200 for small/medium unframed works on paper, $250 for the larger Lawrence sheets, and $350 for the framed Banksy. Heritage also states that its visible final selling prices include buyer’s premium, so I back-calculated approximate hammer for Heritage comps; for Christie’s “Price realised” and Phillips “Sold For” figures, I treated the public number as a gross result and used conservative hammer inferences rather than pretend precision. For GBP comps I used a rough £1 ≈ $1.34 proxy. Because proxy bidding is still open, the hammer ceilings matter more than today’s bid snapshot.   ([Heritage Auctions][1])

Only six lots clear the bar. The cleanest estimate-level mispricings are 77083 Banksy, 77062 Picasso, and 77071 Picasso. The best bid-floor trades are 77078 Jacob Lawrence, 77066 Picasso, and 77080 Jacob Lawrence; those are attractive only if they stay under disciplined hammer ceilings. ([Heritage Auctions][2])

### Summary table

| Lot   | Artist / Title                           | Estimate | Base Fair Hammer | All-in @ current/opening | Best Venue                  | Value Realization | Base ROI @ current/opening | Liquidity | Notes                                                                                                                                                                                      |
| ----- | ---------------------------------------- | -------: | ---------------: | -----------------------: | --------------------------- | ----------------: | -------------------------: | --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| 77083 | Banksy / *Flying Copper*                 | $10k–15k |           $22.0k |                    $6.9k | Phillips London             |              +76% |                      +171% | A         | Same Heritage object failed in Jan 2026; comparable unsigned London examples sold £30,480 at Christie’s and £37,800 at Phillips. ([Heritage Auctions][3])                                  |
| 77062 | Picasso / *Picador entrant dans l’arène* |   $5k–7k |            $7.5k |                    $3.3k | Christie’s / Phillips       |              +25% |                       +92% | A-B       | Current lot is signed ed. 23/50 with mild–moderate toning; 2024 Heritage comp sold $11,250 gross on a larger sheet, so I haircut materially. ([Heritage Auctions][1])                      |
| 77071 | Picasso / *Sujet colombe* (A.R. 435)     |   $4k–6k |            $6.0k |                    $2.9k | Christie’s Picasso Ceramics |              +20% |                       +74% | B         | Current lot is clean; exact Heritage comp sold $5,250 gross in 2024, while Christie’s realized $15,000 gross in 2020 on an example with a small chip/restoration. ([Heritage Auctions][4]) |
| 77078 | Jacob Lawrence / *Play*                  |   $6k–8k |            $7.0k |                    $4.0k | Heritage / Swann            |                0% |                       +49% | A         | Exact same work sold $8,750 gross at Heritage in Jun 2025 and Mar 2026; current condition report is still only “available on request.” ([Heritage Auctions][5])                            |
| 77066 | Picasso / *Tête polychrome* (A.R. 455)   |   $4k–6k |            $4.5k |                    $2.7k | Christie’s Picasso Ceramics |              -10% |                       +43% | B         | Current lot has accretions and stable glaze hairlines; exact Christie’s A.R.455 examples realized $10,000 and $5,250 gross, with another at £4,375 gross. ([Heritage Auctions][6])         |
| 77080 | Jacob Lawrence / *Stained Glass Windows* |   $4k–6k |            $3.8k |                    $2.7k | Heritage / Swann            |              -24% |                       +20% | B         | Exact Heritage comp sold $4,750 gross in Aug 2025; current condition report is not yet public, so margin is thin. ([Heritage Auctions][7])                                                 |

Twenty-percent base-case hammer ceilings: 77083 about $12.2k, 77062 about $4.1k, 77071 about $3.26k, 77078 about $3.77k, 77066 about $2.41k, and 77080 about $2.0k. Above those levels, the spread compresses too far.

### Dossiers

**77083 — Banksy, *Flying Copper***
Edition 101/600, Pest Control COA, current bid $5,250, estimate $10k–15k. The exact same Heritage object failed to sell in Jan 2026, but comparable unsigned London examples sold £30,480 at Christie’s and £37,800 at Phillips; that makes this a venue-arbitrage lot, not just a cheap-catalog lot. My fair hammer is $18k / $22k / $26k, best routed to Phillips London, Christie’s London, or Bonhams London. At today’s bid, expected profit is roughly $8.4k / $11.8k / $15.2k low/base/high. Main risks are the pinhole repairs, condition-sensitive UK buyers, and the fact that this lot is obvious enough to get bid up hard. ([Heritage Auctions][3])

**77062 — Picasso, *Picador entrant dans l’arène***
Signed edition 23/50, estimate $5k–7k, opener $2,500, with mild to moderate toning. The best public comp is Heritage’s Apr 2024 result at $11,250 gross, but that example was on a larger sheet and also had staining, so I haircut to a $6.5k / $7.5k / $8.5k hammer range. Best exits are Christie’s or Phillips editions sales, with Heritage Signature as a fallback. At the opener, expected profit is about $2.2k / $3.1k / $3.9k. Main risk is that the size mismatch versus the 2024 comp means you should not chase this above about $4.1k hammer. ([Heritage Auctions][1])

**77071 — Picasso, *Sujet colombe* (A.R. 435)**
Edition 390/500, current bid $2,200, estimate $4k–6k, and Heritage says there are no major condition issues. The public comp set is unusually wide: Heritage sold an exact example for $5,250 gross in Dec 2024, while Christie’s sold an exact example for $15,000 gross in 2020 even though that one had a small chip and restoration to the tail. That spread is exactly why this is interesting: Heritage is pricing this like a routine mid-market ceramic, while the stronger ceramic venues can do materially better. I underwrite $4.5k / $6.0k / $8.0k hammer and would route to Christie’s Picasso Ceramics, Sotheby’s Picasso Ceramics, or Heritage if the London houses are unavailable. At today’s bid, expected profit is about $0.9k / $2.2k / $3.9k. ([Heritage Auctions][4])

**77078 — Jacob Lawrence, *Play***
Edition 108/135, current bid $3,000, estimate $6k–8k; Heritage has not yet published the condition report. The comp support is excellent: the exact same work sold for $8,750 gross at Heritage in Jun 2025 and again for $8,750 gross in Mar 2026. That puts fair hammer around $6.5k / $7.0k / $7.5k. This is less about venue lift and more about buying below a very recent clearing level, so the best exits are Heritage again, then Swann or Bonhams. At today’s bid, expected profit is about $1.5k / $2.0k / $2.4k, but I would not go above roughly $3.75k hammer without seeing a clean condition report. ([Heritage Auctions][5])

**77066 — Picasso, *Tête polychrome* (A.R. 455)**
Edition 78/200, current bid $2,000, estimate $4k–6k; Heritage notes surface accretions and stable glaze hairlines. Public exact results at Christie’s cluster from $5,250 gross to $10,000 gross, with another live-sale result at £4,375 gross, so I mark this at $3.8k / $4.5k / $5.5k hammer after the condition haircut. Best exits are Christie’s Picasso Ceramics, Sotheby’s Picasso Ceramics, or Heritage. At today’s bid the trade still works, with roughly $0.6k / $1.15k / $2.0k expected profit, but the glaze hairlines cap how aggressive you should be. ([Heritage Auctions][6])

**77080 — Jacob Lawrence, *Stained Glass Windows***
Edition 44/135, opener $2,000, estimate $4k–6k, and the condition report is not yet public. Heritage sold the exact same work for $4,750 gross in Aug 2025, which supports only a modest $3.5k / $3.8k / $4.25k hammer band. That means this is a thin trade, not a true asymmetry: fine to buy at the floor, not fine to chase. Best exits are Heritage or Swann. ([Heritage Auctions][7])

### Watchlist

77079 Jacob Lawrence, *Revolt on the Amistad*: exact Heritage comps run from $4,500 gross in Sep 2025 to $8,125 gross in 2022, but the 2022 example was rolled and had craquelure; with the current lot’s condition report still unavailable, the spread is too wide to underwrite above the opener. ([Heritage Auctions][8])

77050 Lee Krasner, *Free Space (Pink)*: Heritage describes a 7 5/8 × 10 1/4 in sheet, while public Pink/Green/Yellow deluxe examples are typically around 19 1/2 × 26 in. That dimension anomaly makes comp matching unsafe until verified. ([Heritage Auctions][9])

77082 Keith Haring, *Untitled, from Pop Shop III*: exact Heritage examples sold $27,500 gross in 2021 and 2022, which broadly validates the catalog estimate band rather than disproves it. This is only interesting if it somehow stalls far below estimate, which is unlikely.  ([Heritage Auctions][10])

77052 Robert Motherwell, *Mask (for Ingmar Bergman)*: the exact Christie’s public result at $6,048 gross in Apr 2024 is too close to the current estimate once buyer’s premium, shipping, and exit fees are added. ([Heritage Auctions][11])

77057 Joan Miró, *Gaudí VIII*: there is an exact Christie’s result at $10,625 gross, but it is from 2012 and too stale to lean on without a recent confirming comp.  ([Christie's][12])

Net: the best executable lot in the sale is 77083, followed by 77062 and 77071. The Lawrence prints are good only if you buy them cheaply; the estimate itself is not the edge there.

[1]: https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-picador-entrant-dans-l-arene-1959-linocut-in-colors-on-arches-paper-11-3-8-x-13-3-4-inches/a/8250-77062.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-picador-entrant-dans-l-arene-1959-linocut-in-colors-on-arches-paper-11-3-8-x-13-3-4-inches/a/8250-77062.s?ic4=ListView-ShortDescription-071515"
[2]: https://fineart.ha.com/itm/prints-and-multiples/banksy-b-1974-flying-copper-2003-screenprint-in-colors-on-wove-paper-39-3-8-x-27-5-8-inches-1001-x-701-cm-/a/8250-77083.s?ic4=ListView-ShortDescription-071515&utm_source=chatgpt.com "Banksy (b. 1974). Flying Copper, 2003. Screenprint in colors on | Lot #77083 | Heritage Auctions"
[3]: https://fineart.ha.com/itm/prints-and-multiples/banksy-b-1974-flying-copper-2003-screenprint-in-colors-on-wove-paper-39-3-8-x-27-5-8-inches-1001-x-701-cm-/a/8250-77083.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/banksy-b-1974-flying-copper-2003-screenprint-in-colors-on-wove-paper-39-3-8-x-27-5-8-inches-1001-x-701-cm-/a/8250-77083.s?ic4=ListView-ShortDescription-071515"
[4]: https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-sujet-colombe-ar-435-1959-white-earthenware-clay-decoration-in-engobes-knife-engraved/a/8250-77071.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-sujet-colombe-ar-435-1959-white-earthenware-clay-decoration-in-engobes-knife-engraved/a/8250-77071.s?ic4=ListView-ShortDescription-071515"
[5]: https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-play-1999-screenprint-in-colors-on-rising-paper-22-7-8-x-32-inches-581-x-813-cm-/a/8250-77078.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-play-1999-screenprint-in-colors-on-rising-paper-22-7-8-x-32-inches-581-x-813-cm-/a/8250-77078.s?ic4=ListView-ShortDescription-071515"
[6]: https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-tete-polychrome-ar-455-1961white-earthenware-clay-decorations-in-en/a/8250-77066.s "https://fineart.ha.com/itm/prints-and-multiples/pablo-picasso-1881-1973-tete-polychrome-ar-455-1961white-earthenware-clay-decorations-in-en/a/8250-77066.s"
[7]: https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-stained-glass-windows-2000-screenprint-in-colors-on-rising-paper-32-x-25-inches-813-x-635/a/8250-77080.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-stained-glass-windows-2000-screenprint-in-colors-on-rising-paper-32-x-25-inches-813-x-635/a/8250-77080.s?ic4=ListView-ShortDescription-071515"
[8]: https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-revolt-on-the-amistad-1989-screenprint-in-colors-on-bainbridge-paper-40-1-8-x-32-1-8/a/8250-77079.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/jacob-lawrence-1917-2000-revolt-on-the-amistad-1989-screenprint-in-colors-on-bainbridge-paper-40-1-8-x-32-1-8/a/8250-77079.s?ic4=ListView-ShortDescription-071515"
[9]: https://fineart.ha.com/itm/prints-and-multiples/lee-krasner-1908-1984-free-space-pink-1975-screenprint-with-collage-on-arches-paper-7-5-8-x-10-1-4-inches-195-x/a/8250-77050.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/lee-krasner-1908-1984-free-space-pink-1975-screenprint-with-collage-on-arches-paper-7-5-8-x-10-1-4-inches-195-x/a/8250-77050.s?ic4=ListView-ShortDescription-071515"
[10]: https://fineart.ha.com/itm/prints-and-multiples/keith-haring-1958-1990-untitled-from-pop-shop-iii-1989screenprint-in-colors-on-wove-paper13-1-2/a/8098-65046.s "https://fineart.ha.com/itm/prints-and-multiples/keith-haring-1958-1990-untitled-from-pop-shop-iii-1989screenprint-in-colors-on-wove-paper13-1-2/a/8098-65046.s"
[11]: https://fineart.ha.com/itm/prints-and-multiples/robert-motherwell-1915-1991-mask-for-ingmar-bergman-1989-lithograph-in-colors-on-tgl-handmade-paper-52-1-2-x-42/a/8250-77052.s?ic4=ListView-ShortDescription-071515 "https://fineart.ha.com/itm/prints-and-multiples/robert-motherwell-1915-1991-mask-for-ingmar-bergman-1989-lithograph-in-colors-on-tgl-handmade-paper-52-1-2-x-42/a/8250-77052.s?ic4=ListView-ShortDescription-071515"
[12]: https://www.christies.com/en/lot/lot-5552313 "https://www.christies.com/en/lot/lot-5552313"

Detailed research / arbitrage notes for this sale.

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