Inefficiency is opportunity

The art market is inefficient.
That's the point.

Regional auction houses routinely sell prints, multiples, and works on paper for a fraction of their market value. I find them, verify them, and flip them through major houses like Heritage and Sotheby's.

This is a newsletter about the process, the deals, and the methodology.

"Cow" — Screenprint on Wallpaper
Andy Warhol, 1966
Bought $625
Est. Value $3,000–5,000
Spread 4–7×
Source: Sold March '14 Regional PA Auction → Consigned Heritage Auctions
01

The Method

SCOUT

Scan Regional Auctions

LiveAuctioneers, AuctionZip, HiBid. Small houses with low buyer pools and poor cataloging. That's where the spreads live.

VERIFY

Authenticate & Research

Catalogue raisonnés, MutualArt comps, provenance chains. Know exactly what you're buying before you bid.

CALCULATE

Run the Numbers

Buyer's premium, seller's commission, shipping, insurance, hold time. The spread has to survive the fees.

EXIT

Consign Up-Market

Heritage, Sotheby's, Christie's. Proper cataloging, global buyer pool, auction estimates that reflect reality.

02

What I Write About

  • Specific deals — with numbers, sources, and outcomes
  • Authentication techniques for prints & multiples
  • How to read an auction catalog for hidden value
  • Artists with reliable arbitrage opportunities
  • Fee structures at major vs. regional houses
  • Building relationships with consignment specialists
  • Tools: MutualArt, catalogue raisonnés, condition reports
  • Tax implications and business structure

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