Auctioneers are targeting the former Soviet Union's growing middle classes, as well as ultra-wealthy oligarchs, at a twice-yearly series of Russian art sales in London recently.
Many ARTKABINETT fine art collectors are keenly interested in more affordable Russian artworks.
Business tycoons from Russia and Ukraine have been among the biggest bidders in sale rooms around the world for several years, helping to boost values for contemporary, modern, impressionist and Russian art.
And with fine art prices hitting new records after a relatively brief slump caused by the global financial crisis, auction houses are quietly confident that the appetite for Russian paintings, manuscripts and works of art will be strong.
"We are expecting more business and the market is looking up," said William MacDougall, director of the specialist Russian auction house MacDougall's.
MacDougall Auctions is the only fine art auction house to specialise solely in Russian Art. Its auctions in 2009 raised 17.5 m GBP, and established several new world records, notably a 1.4m GBP masterpiece by Ilya Repin.
In the December 2009 Russian Week in London, MacDougall's was number one for Russian paintings, the largest seller of the four auction houses with sales that week, and it sold the first and second most expensive paintings of the week.
For several years it has consistently been one of the top three auction houses in the world for Russian Art.
Also in 2009, MacDougall's held its first two Auctions of Icons of the Orthodox World, establishing itself as a leader in this field.
MacDougall's offers paintings and works of art from the 17th century to the present, plus icons, and has handled a range of important private collections, including the $2m Kosloff estate sale which set a world record price for a Korovin portrait of $750,000.
From its web site, "The concentrated approach to the Russian Art market is based on the firm's professional team of Russian Art experts, unrivalled by any other auction house. These experts' backgrounds include: The Tretyakov Gallery, The Grabar Institute, Christie's and Sotheby's. The narrow specialisation of each expert means clients get the most comprehensive service and advice available."
He expects to sell art worth more than 12 million pounds ($17.3 million) during the week, compared with 9.5 million during the last series in December.
For the first time, MacDougall's holds a separate sale of Russian works on paper in a bid to tap middle class clients who could not compete for major paintings.
In June last year MacDougall's most important buyer was Alina Aivazova, the wife of the mayor of Kiev.
"Investing in paintings seemed to her very sensible," MacDougall told Reuters. "I think people are even more tempted now, not just because of the economic recovery but also ... because of the euro's problems."
Mayakovsky Connection
Among the highlights at MacDougall's is Georgian artist Niko Pirosmani's "Arsenal Hill at Night," valued at 0.9-1.2 million pounds. The work hung for many years in the Moscow apartment of Lily Brik, the muse of futurist poet Vladimir Mayakovsky.
Sotheby's holds three auctions this week and forecasts sales of around 19 million pounds, roughly the same as late 2009.
Its top lot is expected to be Ivan Shishkin's "The Dark Wood," estimated at 1.0-1.5 million pounds, followed by Yuri Annenkov's "Portrait of Zinovii Grzhebin," a leading editor in early 20th century Russia.
It is expected to fetch 0.8-1.2 million pounds. Among the works on offer by jeweler Faberge is a clock estimated at 400-600,000 pounds.
Christie's offered Russian art valued at 7.9-11.2 million pounds, compared with around nine million at the end of last year. Its sale included over 60 lots of Faberge, including a private collection of 45 lots from a European royal family.
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courtesy, Mike Collett-White
