Art Market Monitor

Sotheby’s sale of Russian art and works of art is coming up on Nov. 2nd. The Associated Press reveals this diamond-covered portrait of the czar that was owned by an Arizona family for decades but was only recently discovered to be the sixth known to exist in the world:

A miniature portrait of Peter the Great in a diamond-encrusted frame will be auctioned in New York City. Its importance was discovered only recently by the Arizona family that had owned it for decades.

Experts believe as few as 10 of the portraits were bestowed by the czar on subjects who provided exceptional service. Until the latest discovery, only five were known to still exist, including three in museums.

Sotheby’s says the estate of the original owner, George Roberts, discovered its history when it was appraised this summer. Roberts purchased it in 1951 from a London dealer. The rare Russian treasure will be offered Monday. Its pre-sale estimate is $80,000 to $120,000.

NY Auction of Russian Rarity Discovered in AZ (AP/KGUN)

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