Art Market Monitor

There will be 1748 lots of Russian art and works of art auctioned in London this week. Bloomberg‘s John Varoli quotes William MacDougall to explain why:

London auction houses form the center of global Russian art sales. Most works are sourced from private American and European collections, while most buyers are from Russia and Ukraine. [...]  “Russia was a net exporter of art for about 90 years — 1910 to 2000,” said MacDougall. “There is a lot abroad, and this is now being reversed.” [...]

“Ukrainian buyers have been important to us from our first auction five years ago,” MacDougall said, “typically 20-30 percent of the market, sometimes more.” In June, MacDougall’s top buyer was Alina Aivazova, wife of the mayor of Kiev.

Kelly Crow adds to the argument:

Sotheby’s says at least 38% of the buyers at its June round of London art sales were new to its Russian department. Nearly a quarter of the buyers were newcomers to the auction house altogether—a signal that Eastern Europeans may be investing more cash in hard assets like art.

Russian Billionaires May Spend $81 Million at London Auctions (Bloomberg)

Russians Are Collecting Used Czars (Wall Street Journal)

Also of Interest:

• The Thawing Russian Market
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• Sotheby’s New Nov. Russian Sale
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• $86m in Russian Art Sells in London Week
  Bloomberg’s John Varoli plays the numbers game extolling the 90% rise in Russian sales between 2009 and 2010. With $86...
  
• Mixed Market for Russian Art
  Bloomberg‘s John Varoli records the Russian art dealers as they declare victory and beat a hasty retreat from sales that...
  
• Russian Art Week
  Reports from the dealers have not come in yet but the results of London’s Russian Art Week sales suggest the...