Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

New Appetite for Russian Art

November 30, 2009 by Marion Maneker

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)

More from Art Market Monitor

  • Weak Russian Sales Don't Deter Fabergé BuyerWeak Russian Sales Don't Deter Fabergé Buyer
  • Russians Forsake PaintingsRussians Forsake Paintings
  • Sotheby's Russian Evening SaleSotheby's Russian Evening Sale
  • Portrait of a Portrait ArtistPortrait of a Portrait Artist
  • Points for StylePoints for Style
  • Russia's Post-Boom BluesRussia's Post-Boom Blues

Filed Under: General Tagged With: Russian Art

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor