Was Russian art’s recent influx in value just a boom-era phenomenon? Russian sales achieved most of their highest prices in 2007, when works like Konstantin Somov’s The Rainbow soared in the sales room, overthrowing their estimates by factors of two, three and sometimes even four.
Since 2007, however, both high and average prices in the category have ceased to climb. For analysis of Russian art’s current value, as well as a comparison between Russian art and art from other emerging markets, see the latest edition of The ART Report.
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