Russians Are Buying Art in the Face of Uncertainty

Today brings a little more evidence that gems, art and collectibles (GAC) are becoming a form of reserve currency for a world in turmoil. The New York Times took note of Deloitte’s Art & Finance report and did a little further reporting to discover that uncertainty in Russia is seems to be increasing the appetite of citizens to turn cash into portable hard assets:

Emily Kodama, Sotheby’s assistant vice president for Russian paintings, said she had seen no discernable negative impact on the international auction market because of Russia’s current political and economic situation. Quite the contrary, she said that wealthy Russians bidding in London have shown new enthusiasm for works by Russian artists like Kazimir Malevich, Nicolai Fechin and Varvara Stepanova. “We’re finding regardless of whatever sociopolitical situation is going on in the world, if you have a great property, people are willing to pay a high price for it,” said Ms. Kodama,

A Surprising Boom for Russian Art  (NYTimes.com)