Some of the most renowned and highly respected auction houses in the world, such as the likes of Sotheby’s, Christie’s, MacDougall’s, and Bonhams have apparently received a wake up call in regards to the booming Russian economy, as all these auction houses are now working hard to set up sales of priceless items, in an effort to lure the Russian billionaires into the auction arena, in an effort to boost sales. These proposed sales include a reclining nude portrait, Orthodox icons and Faberge jewelry, that have been estimated to earn a combined sales of a whopping $86 million.
As per the current trend, the art collectors in countries like Russia and China, have been seen spending hundreds and thousands of dollars to acquire art works and other valuable relics of the country’s history. This emerging trend of the immensely wealthy and rich absorbing the best works of art and heritage has sparked a sales frenzy from major auction houses. In the year 2009, the above mentioned auction houses recorded an enormous sales of 29.1 million pounds at London’s Russian week and for the year 2010, Sotheby’s and Christie’s gained a sales mark of $18.5 million in Russian art, in the month of April.
According to William MacDougall (Co-director, MacDougall’s),
“Russia’s economy is clearly in recovery and oil prices are up. The main dark cloud is the Greek debt crisis. While it raises problems for euro-denominated assets, it should be good for fine art, which is a safe haven. Classical 19th-century paintings continue to be the strongest sector. Early 20th-century modernism is also strong where good provenance trumps authenticity concerns.”
Via Bloomberg
