The Market for Russian Art Today
May 2010
Between 21 and 23 April Sotheby's and Christie's offered 600 lots of Russian art in New York. Both major sales placed lower estimates on well-known artists, a proven strategy to entice buyers into the marketplace at a time when Russian art has been selling at prices some 40% below the levels seen at the peak. Despite poor attendance due to the ongoing volcano-related flight disruptions - barely half a dozen Russian collectors made it to New York - the sales still fell within pre-sale estimates and achieved significant results.
Sotheby's two-day sale took in $13.6 million, within it predicted $10.7 million to $15.1 million range. While, Christie's presented a smaller batch of Russian art also fitted comfortably within its presale estimate of $5.2 million to $7.4 million.
"It’s the double whammy of the economic crisis and the volcano," said a New York-based Faberge expert. "Many dealers and collectors couldn't get here in time. Highlights of the sales included the sale of a portrait of New York collector Ruth Ford which fetched $986,500 well above the high estimate of $200,000; plus, a hand-full of new auction records were set including one for the 19th Century bronze master Evgeny Lanceray.
In the years leading up to the economic downturn the Russian art market experienced significant growth. In 2003, the impact of high oil prices and an accelerating economy effectively propelled the art market into a five year long bull run. During this period, the number of Russian artists generating million dollar sums (USD) at auctions dramatically increased as wealthy collectors exercised a new appetite for a body of work that was relatively cheap compared with the stratospheric prices being fetched by European art. By 2007, the Russian auction volume (based on results from Sotheby's and Christie's) had increased to $286 million – an exponential increase in value by 47 times. Whilst 19th Century Russian art, the primary beneficiary of the new focus on Russian art, increased by 473% between 1998 and 2008.
To learn more about the HSBC PB Art & Design Advisory service please contact the dedicated helpdesk on:
T: + 44 207 692 4884
E: hsbcpb@1858ltd.com
More articles in Focus on: art and design
