Russian Art & Culture Announce First Ever Survey Of London’s Russian Auction Market During Russian Art Week

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Russian Art & Culture Announce First Ever Survey Of London’s Russian Auction Market During Russian Art Week

21st – 28th November 2014

Sales of Russian Art yet to regain pre-recession heights, but growth is evident

Russian Art & Culture is pleased to announce its first ever in-depth survey of London’s Russian art market, conducted by its International Editor, Simon Hewitt.

The highly detailed, colour-illustrated statistical survey – covering the period of 2007-14 – demonstrates that London’s Russian auction market is no duopoly. Although Sotheby’s are clear overall market leaders, and Christie’s dominate the field of Fabergé and Works of Art, MacDougall’s and Bonhams together account for nearly one-third of all sales.

Significant findings:

The last three Russian Weeks each yielded over £50m, a feat last achieved in Summer 2008.

All four firms sold individual lots for over £1m in both Summer 2013 and Summer 2014, the last time this happened was Summer 2008.

The most recent Russian Week (Summer 2014) generated an unprecedented number of prices over £1m – 18 in all.

In all, 98 £1m+ prices were achieved between 2007-14 – 91 of them for paintings, which account for 75% of all sales.

Unlike the Global Auction Market, the market in Russian Post-War & Contemporary Art is almost negligible.

Although auction firms are now offering fewer lots during Russian Week, Works of Art (led by Fabergé and items of imperial provenance) are in increased supply (nearly 45% of all lots now offered).

The Icon market appears in sharp decline, with supply and sales plummeting over the last couple of years.

London has consolidated its status as the global capital of the Russian Art Market to the detriment of New York – exemplified by the burgeoning important of Russian Art Week as a cultural event of major international importance.

RUSSIAN ART WEEK GUIDE

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