The Russian Art phenomenon

On December 17, 2007 Art Times online magazine (http://art-times.ru) published year 2007 summary of sales of Russian art worldwide.

The total sales of Russian art at 4 major auctions in NY and London were 470 million USD (compared to just 230 million in 2006) During the last 5 years (including 2007) the sales grew approximately 83% annually!

Previously, the most popular works of art (in high demand at all major auctions) were Asian ones (Chinese, Japanese, Korean and Indian). For example, in 2007 the sales of Asian art at Sotheby’s totaled 450 million USD (vs. 260 million of Russian art). However, the rate of growth of this market segment was much slower than the Russian art during the last 5 years: just 20% vs 83%. Therefore, the experts predict that the Russian art sales will catch up with the Asian ones in 1-2 years!

We can also look at the figures from a different angle: the sales of Russian art accounted for 5% of total sales at Sotheby’s which is of course behind Impressionist & Modern art (25%) and Contemporary art (18%). But it is comparable with the sales of “old masters” (6%) which includes all sales of Western European art of XIII – XVIII centuries, which is very impressive.

Russian art is considered to be “exclusive” at all auctions, which means the demand for it much higher than the availability even at Cristie’s and Sothbey’s. Usually these auctions include 200-300 works of Russian art for sale per year and this is much less than the actual demand.

Also it is interesting to note that modern Russian art is in much more in demand than classic art: 9 out of 10 most expensive works of Russian art sold in 2007 were modern. The shift in “tastes” happened in the last 4 years: just in 2004 the sales of classic Russian art outnumbered the sales of modern Russian art 3 to 1.

What conclusion can we make? - :
Russian art is in high demand (great investment option)
Especially modern is in demand
Even major international auctions don’t have enough supply of Russian art (and let’s face it not everyone can pay the 6 figures prices for the exclusive lots)

Then, where can you get original affordable modern Russian art of excellent quality? – www.capucinesboulevard.com This international art gallery has unique works of art of about a dozen Russian artists. Their works are varied and they will satisfy every art lover.