Big Hopes for Russian Art
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Four auction houses in London are preparing for what they expect to be the highest-grossing week of Russian art sales in history, as dealers such as Anatol Bekkerman say there is room for prices to rise further.
Collectors may buy as much as $209 million of art in sales starting June 9. The Russian economy has grown every year since 1999, driven by the export of natural resources such as oil, natural gas, and metals. Wealthy Russians are eager to purchase works of their country’s heritage.
“The Russian market is still in its infancy,” Mr. Bekkerman, 54, said. “Over the past 15 years few financial instruments performed as well as Russian art. A top work by American Impressionist Sargent can go for $40 million, so why shouldn’t a top work of Russian Impressionism sell just as well?”
Avant-garde painter Natalia Goncharova is next week’s star, with works carrying the highest estimate at three auction houses. Her “Picking Apples” (1909) sold at Christie’s International in June 2007 for $9.8 million, almost three times its top estimate, and the most expensive work by a female painter at auction.