UK: Russian treasures go up for auction at Christie's with Faberge clock expected to fetch as much as 6 million British pounds

Record ID: 494943

  • Title: UK: Russian treasures go up for auction at Christie's with Faberge clock expected to fetch as much as 6 million British pounds
  • Date: 3rd December 2006
  • Summary: PEOPLE LOOKING AT PAINTINGS IN CHRISTIE'S
  • Embargoed: 18th December 2006 12:00
  • Keywords:
  • Topics: Arts / Culture / Entertainment / Showbiz,Lifestyle
  • Reuters ID: LVA2IVXU7RTTOCCTLHVQQMK1JXU
  • Story Text: For those in the market for a multi million dollar Russian clock or vase, Christie's may have just the thing. From November 28 to 30, the auction house will hold a major Russian art sale expected to fetch upwards of 25 million British pounds.
    The sale is to tap rapidly growing wealth and interest among the country's business elite. Christie's said the interest in the past 5 years from the Russian market, particularly for the famed Faberge items, has seen prices soar beyond the estimated value of items.
    "If you look at the market, if you look at the prices achieved at auction for the last two or three years in the Russian field, yes, then without doubt exceptional items are fetching far more than they are estimated, without doubt," Alexis de Tiesenhausen International Head of Christie's Russian Department said, explaining the booming prices. "The estimates reflect the new interest. Just to give you an idea, a Faberge clock usually used to sell at auction two years ago for 30, 40 thousand pounds, even maybe less. We are now talking about an average estimate of 200 thousand pounds. And we have moved from 20 to 30 thousand pounds to 200 thousand pounds in a bit more than a year."
    The centrepiece of the upcoming auction is a unique 19th century Faberge clock which Christie's claim is arguably the most important clock ever made by Faberge.
    The 1891 Baroque-style piece, which was commissioned by the Imperial Family as a 25th wedding anniversary present to Emperor Alexander III and Empress Maria Feodorovna, is expected to fetch 4 to 6 million British pounds (7.7 to 11.6 million U.S. dollars). If it sells at the high end of those expectations when it goes under the hammer on Wednesday (November 29), the clock will become the most valuable work of Russian art ever sold at auction.
    The existing auction record for any Russian art work ahead of another Faberge work, the Winter Egg, sold by the same company in 2002 for 4.5 million British pounds (9.9 million USD). . "The excitement about this clock is basically the largest one ever produced by the Faberge firm and also the Imperial Provenance," de Tiesenhausen told Reuters Television. "Basically a unique item, it was designed by Faberge but also ordered by members of the Imperial Family for the 25th civil anniversary of Alexander III and his wife. But put it this way, people interested in Russian work of art, silver - Russian silver or Faberge - and Imperial memorabilia, you can't find better on the market. I mean all the elements of having a unique item are there."
    The collection also includes two porcelain vases made by the Imperial Porcelain Factory in St Petersburg in 1844. Expected to fetch between 1.2 and
    8 million pounds (2.3 - 3.4 million USD), which de Tiesenhausen said are made all the more remarkable by their mint condition.
    "It's extremely rare, it's extremely rare and this vase is amazingly exceptional because it's basically in mint condition" he said. "You can see the detail of the gilding, or what we call the cisele gilding, the two tones of gold here, which these days is extremely difficult to achieve. I mean you have the size, the provenance the quality, I mean, you can not find better on the market."
    The artworks up for auction will include a large collection of Russian paintings.
    The highlight of the pictures is the large scale 'View of Constantinople' by Ivan Aivazovsky expected to go under the hammer for between
    5 and 2.5 million pounds 2.8 and 4.6 million USD.
    "Basically the size and I think in a certain way it's a very international subject as a matter of fact," said de Tiesenhausen. "I mean if you read the newspaper, the Pope is going to Istanbul to meet the Greek Orthodox Patriarch who is living there. In a certain way you have history with diplomacy linked with this painting."
    There are almost 1,000 auction lots in the upcoming sale.
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