- Title: RUSSIA: Sotheby's exhibits main lots of its upcoming spring auctions
- Date: 5th April 2009
- Summary: PEOPLE LOOKING AT PAINTINGS, IN BACKGROUND OLEG VASILIEV'S WORK "OLGA MIKHAILOVNA AND NATASHA" BORIS GRIGORIEV'S "PORTRAIT OF A YOUNG GIRL WITH TOYS" ON DISPLAY PEOPLE LOOKING AT PAINTING BORIS GRIGORIEV'S "PREPARING CREPES" (TWO-PART WORK) ON DISPLAY PHOTOGRAPHERS TAKING PICTURES OF ALBERTO GIAKOMETTI'S "CAT" SONYA BEKKERMAN, SOTHEBY'S VICE-PRESIDENT AND HEAD OF "RUSSIAN
- Embargoed: 20th April 2009 13:00
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- Topics: Arts / Culture / Entertainment / Showbiz
- Reuters ID: LVA1HP8R0RQHJN4P8CCNTQ9652ZO
- Story Text: Sotheby's, one of the world's largest auction houses, exhibits top lots of its upcoming April, May and June spring sales in New York and London.
On display at Sotheby's in Moscow are works by 19th-20th century Russian painters such as Ivan Aivazovsky, Boris Grigoriyev, Mikhail Nesterov along with contemporary artists Andy Warhol and Alberto Giakometti. The auctions of the Russian art will take place in New York on April 22 and in London on June 9, the auction of impressionism, 20-century art and contemporary art will take place in New York on May 5.
Sotheby's brought to Moscow over hundred Russian paintings, icons and applied artworks in the hopes of whetting decreasing appetites of Russian buyers.
Contrasting to the bonanza of last years Russian collectors are buying less and are more selective.
The financial crisis hit the art market, especially went down sales of the contemporary art.
" My opinion is that contemporary [art] market was certainly based on the success of the financial markets and people who were buying and spending huge amounts of money buying very very fresh and new and young artists for a lot of money, these people are not in the market anymore or if they are they will not spend as much as they used to. That's why this contemporary market will certainly have a very serious correction and it already is in the process of correcting itself, " said Mikhail Kamensky, Sotheby's director in Russia.
"This critical time is a very healthy thing for the art markets and for art scene in general," said Mikhail Kamensky.
The art market in Russia was booming in recent years, as rich elite spent its growing fortunes into paintings and sculptures.Major auction houses put a lot of efforts into promoting their brands in Russia, taking their collections to Moscow for viewings or, as Sotheby's and Christie's did, opening offices in Russia.
But now the situation has changed and Russian art market though still seeing as very promising do not bring the same profits anymore.
But Sotheby's is optimistic about it's upcoming sales.
"I think collectors are buying, whether they are Russian, whether they are American, whether they are Chinese, it doesn't really matter. What matters is the opportunity and the quality and that's the key,"said Sonya Bekkerman, Sotheby's vice-president and head of "Russian Paintings"
department.
Among top lots of the upcoming auction is Ivan Aivazovsky's "Columbus Siling from Palos", estimated price is $1-1,5 million and Edward Munk's "Boats in Asgardstrand", estimated price $1,8-2,5 mln. - Copyright Holder: REUTERS
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