Russian Rich Buying the Best of Russian Art

Marcel Theroux of The Independent in London recently reports that Russian billionaires are purchasing some of the best Russian art available. As Russian artifacts come to market, the wealthy Russians are buying at an enormous rate and easily topping many auction high estimates. The article states that the Russian wealthy have come a bit late to buying upper market Russian fine art, but they are now making up for the late arrival in volume. They are mostly focusing on Russian art, but they are also buying quality fine art in general and even lesser known works by Russian artists. The article compares the current purchasing sprees to those of Catherine the Great.

Theroux reports "James Butterwick tells me that in the past three years the prices of Russian art have gone up by as much as 400 per cent. It's not hard to figure out the reason. A new generation of super-rich collectors started buying up the works of the Russian avant-garde with the same devotion that the earlier generation painted them."

As many appraiser have known for a while, Russian fine art and decorative art is highly desirable and collected by many. This article reinforces the escalating prices of Russian art, and as appraiser we need to be aware of the market and market trends. For quality Russian art, the trend continues its upward march.

To read the Independent article by Theroux click HERE.