Results: Sotheby's Week of Russian Art

Sotheby's has released the totals for the recent Russian Art sales held in London and New York. Yesterday I touched on the Romanov Heirloom sale which saw all lots sell and all sell above the catalog high estimate with the exception of one lot. The sale also set a new auction record for a Faberge cigarette case.  The combined sales totaled $31.9 million.  The sell through rate for the combined sales was 74%. Nine auction sales records were broken during the sales. Like the recent Asian sales, and to a certain extent, the Old Master sales in the recent past and expectations for future sales, the Russian fine and decorative art results show where there is quality there are buyers.

The breakdown for the sales follows:

London Sales:
- November 30th ‘Romanov Heirlooms’ Sale: $11,658,920
- November 30th Russian Art Evening Sale: $6,810,364
- December 1st Russian Paintings Day Sale: $7,097,732
- December 1st Russian Works of Art Day Sale: $6,336,843

New York Sales:
- November 2nd Russian Art Sale: $13,794,275

Discussing the results of Sotheby’s Russian Art Sales, Jo Vickery, Senior Director and Head of the Russian Art department in London, said:

We are extremely pleased with the results of this Russian Art Sales
Series which totalled £19,364,525/$31,903,859, within pre-sale expectations of £14,882,080-21,246,220, and achieved a combined, healthy sell-through-rate of 74%. The unique Romanov Heirlooms Sale offered clients the opportunity to acquire a piece of Russian Imperial history and bidders from across the globe responded accordingly. The unprecedented success of this auction achieved Sotheby’s Russian Art Department the accolade of its first-ever ‘White Glove Sale’.”

It is evident that with each sales series we are still being presented with new information about this area of market in the current environment and while the series has been challenging in parts, overall we have witnessed a greater level of confidence in the market – seven new artist records were established and two new auction records for Fabergé objects. It is clear that collectors in this field are more selective than ever before and continue to look for extremely fresh pieces by blue-chip names from the best periods at conservative estimates.