The details are, 26 lots offered for sale with 17 selling for a 65.4% sell through rate. The high estimate of the sale was near $16 million, and the selling lots nearly topped the high estimate, selling at just over $15 million.
The top two lots were $3,615,577 against an estimate of $1 million - $1.3 million for Alexander Evgenievich Yakovlev, Titi and Naranghe, Daughters of Chief Eki Bondo, oil on canvas.
The second highest lot was for $2,564,927, against and estimate of $1.1 million to $1.73 million for a Yuri Pavlovich Annenkov, Portrait of Zinovii Grzhebin, oil on canvas.
So we can easily see the sales figure is strong on fewer pieces, but the desire to buy for many lots was missing. It appears across almost all sectors, desirable lots are drawing premiums, well those a level down fail to sell or bring expected returns.
Sothebys stated about the sale
Jo Vickery, Senior Director and Head of Sotheby’s Russian Art Department, said: “I am delighted by tonight’s solid results which have shown that the Russian art market has bounced back to a level of activity not seen for over a year. We can see that a combination of market confidence and collectors’ passion for top quality Russian art produced record results.
Early 20th-century blue-chip Russian artists performed especially well, such as Yakovlev’s Art Deco masterpiece Titi and Naranghe, Daughters of Chief Eki Bondo, and in the 19th-century section Ivan Shishkin’s Dark Wood fetched the highest price, selling to a private CIS collector for £1.2 million. Collectors bid most highly for works with a good provenance.
Highly prized was Vinogradov’s Impressionist masterpiece View of Ai-Petri from a European private collection, which was offered on the market for the first time and sold for six-times the low estimate, establishing a new world record for the artist at auction. Bidding in tonight’s sale was dominated by private collectors from the CIS.”
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