Russians Are Collecting Used Czars

Wall Street Journal ^ | November 26, 2009

[Oldeconomybuyer]

Russian oligarchs and bigwigs who buoyed, then fled, the local art market, are gingerly stepping back in. But rather than embracing the latest contemporary artists, they're chasing the collections of an earlier elite class—before the Revolution.

London's chief auction houses Sotheby's and Christie's International plan to sell at least $36 million worth of Russian art, including a rediscovered trove of Fabergé cigarette cases owned by the younger son of Czar Alexander II. The series of sales, called Russia Week, begins Monday.

Like many collecting categories, the Russian art market was gutted by the recession, but price levels for top artists like Ilya Repin have begun to stabilize, in part because of a fresh influx of Russian and Ukrainian buyers from banking and political circles.

Sotheby's says at least 38% of the buyers at its June round of London art sales were new to its Russian department. Nearly a quarter of the buyers were newcomers to the auction house altogether—a signal that European Europeans may be investing more cash in hard assets like art.

[Oldeconomybuyer]

[samtheman]

I wonder what those chest-high Michelle-belts will eventually go for?

[manic4organic]

I like it. We should name it “Crazy Barry’s Used Czar Lot.”