Russia Art Week: Ukraine-proof?
Russia’s super rich have been losing money as the Ukraine crisis escalates but that doesn’t necessarily mean they’ll stop splurging on Russian art. International auction houses are nervously awaiting the results of the next Russia Art Week sales that open in London in less than two weeks’ time.
Most of the Russian art sold at auction changes hands during the bilateral Russia Art Weeks held every June and November in the UK capital. Collectors, almost all from Russia and Ukraine, spent a total of more than £50m at the last event to acquire a share in their rich cultural heritage. Auction houses are not saying if western sanctions imposed after the Kremlin grabbed control of Crimea have hit any big Russian art buyers. But almost all are concerned that the political and economic fallout from Russia’s behavior in Ukraine could impact badly on business at Russia Art Week.
In a sign of nervousness, Sotheby’s, Christie’s and Bonhams have opted out of the preview exhibitions in Moscow usually held to whet the appetite of collectors’ ahead of the London auctions....MUCH MORE
