LONDON, June 8 (Reuters) - Sotheby's raised 7.9 million pounds ($12.5 million) at its Russian art auction on Monday, a total the auctioneer called "solid" in uncertain economic times and within pre-sale expectations.
The sale is the main event during a week of Russian auctions
in London which will provide the latest indicator as to the
strength of the international art market.
Russians were key to booming art prices in the first part of
the decade, and their continued interest is seen as instrumental
in underpinning a market hit hard by the economic crisis.
At Monday’s sale, the top lot was “The Village Fair” by
Boris Kustodiev, which fetched 2.8 million pounds including
buyer’s premium, an auction record for the artist and above
estimates of 1.0-1.5 million pounds not including the premium.
Another oil painting, “Nanny With Children” by Isaak Brodsky
dated 1912, also set an auction record for the artist when it
sold for 937,250 pounds, around twice its estimate.
The work was acquired in the 1950s by a collector in Italy
who believed he was buying a long-lost work by Claude Monet.
“Tonight’s sale was the first test of the Russian art market
at Sotheby’s in London this year and we are extremely encouraged
by the results established,” said Jo Vickery, head of the
Russian art department in London.
“Buyers and bidders in this adjusted market are prepared to
compete hard for high-quality works that are fresh to the market
and rare,” she added in a statement.
While Sotheby’s will be relieved that the auction met
expectations, the amount of money changing hands this year
compared with 2008 is small, reflecting the financial crisis.
Sotheby’s expects to raise 15-22 million pounds ($24-35
million) overall this week, compared with pre-sale estimates of
29-41 million pounds at the same time in 2008.
The actual amount raised in June 2008 was 39.7 million
pounds, including buyer’s premium.
(Reporting by Mike Collett-White; Editing by Charles Dick)
