Auctions of Russian art have fallen victim to oil prices

Moscow. December 16. The collapse in oil prices has stirred up not only the markets high yield bonds and shares of energy companies, his victims were the works of Russian artists, for which demand in the global auction has declined significantly, reports Bloomberg.

Since the beginning of December, four auction houses have sold items of Russian art in London at 17.2 million pounds ($25.9 million). Their revenue was 58% lower than a year ago and was the lowest for all history of gathering information about the auctions since 2007, according to data of Russian Art and Culture.

Christie’s in new York will refuse to hold a separate auction devoted to Russian art, said the auction house. According to informed sources, Director of Russian works of art Christie’s mark Merck is leaving his post.

“I’m afraid this market was blown away, said William McDougall, whose company – MacDougall’s, specializing in Russian art. Russian collectors don’t buy as a year or two ago.”

The Russian economy has suffered from falling oil prices collapsed over the past two years more than 60%, and international sanctions. These factors also impact on the welfare of millionaires and billionaires who are among the largest buyers of Russian art objects.

Although this segment is a niche, the withdrawal from the market of Russian buyers, may also affect the sales of impressionist and modern art, postwar and contemporary art and be witness to the deterioration of the situation on the art market in a broad sense.

“Great works continue to find buyers, but the situation in Russia came to a standstill, said the former head of the Department of Russian art Sotheby’s in new York, Sonia Bekkerman, who resigned in 2013. – People are worried for their business and the economy”.

However, there remains a demand for inexpensive paintings by contemporary artists – of a value not exceeding 100 thousand euros, experts say.