Art Moscow to Start, Optimism not Invited
Are there any billionaires left in Russia? The last year has been pretty brutal on Russia's upper crust, and we haven't seen a whole lot of they guys who used to drop cash like it was vodka. Art Moscow, the largest art fair in Russia, opens tonight, and gallery owners are artists are hoping the likes of Roman Abramovich will see fit to plunk down some roubles on canvas. Art Moscow features works from 40 galleries – both from Russia and around the world. Originally, the art fair was supposed to run in May, but Expo Park Exhibition Projects Ltd., its organizer, pushed it back to hit at the same time as the state run Third Moscow Biennale of Contemporary Art. The dual event may bring a bigger turnout, but it will have to overcome a 10 percent contraction in the Russian economy.
Counting against Art Moscow ... aside from general economic malaise ... is the fact that the sale of Russian artwork is down. The major auction houses in London moved only $48 million in Russian art in June, down more than half from the same auctions in 2008.
So, how likely is a stream of cash? Igor Markin, a big-time collector and owner of the Art4.ru museum, says he "hasn't bought anything in a long time."
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