Russians Selling Art, not Buying {Luxist}

Oct 14th 2009 3:57AM Compared with the Russian Art market peak of June 2008, you are of course right that demand and supply are down, but the market has been in recovery since March or April of this year. It is certainly past its worst, buyers are returning, and Russians and Ukrainians are net buyers. Our own Russian Art Auction in June this year was one of our best on record, selling over 12 million dollars. We had several world records - paintings selling for higher than pre-crisis levels - most notably the 2.3 million dollar price paid for an Ilya Repin masterpiece. I am optimistic for the forthcoming auctions in December.

William MacDougall
www.macdougallauction.com