Ukraine is about to get a new contemporary art center. Victor Pinchuk is shooting to make Kiev a major art destination, so the wealthy art collector is creating a new center that will be larger than the existing PinchukArtCentre, which was the first private contemporary art center in the former Soviet Union and has had more than 830,000 visitors since its doors swung open in 2006.

Pinchuk, a steel billionaire, is an avid collector, with pieces by Jeff Koons, Damien Hirst and Andreas Gursky. His new endeavor, he tells Bloomberg News, "will make Kiev and Ukraine a fantastic place for contemporary art." Pinchuk made the proclamation at a show for 20 Ukrainian artists who were nominated for the first Pinchuk Art Center Prize, which comes with a cash component of $12,200 and a one-month internship with an artist from the international scene. Hirst himself will announce the winner on December 4, 2009.

Pinchuk has a strong relationship with the artist celebrity and owns "probably half" of the skull paintings (by the collector's own estimation) in the current Hirst show at the Wallace Collection in London. He also participated in Hirst's solo auction in September 2008 but wouldn't tell what he bought.

Collectors are looking and thinking. They might take action, but it's still too soon to tell. The action at Foire Internationale d'Art Contemporain (FIAC) in Paris is deliberate: nobody's rushing to put their cash on the table. However, there are signs that some pricey and prestigious pieces may sell.

Last week, a painting by Piet Mondrian was put on reserve, at a price between $30 million and $40 million. One of Pablo Picasso's works was reserved, as well, at $24 million. Back in the art boom, these pieces would have been snapped up already, but dealers are saying that it's taking longer to complete sales at FIAC this year than last year. Even billionaires need convincing in this market, it seems.

Also, there's a greater desire to stay under the radar. Whether it's to maintain some privacy or hide the fact that they have the means to spend more than they like, some owners and buyers are turning to private sales. Bargains, thus, won't make it into the public record – sparing sellers the embarrassment and preventing the other holdings of all collectors from sustaining a measurable decline in value. If premiums are paid, buyers won't have to reveal that they have the cash to pay more, preventing prices from increasing broadly.

No matter what is going on in the world, some country is always churning out billionaires. RIght now it's China. The Hurun Report in Shanghai recently released its Hurun RIch List which shows that the ranks of China's wealthy are growing at a rapid rate. The cut-off for the list was raised by 50 percent up to $150 million and as the Wall Street Journal reports, it still grew by 180 people. On the list there are 130 U.S.-dollar-equivalent billionaires. Hurun Report publisher Rupert Hoogewerf suspects the list may actually not reflect just how many billionaires there are in China because he says that many have built up wealth in a more private way. Car-battery maker Wang Chuanfu sits at the top of the list with $5.1 billion and China's richest woman, paper-recycling tycoon Zhang Yin is right after him in the second slot.

Despite the large flushing sound that's accompanied the art market this year, there are still 10 collectors worth noting. In fact, ARTnews was even able to cobble together a top 200 list this year (if they went to 300, I figure I'd wind up on the list, too, given the state of the art market right now). The names in the top 10 still represent the art collecting elite, they just happen to be in much worse shape than they were at this time last year.

Roman Abramovich, Russian billionaire and art addict, takes the #1 spot. It would be easy to zero in on any one of several purchases last year and call it "defining," but the man spent a few hundred million on art. The most expensive pickup was a Francis Bacon triptych which set him back almost $90 million.

Top 10 Art Collectors (according to ARTnews):

1. Roman Abramovich
2. Debra and Leon Black
3. Edythe L. and Eli Broad
4. Steven Cohen
5. Marie-Josee and Henry Kravis
6. Jo Carole and Ronald S. Lauder
7. Francois Pinault
8. Mitchell Rales
9. Carlos Slim Helu
10. Sheikh Saud bin Mohammed bin Ali al-Thani

Okay, so you take a quick look at this list and realize that Abramovich, who requested a bailout from the Russian government, isn't the only flawed personality it contains. Steven A. Cohen, the Connecticut-based hedge fund manager, owns a dead rotting shark. While Damien Hirst's ego is built to last, his creations are more like personal computers ... planned obsolescence. Kravis, who sits atop esteemed and powerful private equity firm KKR, was not left unscathed by the current financial crisis. The precipitous drop in oil prices over the past year must have left the sheikh in a rough spot, and Slim thought he could make money by investing in a newspaper (that's just fucking stupid ... almost as stupid as paying $90 million for a 1970s Bacon, frankly).

Maybe we'll see some changes over the next year. I wouldn't mind writing about an unknown visionary busting into the winners circle at this time next summer. Now, all we have to do is find one.

A $26 million yacht with Versace interiors owned by cab driver-turned-fertilizer king Tamir Sapir - who lives in Manhattan's famed Duke-Semans mansion (above) - was seized by customs officials in Miami this week over trophies made from the skins of endangered animals. The yacht, named the Mystère, was found to contain zebra skins, a jaguar skin rug, Bengal tiger and African lion heads, cigar boxes covered in elephant hide, a reticulated python cigarette holder, and large carved ivory tusks, the Miami Herald reports.

Sapir, an emigré from Russia whose $1.4 billion fortune is now mainly invested in real estate, will get the yacht back minus the gruesome décor after paying a $150,000 fine. Sapir bought the historic seven-story Duke-Semans mansion across from the Metropolitan Museum of Art from Doris Duke's relatives for $40 million after a single walk-through, and is now said to be spending $10 million on renovations including - get this - a gallery for his world-class collection of ivory. He is ranked at No. 522 on Forbes' Richest Americans list.

Forbes has just taken a look at the world's most promising billion-heiresses, introducing us to our new favorite filthy rich twins, Kathrine and Cecilie Fredriksen (above). The 25-year-old blonde daughters of Norwegian shipping magnate John Fredriksen, who's worth $4 billion, each have a seat on the board of directors of their father's companies. Kathrine became a board member of oil trading company Arcadia Petroleum earlier this year.

Cecilie has been on the board of Aktiv Kapital since 2006. The twins, based in London, have worked on various parts of their father's oil and shipping empire for several years. Others featured in Forbes' survey of 25 well-heeled hotties include Marta Ortega Perez, daughter of Spain's richest man - featured in our billion-heiresses post from last year (pictures here), Sir Richard Branson's daughter Holly and of course Ivanka Trump. Click here for a slideshow.

"Russian" and "art" together used to mean "stratospheric prices paid." Not any more. Last week's Russian art auction results at Christie's and Sotheby''s showed the difference a year can make. Last year, the two houses brought in $64 million at the New York-based annual ritual. This year, the final take was only $27 million.

At the Christie's auction, the top-selling piece was Svetoslav Roerich's "Portrait of Nicholas Roerich in a Tibetan Robe" for $2.9 million – thus accounting for more than 10 percent of both houses' sales. It set a record for works by Roerich. The next best was by Nicholas Roerich himself. "The Greatest and Holiest of Tangla," a landscape of Tibetan snowcaps, brought in $1.4 million.

Efforts to repatriate Russian art, of which I first learned from Annika Larres at the Bukowskis auction house in Helsinki, seem to have slowed, due in large part to the loss of so many Russian billionaires over the past twelve months.

Overall, Christie's moved 69 percent of the 390 lots available for $13.2 million. The father/son Roerich team accounted for a third of that. The Sotheby's auction, last Wednesday, was good for $13.8 million, compared to $46.5 million in 2008.

My colleague Deidre Woollard just reported that the number of millionaire households in the U.S. has shrunk to its lowest level since 2003. To that we can now add that the number of billionaires in the world has also seen a steep decline.

According to Forbes' newly-released annual list of the world's billionaires, there are now only 793 billionaires around the globe, down from 1,125 a year ago. That means 332 people lost their billionaire status.

This year the exclusive group has an average net worth of $3 billion, down 23% in 12 months, making for a loss of some $1.4 trillion. Americans now account for 44% of the money and 45% of the list's slots, up 7 and 3 percentage points from last year, respectively. Some billionaires have fared better than others, though most have lost masses of money.

Bill Gates lost $18 billion but regained his title as the world's richest man with a $40 billion fortune. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50% in 12 months, and is in the No. 2 slot with $37 billion. Mexican telecom titan Carlos Slim Helú maintains his spot in the top three but lost $25 billion, and is now worth $35 billion.

The world financial turmoil has led to be a bit of reshuffling in the list of Russia's richest men. The list from Russian financial magazine Finans reveals that Oleg Deripaska, once in the top slot, has fallen to eighth place (he's now worth $4.9 billion) after losing $35 billion and Mikhail Prokhorov now owns that title. Prokhorov was worth $14.1 billion at the end of last year, $200 million more Roman Abramovich, who despite his losses, has held on to the number two slot. The entire list has been cut in half, from 101 to 49.

Prokhorov first hit our radar last year when he announced that he was creating a magazine for the rich titled simply Snob. As Businessweek reports, the 43-year-old businessman was formerly major shareholder of Norilsk Nickel, Russia's biggest mining company, but he sold his 25% stake last April for $8 billion which meant that he had cash in hand when the financial crisis hit. Last summer, both Abramovich and Prokhorov were separately rumored to have picked up Villa Leopolda in Villefranche-sur-Mer on the French Riviera for $750 million but neither one did which is looking like a smart move in these turbulent times (or if he did buy it, he certainly wants out now).

The super-rich Saudi Arabian family of the world's most famous terrorist is feeling the pinch of the staggering economy, and has seen their fortune shrink by $1.3 billion over the past year, according to a new study.

Osama bin Laden's siblings own a major construction concern, headed by his brother Sheikh Tarek bin Laden (right); due to the credit crunch, they've seen their net worth fall from $8.5 billion to $7.2 billion, according to a new list of the world's richest Arabs by Dubai-based Arabian Business magazine.

Sheikh Tarek's latest project involves plans to build the world's longest suspension bridge, linking Africa with Arabia across the Bab al-Mandib (Gate of Tears), the strait connecting the Red Sea with the Gulf of Aden, at a cost of $200 billion; he plans to construct two new cities, one at each end, as well.

Elsewhere on the Arabian Rich List, which does not included royalty with the exception of those whose wealth has been achieved through business dealings rather than inheritance, Saudi Arabia's Prince Alwaleed bin Talal is ranked in the top spot with a $17 billion fortune, despite having lost $4 billion in the past year as well.

As my colleague Jared Paul Stern recently reported, some Russian billionaires have been been losing money hand over fist the last few months. And they are not alone. The Guardian has a piece on the falling numbers of Chinese billionaires. There were 66 Chinese billionaires in 2007 but there are just 24 now due to the plunging Chinese stock market. The combined worth of the country's 400 richest people is down 40% and the top 40 lost 57% of their wealth according to Forbes magazine. Those who lost their money are hopeful that the tide will turn and they will be back up again soon. After all two years ago, there were only 15 Chinese billionaires.

Indian steel tycoon Lakshmi Mittal, 58, the richest man in Europe and the 4th richest man in the world, can now be known as the world's biggest loser after his net worth plummeted by a whopping $28 billion over the last four months due to the global financial crisis. Mittal, a London resident who paid a record $200 million for a Georgian mansion in Kensington Palace Gardens earlier this year, still has $17 billion left, the London Times reports. We don't yet know how Mittal's stunning loss - which equates to $240 million / day or nearly $10 million per hour - re-positions him on the world's rich list as several other plutocrats have also suffered reversals, but it's safe to say he'll end up much further down unless the stock market recovers soon.

Forbes just released its annual Forbes 400 list of the richest Americans, and billionaire Microsoft founder Bill Gates (above) is back on top after briefly ceding first place to Warren Buffett this spring. Gates has a net worth of $57 billion as opposed to Buffett's $50 billion - $12 billion less than he had several months ago before Berkshire Hathaway's stock plummeted 15%. Buffett isn't the only one to suffer a major reversal. The year's biggest loser was Sands casino mogul Sheldon Adelson, No. 15, whose fortune fell $13 billion in the past 12 months - about $1.5 million per hour, Forbes notes - to $15 billion.

Adelson's fellow casino kingpin Kirk Kerkorian, No. 27, was another underachiever, losing $6.8 billion this year. Still, they were both better off than the 33 moguls who fell off the list altogether due to declining fortunes. On the plus side, 31 new plutocrats moved up to take their places, including Facebook founder Mark Zuckerberg, 24, who makes his debut on the list with an estimated net worth of $1.5 billion.

Other Forbes 400 first-timers include fertilizer tycoon Alexander Rovt, car dealer and art collector Norman Braman, and Patrón tequila founder John Paul DeJoria. Meanwhile, New York City's billionaire mayor Michael Bloomberg was the year's biggest gainer, as his net worth jumped $8 billion to a total of $20 billion, snagging him the No. 8 position. Also worth noting among this year's stats:

The average net worth of Forbes 400 members is $3.9 billion.
There are 42 women on the list with an average net worth of $4.2 billion.
For the 2nd year in a row, the minimum net worth needed to make the list is $1.3 billion.
The assembled net worth of the richest Americans rose by only 2%, or $30 billion, to $1.57 trillion this year.

See the complete list here.

For the very first time in the history of Russia, over 100 children are in line to inherit more than $1 billion each from their ultra-rich oligarch fathers. Russian business magazine Finans has found the number of likely legatees swelled to 112 this year, as compared with 70 last year, the London Telegraph reports.

At the top of the list are the two toddlers belonging to Russia's richest man, Oleg Deripaska, who stand to inherit as much as $20 billion each. The paper notes the list is not terribly scientific, however, as the rankings were arrived at merely by dividing each billionaire's fortune by the number of children he has, without regard to age, primogeniture or other mitigating factors.

Therefore, since Luxist mascot Roman Abramovich (right) has five children, his brood only clocks in at No. 34, with an expectation of $4.6 billion each. Elsewhere on the list, Lukoil owner Vagit Alekperov's son makes No. 2 with $13.5 billion coming to him, and steel tycoon Vladimir Lisin's three children rank at No. 14 with $7.4 billion each. See the gallery for some of Russia's richest dads.

Forbes has come up with a new list of the 10 young women most likely to inherit their mega-rich fathers' fortunes - in short, the billion-heiresses of tomorrow. The final list does not merely represent the daughters of the world's richest men, however; for a true accounting, the magazine started with the daughters of the world's 150 richest people, all worth $6.4 billion or more, but then focused only on those with few or no siblings to divide the loot.

They further narrowed the field by disqualifying those with fathers like Bill Gates who have declared their intention to leave their fortunes to charity instead of their children. Also, they did not include those who have already inherited their money, like the world's richest woman, L'Oréal heiress Liliane Bettencourt.

No. 1 on the Forbes list is India's Vanisha Mittal Bhatia, daughter of Lakshmi Mittal, the fourth-richest person in the world with a fortune of $45 billion. The No. 2 and 3 heiresses are also the daughters of Indian tycoons, while No. 4 is Delphine Arnault-Gancia, daughter of LVMH chairman Bernard Arnault, the world's 13th-richest man with a fortune of $25.5 billion. And clocking in at No. 7 is championship equestrienne Georgina Bloomberg (above), daughter of New York's billionaire mayor Michael Bloomberg. See the gallery for more.