Back in April we reported that despite the economic crisis Russian oligarch Roman Abramovich planned to complete work on the 557-ft. Eclipse, the world's largest and most expensive privately owned yacht. Now the ocean-going behemoth has been launched on its maiden voyage to test operational systems before the finishing touches are applied, at a reported final cost of close to $500 million according to the London Daily Mail. As the all-white megayacht glided out of the Blohm & Voss shipyard (above) in Hamburg, Germany the other day, it dwarfed a navy destroyer it passed along the way.

The Eclipse, which features a military-grade missile defense system, armor plating and bullet-proof windows, will literally eclipse the recently-debuted $350 million, 531-ft. Dubai owned by Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai. The ship also has a submarine that can be launched underwater and dive to a depth of 160 ft. that doubles as an escape pod, as well as two helicopter pads. Abramovich already owns several other superyachts, including the 377-ft. Pelorus, the 282 ft. Ecstasea and the 160 ft. Sussurro, which cost him $25 million a year to maintain, and apparently plans to keep them all.

"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.

It seems that despite a disastrous economy in which he lost a reported $20 billion, Russian oligarch Roman Abramovich is pressing on with plans for the Eclipse (above), the $355 million megayacht which will be the world's biggest upon completion next year. The 555-ft. ship, which includes a military-grade missile defense system, armor plating and bullet-proof windows, will literally eclipse the recently-debuted $350 million, 531-ft. Dubai owned by Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai.

There has been much speculation over whether Abramovich would shelve the Eclipse and / or sell off some of his other superyachts such as the 377-ft. Pelorus, but the Moscow Times reports he plans to keep them all. In fact, Abramovich is said to have already purchased a berth for the Eclipse at Porto Montenegro, the new megayacht marina under construction in the former communist country being billed as "the Monaco of the Balkans" (which we reported on last year).

It seems that Russia's new richest man, Mikhail Prokhorov, may not have been telling the whole truth when he denied buying the world's most expensive house, the $750 million Villa Leopolda (above) on the French Riviera, last year. Back in August we reported that the metals magnate was the mysterious purchaser of the eye-popping property, but Prokhorov, who's worth $14.1 billion, protested his innocence, saying he declined to do business in France because of a mix-up with some prostitutes and the French police. Now the London Times reports that Prokhorov signed a contract on the property and paid a $55 million deposit, but wants to back out of the deal.

Prokhorov reportedly lost $7 billion in the economic crisis but has fared better than fellow oligarch Roman Abramovich. Prokhorov will likely face a legal battle over the deposit, which is non-refundable under French law, with the Villa's seller Lily Safra. "Lily is adamant that she's not handing the deposit back," a source close to the deal tells the London Daily Mail. "Mr. Prokhorov, in turn, claims that property prices have collapsed since August, and the figures originally discussed were unreasonable. He wants out, and he wants his money back." We expect Prokhorov, founder of a new magazine for snobs, will likely issue another denial this time as well.

Award-winning British architect Lord Norman Foster has been called the west's only really high-profile architect to conquer Russia, with seven megabucks projects currently in the works there. However, the Art Newspaper reports that most of them are now facing severe obstacles due to the country's economic decline, which has done damage to their rich oligarch sponsors. For starters, the $2 billion Russia Tower in Moscow, planned as the tallest building in Europe, has stalled because the billionaire developer couldn't secure financing, as my colleague Deidre Woollard reported back in November. Work has also come to a halt on redevelopment of the Hotel Rossia site on Red Square, plans for which include a concert hall, museum, five-star hotels, luxury apartments, offices and retail space.

Meanwhile, a scheme to convert New Holland, an artificial island in St. Petersburg built by Peter the Great in the early 18th century, into a commercial and cultural hub slated for 2010, is far behind schedule as costs have skyrocketed by some $200 million. On the bright side, Foster's massive $400 million expansion plan for Moscow's State Pushkin Museum of Fine Art, is on track thanks to the patronage of Russian president Dmitry Medvedev. Foster hardly lacks for work in any case; as we recently reported, he's heading up a $1.5 billion project to design a fleet of Falcon 7X jets for NetJets Europe (above).

Russian oligarch (and former Luxist mascot) Roman Abramovich, who has lost a whopping $20 billion in the global financial crisis, has reportedly canceled a lavish New Year's Eve party he'd planned to host in Aspen next month. Abramovich (above, with hot young girlfriend Dasha Zhukova) had booked the event at the resort's luxe Piñons restaurant, but it's now been called off, the Aspen Times reports. "Nobody really knew about it, and it wasn't supposed to get out," the restaurant's maitre d' told the paper. "We're fine, we've got our regular New Year's reservations." As my colleague Deirdre Woollard reported, Abramovich purchased the amazing Wildcat Ridge estate in Aspen for $36 million last spring. The modern 11 bedroom mansion is perched at an elevation of 9,200 feet with incredible mountain views.

Russian oligarch Sergei Rodionov married a notorious Moscow femme fatale named Olga and then commissioned famed French photographer Bettina Rheims to do a big bucks X-rated photo shoot. He liked it so much he talked Rheims into two more photo shoots, and the results have just been published in book form, to a decidedly mixed reaction from Moscow society.

Russian billionaires are not shy about displaying their wealth, and surely The Book of Olga (right), which is so incendiary we can only show you the cover here, is just another such exhibition of prized assets. Of course, as a limited edition of 1,000 signed and numbered copies for $500 each, it also stands to make some money. If it succeeds, perhaps other Riussian oligarchs will follow suit and such books could become the hot new status symbol.

Bad news for free-spending Russian billionaire and Luxist mascot Roman Abramovich: he lost a staggering $20 billion over the past few months as Russia's financial markets took a tumble. The figure was calculated "based on assets excluding property and cash," Bloomberg reports, and it means that Abramovich's net worth is now only $3.5 billion. He had previously been ranked as the 15th richest man in the world with a fortune of $23.5 billion.

Some other Russian oligarchs have fared pretty poorly as well. Russia's richest man - well, formerly anyway - Oleg Deripaska lost more than $16 billion, and Vladimir Lisin lost $22 billion. Overall, Russia's richest men have lost a combined total of $230 billion in five months, Bloomberg notes. No single man has suufered as much as Indian steel tycoon Lakshmi Mittal, who lost $28 billion as we reported earlier this week. Still, Abramovich's loss is likely to affect him more as he so obviously enjoyed spending his immense wealth. So - anyone want to buy a $350 million megayacht?

Russian billionaire Roman Abramovich's new $355 million, 555-ft. Eclipse, designed to be the world's biggest, will have a military-grade missile defense system to keep the oligarch safe. My colleague Deidre Woollard first reported on initial plans for the Eclipse back in January. Now further details are emerging about the megayacht (rendering above), which when completed next summer will be 25 ft. longer than Dubai ruler Sheikh Mohammed bin Rashid's 530-ft. Platinum, currently ranked as the biggest yacht in the world. Secrecy surrounds the Eclipse, but sources tell the London Times that an antiballistic missile defense system is being installed by AST, a company with close ties to both the Blohm + Voss shipyard in Hamburg, where the yacht is being built, and the German defense ministry.

The Eclipse is also being equipped with armor plating surrounding the bridge and Abramovich's master suite, as well as bullet-proof windows. There's also a submarine that can be launched underwater and dive to a depth of 160 ft. that doubles as an escape pod, as well as two helicopter pads. Civilian ships are not allowed to carry weapons and so have to limit themselves to defense systems, but Saudi King Abdullah bin Abdul Aziz gets around this by having his 482-ft. yacht registered as a Royal Saudi Navy vessel, said to be equipped with French-made Exocet missiles. Pirate attacks on luxury craft are on the rise of late. Abramovich owns three other megayachts already: the 377 ft. Pelorus, the 282 ft. Ecstasea and the 160 ft. Sussurro.

Ukranian billionaire Viktor Pinchuk has revealed he was a major buyer at Damien Hirst's record-breaking $200 million Sotheby's sale last month, but has declined to say exactly what he purchased. Pinchuk, who's worth an estimated $5 billion, has his own museum in Kiev, the first private institution of its kind in the former Soviet Union, which already houses works by Hirst, Jeff Koons and Vuitton collaborator Takashi Murakami. He says he plans to display his new Hirst acquisitions at the Pinchuk Center in the spring.

"Victor Pinchuk is having a great impact on the [art] market," Simon de Pury, chairman of auction house Phillips de Pury & Co., who credits him with starting the oligarch art collecting trend, tells Bloomberg. "The contemporary art market in both Ukraine and Russia has really taken off in the past two years, and I expect this growth to continue." Earlier this year Pinchuk paid a record $150 million for a house in London, the world's most expensive at the time.

An unnamed Russian billionaire has splashed out $99 million on an ultra-luxe Moscow penthouse around the corner from the Kremlin. The seven-story, 14,000-sq.-ft. oligarch's aerie features five bedrooms, five baths, an indoor pool, separate children's floor and winter garden on the roof. It's located in the chic Chistie Prudy Residence complex, which has underground parking, private security and a water purification system. "For Moscow, it's an absolute record," the townhouse's real estate firm's spokesman Ruslan Barabash tells Reuters. The interior is done in a Moorish style with marble mosaics, myriad columns and arches, Moroccan-style lighting and garish touches galore.

[pix via BallerHouse]

At the megabucks Monaco Yacht Show this past weekend in Monte Carlo, there was an estimated $4.5 billion worth of yachts on display, and none of the 98 craft on exhibit were under 100 ft. The biggest of them all however was the multistory, $200 million Anastasia (above) at 248 ft., recently completed by leading Dutch shipyard Oceanco for a Russian billionaire. Though the buyer's identity hasn't been confirmed, it's rumored to be Vladimir Potanin, the 25th richest man in the world with a fortune of $19.3 billion, the London Daily Mail reports.

The Anastasia features six decks, luxe quarters for 12 passengers and 20 crew members including a duplex master suite, a ten seat cinema, a discotheque with a laser light display and smoke machine, an artificial coral reef and 800-gallon fish tank, a swimming pool with a transparent wall, a sunbathing platform which converts into a stage for live music, a library upholstered in crocodile skin, and a hanger full of speedboats and jetskis.

Far from being an endangered species due to the grim economic outlook, these megayachts are more in demand than ever. In fact, the Anastasia is probably already worth more than Potanin paid for it. "People with $200 million to spend on a yacht tend to be above the credit crunch," Hugo Andreae, editor of Superyacht World magazine, tells the paper. "There are a lot them around, even if most are unknown to the wider world."

Esquire magazine has just named Luxist mascot Roman Abramovich one of the 75 Most Influential People of the 21st Century. The honor comes on the heels of the lovably profligate oligarch's advancement to 8th place on Vanity Fair's list of the world's 100 most powerful people, as we reported earlier this month.

The magazine cites Abramovich's rise from hawking rubber duckies at Moscow's open-air markets to a multi-billionaire oil kingpin, art collector extraordinaire, megayacht owner, Putin confidant, and so on.

Also landing slots on Esquire's list, which appears in the October issue and is not ranked, are Sheikh Mohammed bin Rashid, ruler of Dubai and one of the world's richest royals; luxury goods tycoon Bernard Arnault, chairman of LVMH; and provocative artist Jeff Koons, whose work sells for millions.

Back in April we reported that Russian billionaire Mikhail Prokhorov (right) was planning to spend $150 million launching a new magazine for snobs. Now the first issue of Snob is about to go on sale with a cover price of $18, but it isn't just a gaudy homage to the oligarch lifestyle as lived by Luxist mascot Roman Abramovich and his compatriots.

"A close look at both the target audience and the contents of Snob show that it doesn't promote the free-spending, bling-drenched stereotype made famous across the world by rich Russians in recent years," the London Independent notes. "While celebrating personal and financial success, it does so in a rather more restrained and worldly way." Too bad - we were kind of hoping for something a little more over-the-top.

Russian billionaire Andrei Vavilov, who signed a $53.5 million contract sight unseen for an ultra-luxe penthouse at New York's famed Fifth Avenue hotel-turned-apartment building The Plaza (above), is suing the developers claiming the finished product is more like a tenement. Vavilov made the purchase prior to completion of the Plaza's $500 million renovations last year based on CAD models and a video presentation, which promised the residence would be the "epitome of luxury."

However, in a just-filed lawsuit, Vavilov accuses Plaza devloper El-Ad Properties and real estate agents Stribling & Associates of pulling a "bait-and-switch" in which they secretly made "unilateral and impermissible design changes" to the plans, the London Telegraph reports. He claims they made the apartment smaller, shrank the size of its windows and lowered the ceilings turning it into an "attic-like" garret instead of an elegant aerie.

Vavilov, who reportedly made $600 million six years ago when he sold his Russian oil company, Severnaya Neft, is demanding the return of the $10.7 million deposit he has already paid out and wants at least $20 million in damages for alleged breach of contract, fraud, deceptive trading practices and negligence. A lawyer for the defendants described his claims as "baseless".