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Russians Selling Art, not Buying

Filed under: Auctions, Art

Last year, the Russians were buying art just as fast as they could. Now, they're doing the same thing in reverse. Sotheby's and Christie's are bringing $31 million in Russian art to market, thanks to a global recession that has left the country's many billionaires financially crippled and in desperate need of liquidity.

Christie's is hoping to rake in $21.6 million from today's Russian art auction, which includes a porcelain dinner set owned by once-heir to the throne Grand Duke Paul. Sotheby's has approximately $9 million in Russian art, which it plans to send under the gavel on November 2.

If art and economic never intersected, we could just enjoy the aesthetic and be done with it. But, reality forces its way in – especially with the Russian economy 10 percent smaller than it was a year ago. And, the number of Russian billionaires has plummeted from 110 in 2008 to 35 now. Wealthy Russians and Ukrainians, according to William MacDougall, co-director of MacDougall's in London, are responsible for more than 90 percent of the market for Russian art.

So, expect the selling prices to suck, frankly. Even with some strong lots – Alexis de Tiesenhausen, director of Russian art for Christie's calls this auction unique in terms of "quality and historical significance" – the target market is selling rather than buying. The Christie's auction consists of 550 lots. The Sotheby's auction will have 122 – including paintins by Natalia Goncharova and Konstantin Korovin.

Estimates are much lower than they were in 2008, because of supply at auction, the drop in the art market and the absence of buyers in the target market.

Vladimir Putin Hands Over His Blancpain Watch To Russian Metal Worker Upon Request

Filed under: Timepieces, Charity


In a ballsy move, a metal worker at a Russian weapons factory asked the powerful former Russian President and current Prime Minister Vladimir Putin for his wrist watch. More surprising is that Viktor Zagaevsky actually got Putin to hand over the watch, for good.

The story is simple. While in the Russian town of Tula, Putin was touring a weapons factory and doing a speech on the economy of the region. Putin is extremely well regarded in Russia, and his actual place in politics has been debated as it sometimes seems that he does more than merely sit as a former Prime Minister. Another area of inquiry regard how Putin can afford his lavish lifestyle. Russian politicians report their annual incomes, and while they aren't minuscule, they certainly don't allow for a collection of luxury Swiss watches - among other luxuries that Putin enjoys (such as sport diving in a submarine). While the questions are valid, they are a bit naive. As a former Prime Minister, and currently an extremely powerful man in Russian, Putin is bound to have "alternative" sources of income of wealth upon which to draw from. The former KGB man is no novice at secrecy. Still international questions arise as to Putin's actual status in Russia. Nevertheless, the Russian people seem not to mind. Putin is considered a national hero and symbol of Russian pride. He is fiercely nationalistic.

It was not the first time that Putin was known to gift a watch, but he is not exactly known for it. No one is to my knowledge. Putin is known as an avid fan of luxury watches, and is seen wearing them even while engaging in sporty activities where even most luxury watch owners would sport nothing more than a Casio due to fear of timepiece harm.

The watch that Putin happened to have on at the time was his well-loved Blancpain Aqua Lung Big Date, as he has been seen wearing it often. It is a steel cased watch of a modest size and very thin for a mechanical timepiece. It has a big date complication and water resistant to 100 meters with a soft black leather strap. New, the watch goes for about 6,000 euros. For Viktor Zagaevsky, the watch will certainly have a great deal of sentimental value, not to mention be a new luxury for someone who likely has never purchased more than a bargain watch. I feel that Putin made a prudent decision as the good-will attached with the move is invaluable.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com

Rough Results for Russian Art at Christie's and Sotheby's Auctions

Filed under: Auctions, Art

"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.

$3 Million for George Michael on New Year's

Filed under: Events

New Year's Eve parties are often some of the biggest events of the year, so it's no surprise to hear that the ultra-rich go all out for them. A Russian billionaire wanted to ensure that his party had top-of-the-line entertainment and paid singer George Michael £1.5 million (approx $3 million) to perform a set. "George was back home in Britain by morning," a representative said, and with the honor of being the highest paid entertainer in Russian history. The runner-up for the title is Christina Aguilera, was paid £1 million ($2 million) "for performing three songs at a Russian wedding" in 2005.

Luxury Vehicle for War Zones

Filed under: Wheels

We've heard of cars that have been reinforced with bulletproof glass and siding from time to time, but our experience with defensive measures for cars is limited, so we were a bit surprised to learn about the Combat Reconnaissance/Patrol Vehicle. After all, the vast majority of drivers have no need for a fully-armored, aquatic military vehicle - although if you're going to have one, you may as well make sure it's comfortable, too. This particular ex-Russian Military vehicle is loaded up with a huge sound system, GPS, TV and DVD player, in addition to what appears to be leather seating and carpeted floors. It also has some practical features such as sonar detection, a night vision system and a periscope.

You can see some more pictures of it after the jump.

[via Born Rich]

Okeanos Club Spa

Filed under: Spas

Okeanos is a Russian spa located in midtown Manhattan. The 4,500-square-foot spa opened in Ocotober and features Russian-themed treatments such as the traditional Banya and Platza, a sauna followed by a brisk brushing with birch leaves followed by a cold water plunge. Other services include a variety of massages, reflexology, manicures, pedicures and a body scrub with Black Sea salts.Their Jet Lag treatment includes a plataza treatment, Jet Lag facial, Let Lag Massage, Executvie Manciure, Over the Top pedicure and a complimentary lunch for  $385.


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