moscow

Russian Shoppers Pulling Back Too

I've written about the troubles befalling American malls but it's tough in Russia too. The AP reports that the economic crisis and low oil prices are starting to make Moscow's popular GUM shopping center on Red Square look a bit like a ghost town. Some boutiques are closing while others are doing the same thing that their U.S counterparts are doing, offering deep discounts to lure anyone who might still be shopping. Russia has been a tremendous growth area for many international brands over the past few years as Russians became accustomed to increased spending power. Now it seems that they've followed the rest of the world into shopping retreat.

Back in October I mentioned that the managing director of Mercury, the country's biggest luxury goods group has said that sales have fallen at the popular TsUM shopping center. Mercury's stores sell many of the world's top luxury brands, everything from Gucci to Maserati cars and Chopard jewelry through the TsUM department store and other luxury shops.

Also it was recently announced that this year's Moscow World Fine Art Fair, set to take place at the end of May, has been canceled. The cancellation was mainly due to troubles getting sufficient sponsorship to cover the costs of the fair. ArtInfo reports that only a few dealers had pulled out of the fair but cancellations from Bulgari and Harry Winston prompted the organizers to cancel now rather than months from now when the economic crisis could be even worse. They hope to bring the fair back next year.

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Tags: moscow, recession, shopping, spending, then and now, ThenAndNow

Lord Foster's Russian Projects in Jeopardy

by Jared Paul Stern (RSS feed) —

Filed under: Real Estate Developments

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).

Tags: Architecture, Lord Norman Foster, LordNormanFoster, Moscow, Norman Foster, NormanFoster, Russia, Russian billionaires, RussianBillionaires

Moscow's Gloomy Millionaire Fair

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Last month I wrote about the Millionaire Fair in Istanbul but it appears it didn't go over quite so well in Moscow this time. The Wall Street Journal's Wealth Report led me to the Guardian's report of the Moscow Millionaire Fair where yachts were going two for one and no one was buying. Socialite Ksenia Sobchak, the fair's master of ceremonies, applauded guests for showing ups saying that: "Everyone is a superhero for finding it in themselves to come here tonight, to try to bask in the luxury." The fair was the usual dazzling spectacle of exotic cars, jewels and free-flowing Champagne. Moscow still has more billionaires than any other city but many have seen their fortunes dramatically pruned over the last year. The end result seemed to be a rather grim spectacle of luxury where people weren't quite sure if they were celebrating what remains or mourning what once was.

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Tags: millionaire fair, MillionaireFair, moscow

Russian Billionaire Publishes Book of Wife's Nudes

by Jared Paul Stern (RSS feed) —

Filed under: Books

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.

Tags: Bettina Rheims, BettinaRheims, Book of Olga, BookOfOlga, Moscow, Photography, russian billionaires, RussianBillionaires, Sergei Rodionov, SergeiRodionov

Russia's Mercury Group Sees Slowing Sales

by Deidre Woollard (RSS feed) —

Could the Russian luxury market actually be slowing down? The managing director of Mercury, the country's biggest luxury goods group has said that sales have fallen at the popular TsUM shopping center. While most wealthy people are continuing to buy, there has been a slight slowdown and a possibility that the global gloom has finally seeped through to Russia. Mercury's stores sell many of the world's top luxury brands, everything from Gucci to Maserati cars and Chopard jewelry through the TsUM department store and other luxury shops. Overall, Mercury is still bullish on Russian spending. After all, the company did just pick up auction house Phillips de Pury in order to bring more contemporary art auctions to Moscow.

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Tags: luxury, mercury, moscow, russia, tsum

Auction House Phillips de Pury Sold To The Russians

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

Over the past couple of years Russia's new wealthy have made some big moves in the art world. Most recently, as my colleague Jared Paul Stern reported that Russian billionaire Roman Abramovich will be bankrolling a major Francis Bacon exhibition at his girlfriend Dasha Zhukova's new Moscow art gallery in 2010. Now auction house Phillips de Pury has been sold to Mercury, a Moscow-based luxury goods group. Phillip's founder Simon de Pury will still remain as chairman and will have a share in the company. This isn't Phillips's first spin with a luxury conglomerate, it was was briefly owned by LVMH. For Phillips, the new owners will provide a big influx of capital so that Phillips can continue adding to their contemporary art auctions and it will also likely bring some important auctions to Moscow.

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Tags: auction, contemporary art, moscow, phillips de pury, PhillipsDePury, russia

Moscow Townhouse Sells for Record $99 Million

by Jared Paul Stern (RSS feed) —

Filed under: Estates

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]

Gallery: Moscow Mansion

Tags: Luxury real estate, LuxuryRealEstate, Moscow, Russia, Russian billionaires, RussianBillionaires

The World's 10 Most Expensive Hotel Suites

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Travel & Hotels

The Wealth Bulletin has compiled a new list of the World's Top Ten Most Expensive Hotel Rooms, and the first and second both cost over $30,000 per night. And despite glum economic prospects, demand for these costly suites is as strong as ever, with waiting lists stretching from now until the end of December. Also worth noting is the appearance of Dubai (the Burj Al Arab's Royal Suite, above) and Moscow hotels on the list, which would have been unheard of just a couple years ago. Here are the Top 10:

1. Ty Warner Penthouse, Four Seasons, New York; $34,000 per night
2. Royal Penthouse Suite, President Wilson Hotel, Geneva; $33,000 per night
3. The Presidential Suite, Hotel Cala di Volpe, Costa Smeralda, Italy; $21,000 per night
4. Royal Suite, Burj Al Arab, Dubai; $18,000 per night
5. Royal Armleder Suite, Le Richemond, Geneva; $17,500 per night
6. The Ritz-Carlton Suite, The Ritz-Carlton, Moscow; $16,500 per night
7. The Royal Suite, Four Seasons George V, Paris; $16,000 per night
8. The Imperial Suite, Park Hyatt-Vendôme, Paris; $15,500 per night
9. Brook Penthouse, Claridges, London; $10,000 per night
10. Penthouse Suite, Hotel Martinez, Cannes; $9,300 per night

Gallery: World's Top 10 Hotel Rooms

Tags: Burj Al Arab, BurjAlArab, Cannes, Claridges, Dubai, Four Seasons, FourSeasons, Geneva, Hotel suites, Hotels, HotelSuites, Le Richemond, LeRichemond, Moscow, Ritz-Carlton, Ty Warner Penthouse, TyWarnerPenthouse

Abramovich's Girlfriend Parties with Supermodels in Moscow

by Jared Paul Stern (RSS feed) —

Filed under: Events, Art

Our friends at Kempt spotted Dasha Zhukova, Russian oligarch / Luxist mascot Roman Abramovich's gorgeous 27-year-old girlfriend, partying with supermodels and movie stars at an A-list art gallery opening in Moscow the other night. Zhukova (right) rubbed elbows with the likes of Russian supermodel Natalia Vodianova (left), sexy star of several ad campaigns, at the opening for megabucks art dealer Larry Gagosian in a former chocolate factory. As we reported recently, Abramovich has bankrolled a new Moscow art gallery for Zhukova, which will mount a major Francis Bacon exhibition in 2010. At the Gagosian show, works by the likes of Jeff Koons and Vuitton collaborator Takashi Murakami were on display.

Tags: dasha zhukova, DashaZhukova, Francis Bacon, FrancisBacon, Gagosian Gallery, GagosianGallery, Jeff Koons, JeffKoons, Kempt, Larry Gagosian, LarryGagosian, Moscow, natalia vodianova, NataliaVodianova, Russia, Supermodels, takashi murakami, TakashiMurakami

World's Most Expensive Champagne at $275,000 a Bottle

by Jared Paul Stern (RSS feed) —

Filed under: Spirits, Wine

Some vintage 1907 Heidsieck champagne that's been sitting on the bottom of the ocean for the past 80 years is being sold for $275,000 a bottle at the Ritz-Carlton in Moscow.

Over 200 bottles of the long-lost, perfectly-preserved bubbly were salvaged from a shipwreck off the coast of Finland, Russian newspaper Komersant reports. At the time of the accident in 1916 the wine was on its way to the Russian Imperial family.

The Ritz-Carlton, where top suites go for upwards of $15,000 a night, is now offering them at $275,000 a bottle, making it the world's most expensive champagne. Sounds like the perfect drink for all those oligarchs.

Tags: Champagne, Heidsieck, Hotels, Moscow, Ritz-Carlton, Russia, Shipwreck

The 10 Richest Streets in the World

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

The Times of London has come up with a new list of the world's 10 richest streets based on property prices. The most expensive street on the globe, unsurprisingly, is in ultra-rich Monaco - Avenue Princess Grace, to be exact, where average prices run about $17,000 per sq. ft. It's a pretty safe bet that anyone with an address there is a millionaire at the very least. In second place is Severn Road in Hong Kong's Victoria Peak district (above), where the average price is about $11,000 per sq. ft. Here are the rest of the runners-up:
No. 3 - Fifth Avenue, New York
No. 4 - Kensington Palace Gardens, London
No. 5 - Avenue Montaigne, Paris
No. 6 - Ostozhenka, Moscow
No. 7 - Via Suvretta, St, Mortiz, Switzerland
No. 8 - Carolwood Drive, Beverly Hills
No. 9 - Wolseley Road, Sydney, Australia
No. 10 - Altamount Road, Mumbai, India

Gallery: World's Richest Streets

Tags: Australia, Beverly Hills, BeverlyHills, Fifth Avenue, FifthAvenue, Hong Kong, HongKong, India, London, Manhattan, Monaco, Moscow, New York, NewYork, Paris, St. Moritz, St.Moritz, Worlds Richest Streets, WorldsRichestStreets

Abramovich Bankrolls Bacon Show at Girlfriend's Gallery

by Jared Paul Stern (RSS feed) —

Filed under: Art, Wealth

Profligate Russian billionaire Roman Abramovich is bankrolling a major Francis Bacon exhibition at his gorgeous 27-year-old girlfriend Dasha Zhukova's new Moscow art gallery in 2010. The show at the luxe gallery, called the Garage Center for Contemporary Culture and also financed by Abramovich, will be entitled Death Shadowing Life: Francis Bacon: The Late Paintings, 1971-92, and will subsequently travel to the Hermitage Museum in St. Petersburg, The Art Newspaper reports. The announcement would seem to explain Abramovich's astounding $86.3 million acquisition of a Bacon triptych at Sotheby's in May. Zhukova's gallery officially opens on Sept. 16 with an Ilya Kabakov retrospective.

Tags: Art galleries, ArtGalleries, contemporary art, ContemporaryArt, Dasha Zhukova, DashaZhukova, entertainment-awards, Francis Bacon, FrancisBacon, Hermitage Museum, HermitageMuseum, Ilya Kabakov, IlyaKabakov, Moscow, roman abramovich, RomanAbramovich, Russia, Russian billionaires, RussianBillionaires, Sothebys

Russians Checking Out Caribbean Real Estate

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

When it comes to real estate, where haven't Russia's wealthy elite ended up? A mystery Russian billionaire recently scooped up the world's most expensive house on the French Riviera. We've seen them move in to the Plaza in New York, snatch up historic homes in London and pick up ski real estate in Colorado. The Moscow Times says that the next big flood of Russian real estate investment may be headed to the turquoise waters and white sands of the Caribbean. The lure is two-fold, part of it is the natural charm of an idyllic tropical paradise and part of it is the potential property tax breaks that make the homes both pleasure and a smart investment.

While Russian billionaires have long had Caribbean homes, now there is a move by multimillionaires to get their own piece of tropical paradise, buying in to the many developments springing up practically everywhere there is an untended beach. Projects such as Isla Moin in Costa Rica, Costa Blanca in the Dominican Republic and Vita Tower in Panama, which were in many cases originally designed for the American wealthy, have begin to sell toward Russian investors. The Moscow Times also reported last April that Florida real estate projects were also seeking out Russian buyers. The current weakness of the U.S. dollar is also spurring on Russian investors who are finding they can get some great deals.

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Tags: caribbean, moscow, real estate, RealEstate, russia

Neo Vita, Moscow's Clinic For Millionaires

by Deidre Woollard (RSS feed) —

We've been chronicling Russia's growing batch of billionaires for years. Sure, they have the yachts, the luxury cars, the expensive real estate all over the world but every person regardless of their wealth needs one thing in order to be happy: health. For Russia's ultra-rich the place to go is Neo Vita. a clinic that offers a variety of treatments for both mind and body, including psychoanalysis at $10,000 an hour.

The clinic offers the ultimate in privacy, visitors must pass a police post and surveillance cameras and confidentiality is maintained at all levels. There is even a discreet side door and according to the AFP, the truly secretive and wealthy can reserve the clinic just for themselves for $200,000. Russian psychoanalyst Artyom Tolokonin justifies his prices by saying he only he understands the Russian mentality, offering services his clients can't get elsewhere. He is quoted in the article as saying: "If he has a castle in Monaco, but can't find love, then I wouldn't be effective if I weren't charging him the equivalent of a castle." And you thought health care in the U.S. was scary!

Gallery: Neo Vita Clinic

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Tags: billionaire, expire-images2009-4-11, moscow, neo vita, NeoVita, russia

Crystal Island Will Be the World's Biggest Building

by Deidre Woollard (RSS feed) —

The ambitious architects at Foster + Partners have announced another huge project, in fact this might be the huge project. They have unveiled renderings for Crystal Island, a £2 billion "city inside a building" in Moscow which will be the world's biggest building. Now note, I didn't say tallest, although it is tall. This one is all about the sprawl, it will be have four times the floor space of the Pentagon building in Washington D.C., more floor space than any other structure on Earth. The building will stretch almost 1,500 feet into the sky and will be a multi-use structure. The building will include 900 apartments, 3,000 hotel rooms, a school for 500 students, a movie theater, a museum, a sports complex and dozens of shops. Some critics say it resembles a giant Christmas tree (the tower does spread downward from the top peak, and will be a vulgar blight) on the Moscow cityscape. The structure will be placed on a peninsula located five miles from the city center and it is expected to be completed in six years.

[via The Sunday Times]

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Tags: crystal island, foster and partners, FosterAndPartners, moscow, russia

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