Russian art sales continue to tumble

THE ART NEWSPAPER | Ermanno Rivetti:

Fine art and decorative art at Sotheby’s, Christie’s, MacDougalls’s and Bonhams brought in a combined total of £16.4m, a new low since the £17.2m in December last year, according to figures from the online platform Russian Art and Culture. The London sales of Russian fine and decorative art have been in decline since 2011, when they hit a high of around £30m. The Crimean invasion of 2014, subsequent economic sanctions, the fall in oil prices and the collapse of the ruble sent the country’s market into free fall. Once-powerful collectors saw their spending powers slashed… Read more

Image: Alexander Yakolev’s painting of Palmyra (1933), now in ruins at the hands of Isis, sold for £462,000 with fees, far past its estimate of £110,000-£150,000