LONDON.- Sotheby’s led London’s sales of Russian art this week, achieving over £17 million and attracting an unprecedented number of new buyers to the salerooms, many of them from beyond Russia and the CIS. Their presence this week heightened competition for the works on offer, with 40% of the lots sold on the opening night exceeding high estimate. The sales also emphasised the importance of established buyers from Russia and the CIS, almost 70% of whom, in addition to their activity this week, are currently also making their mark in other collecting categories at Sotheby’s today.

Jo Vickery, Senior Director, Head of Russian Art, said: “This has been a very good week both for the Russian art market and for Sotheby’s. The market is growing fast, with new buyers entering at all levels - most notably perhaps at the top end - and we are thrilled to have introduced nine leading photographers to the international auction arena in our pioneering sale of photographs from the Soviet era. Having achieved the strongest total of the season, and set many new important benchmarks along the way, we have this week reaffirmed our lead position in this highly important market for Sotheby’s.”

Some Interesting Facts and Figures

• Sotheby’s sold 36 lots over £100,000 – more than all the other auction houses put together during London’s Russian Art Week

• Bidders from 30 countries - including Japan, Israel, Hong Kong, Saudi Arabia, Poland, Spain and Finland – were active in the sales.

• 20% of our buyers this week had never bought at Sotheby’s auctions before.

• Two star lots of the week - Nikolai Fechin’s celebrated double portrait of his wife and daughter and Natalia Goncharova’s Femme Cubiste - both sold to buyers who had not purchased at Sotheby’s auctions before.

• 40% of the artworks sold in Sotheby’s two sales of Important Russian Art and Russian Paintings achieved in excess of high estimate.

• Important new benchmarks were set during Sotheby’s pioneering Changing Focus auction, with a record achieved for the artist Boris Mikhailov, and nine new contemporary photographers introduced to the international auction market.

Sotheby’s Russian Art Week Results
COMBINED TOTAL:
£17,009,125 / $25,984,610 / €19,925,167

IMPORTANT RUSSIAN ART
LONDON 3 JUNE 2013
£8,719,000 / $13,295,603 / €10,236,127

RUSSIAN PAINTINGS
LONDON 4 JUNE 2013
£5,265,550 / $8,058,924 / €6,152,790

RUSSIAN WORKS OF ART, FABERGÉ & ICONS
LONDON 4 JUNE 2013
£2,711,325 / $4,149,683 / €3,168,181

CHANGING FOCUS- A COLLECTION OF RUSSIAN AND EASTERN CONTEMPORARY PHOTOGRAPHY LONDON 5 JUNE 2013
£313,250 / $480,400 / €368,069