Sotheby's First Sale of Modern and Contemporary Russian Art

Sotheby's First Sale of Modern and Contemporary Russian Art

19.02.2007 9:37:34 Sotheby’s first sale of Modern and Contemporary Russian Art since 1988, achieved the landmark total of ?2,630,880 ($5,167,048), almost ?500,000 more than the pre-sale high estimate of ?1,511,500-?2,145,000, further demonstrating the robust growth of the Russian art market. The sum realised represents the highest total ever achieved for a sale of Modern and Contemporary Russian Art and reinforces Sotheby’s position as market leader in sales of Russian Art. The auction was extremely well attended and attracted over 150 international buyers who registered to bid both in the packed saleroom and over the telephones, and saw more than 22 new artists’ records established. Commenting on today’s sale, Joanna Vickery, Senior Director and Head of Sotheby’s Russian department, said: “In staging this historic and pioneering sale, Sotheby’s has established beyond doubt that there is now a burgeoning market for Russian Contemporary Art. Interest among collectors was focussed not only on the traditional artists from the 70s and 80s, but there was also a strong taste for more recent works, the top price of the day being paid for an abstract canvas from 1992 by Evgeny Chubarov whose work comes to auction for the first time. There was extremely competitive bidding for top names, producing 22 world auction record prices and bidding came from over 150 international buyers, a truly staggering phenomenon for a new sale. The room was packed and applause broke out at the end of the sale as those present recognised the historic importance and achievement of the sale.” “We are thrilled with the results of this landmark sale which once again demonstrates that Sotheby’s is responding to the fast developing tastes of our increasingly sophisticated Russian clients and that we lead the field in the Russian market. This sale has now brought Russian Contemporary Art onto the international stage for the first time ever and the overall result of 80% lots sold provides a strong springboard for future growth in this area.” The top lot in today’s sale was Evgeny Chubarov’s (b. 1934) work Untitled, which sold for ?288,000, more than four times its high estimate of ?60,000, to a private Russian buyer on the telephone. The work is one of the artist’s later paintings and is reminiscent of works by Jackson Pollock and Willem de Kooning. The second highest price paid was for Erik Bulatov’s (b. 1933) oil on canvas Revolution-Perestroika, which was strongly contested for by three bidders both in the saleroom and on the telephone. It finally sold to an anonymous buyer on the telephone for ?198,000, more than double its low estimate of ?80,000, achieving a new record for the artist at auction and exceeding the previous record by more than $375,000. The work, which came from a private American collection, is an exceptional example of ‘Sots Art’ – a movement which formed towards the end of the Brezhnev era and parodied Socialist Realist art. Mikhail Matveevich Shvartsman’s (b. 1926) oil on canvas Paternal Structure was also the subject of intense competition. Bidding for the work lasted more than five minutes and when it finally sold to a private Russian buyer on the telephone for ?192,000, more than three times its high estimate of ?60,000, the room broke into applause. The painting came from the collection of the famous Greek collector of Russian avant-garde and non conformist art, George Costakis who acquired the painting directly from the artist in the 1970s. The price achieved for this work represents a record for the artist at auction and the third highest price paid in today’s sale. Other works in the sale which performed well include Nude by Vladimir Weisberg (b.1924), one of the most influential nonconformist artists of the generation of the 1960s, which sold for ?186,000, more than six times its high estimate; Oleg Vasiliev’s (b.1931) Landscape & Space which sold for ?108,000; and Untitled by Lydia Masterkova (b.1927), which sold for ?81,600 – all of these prices representing records for the artists at auction. Sotheby’s is planning a further sale of Modern and Contemporary Russian Art for 2008, and Sotheby’s traditional Russian Sales will take again place this year in April in New York and June in London. www.artdaily.org

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