Faith in favor of investment in art occasionally useful to reinforce concrete examples. Wound itself into their heads, but for the rest rejoice.

In our selected top ten successful investment in Russian art includes paintings, which were purchased at auction are not earlier than 2007, and then resold at a profit to the public trading in 2012. It so happens that in practice we consider the situation of medium-term investment where for 6 years the investor had purchased the asset and re-sell at a noticeable gain. To some it was enough for the year, another took more than five years, but the result - fixed income with four, five or six zeros. Six-year period was chosen also as a complicating factor, because it came at the peak of the market, at inflated prices, then survived the crisis and still has not completed the recovery phase. In other words, from the point of view of market conditions there is no manipulation: used to be better than it is now, so the specific investment success can not be explained only by the overall growth of the market.

Separately, we note that the submitted list - it's not rated investment achievements. We deliberately did not emphasize on epithets and argue that this is a top-10 or just the most-successful transactions, put in a six-year period. The fact is that our "automatic" unable to determine 100%repeat sales in those cases where one and the same picture again comes up for auction with a name change or a slightly different size. And this happens not infrequently. Therefore, it is possible that out of our sight could fall out other deals with a spectacular marginality. If you then fall to such eye - add to the list.

Since we consider a very short period, then dispense with the conventions: the ranking is done as a percentage per annum (as if the money had been made on the contribution of the prime rather than compound interest) rates are exclusive of commissions auction and converted into dollars, inflation, and the number of resales within a period not considered. In the end, that's what happened.

Grabar IE
Pears on red tablecloth. 1921
Oil on cardboard. 52 x 68

1. Igor Grabar. "Pears on red tablecloth»

Buy :
03.12.2007. Bruun Rasmussen (Copenhagen, Denmark)
Estimate: 29 445-39 260 dollars
Result: 121,706 USD

Sale :
09.06.2012. "Russian enamel" (Moscow)
Estimate: 000-600 400 000 dollars
Result: 1,099,714 USD

period of ownership : 4.52 years
Appreciation: 978,008 dollars
Growth : 177,8%a year

Still Life Igor Grabar «Pears on red tablecloth" for the year has become almost a textbook example of a successful investment. More than 177%and nearly $ 1 million increase for 4.5 years. Thing is strong, large (52 x 68). Refers to the period when Igor Grabar particularly fond of writing the still lifes, "charging still life", as he called it. "I was at that time especially excited noble beauty colors pear-duchesse - from green, through the greenish-orange to dark red," - as if it's about the same fabric with pears Grabar wrote in his memoirs. In December 2007, the Danish auction Bruun «Pears on red tablecloth" went for 620,000 Danish kroner (121,000 dollars). During the crisis thing happened soon otviselas, scored in the price and waited for the moment when the shortage of masterpieces only strengthened. Therefore, when "Russian enamel" in June last year, bidding for this life with 13 million rubles for the 16 steps come down to 36 million rubles ($ 1,099 million), and no one really did not resent the high cost. For nearly a year still life Grabar headed rating of the most expensive works sold at auction in Russia. And only at the end of 2012-with this honorable position shifted his canvas Aivazovsky.

Krachkovskaja IE
Wisteria in bloom. 1898
Oil on canvas. 21.5 x 16

2. Joseph Krachkovskii. "Wisteria in bloom»

Buy :
24.11.2010. Millon (Paris)
Estimate: 8 117-10 822 dollar
Result: 7846 U.S.

Sale :
17.11.2012. RAD (Moscow)
Estimate: 25 000-28 000 dollars
Result: 34,680 USD

period of ownership : 1,98 years
Appreciation: 26 834 dollars
Growth : 172,4%a year

not so well known to be worth millions, but favorite connoisseurs of Russian landscape painter of the XIX century Joseph Krachkovskii (1854-1914) entered our top ten good investment with their work "Wisteria in bloom." A thin, graceful, though not complete this work for two years has risen by 172%. Thing imported. For two years it was sold three times: first in Paris Millon in 5.8 thousand euro (7.8 thousand dollars), followed by Sotheby's already over 10,000 pounds (U.S. $ 16.4 thousand), and finally, in November 2012, Russian Auction House sold "Wisteria" for 1 million rubles (U.S. $ 34.6 thousand). The dynamics are not inconsistent with the general state of the market works Krachkovskogo. At the time of first sale "Glycine" in Paris, the price index Krachkovskogo Artist's ARTIMX stood at 12,127 points and was in the process of growth. During the second sale of the index has grown to 15 331. A third sale took place at a time when the artist index approached 31,000 points.

bogolyubov
View of Venice. The middle of the XIX century
Oil on canvas. 35 x 67

3. Alexey Bogolyubov. "View of Venice»

Buy :
25.11.2008. Sotheby's (London)
Estimate: 29 952-44 928 dollars
Result: 38,189 USD

Sale :
20.05.2012. "Russian Seasons" (Russia)
Estimate: 000-100 90 000 dollars
Result: 148,716 USD

period of ownership : 3.48 years
Appreciation: 110,527 dollars
Growth : 83,0%a year

«View of Venice" is a 15 place in top 25 most expensive works of Russian art in 2012 , in 2008, it went up by 3.9 times.

This work dates back to the XIX century. There is a version that the artist did not write it from nature and created on the basis of a picture or pictures of any other artist. It is known that at the end of 1850 , leaving the service on the royal yacht "Kamchatka", was enrolled student volnoprihodyaschim Academy of Fine Arts to the famous landscape painter and teacher M. N. Vorobiev , guided the Academy to "class painting landscapes and perspectives." In the last years of his life MN Vorobyov wrote types of Italy on sketches made during his travels 1844-1846 years, and it is possible that the "View of Venice" is made by Bogolyubov on the basis of one of the studies teacher. Venice - one of the most recognizable themes in the artist's work, he has written dozens of its species.

I must say that in 2008, the auction house Sotheby's sold "View of Venice" as attributed to the painter in 2011, the authorship of the work of stuck. Large price increase "Kind of Venice", most likely due to confirmation of authorship. Because the "mathematical" conditions in the Bogolyubov during this period was so-so. Painting acquired by the phase when the price index fell artist (it was about 2700 points), and sold at the beginning of the growth period (about 1344 points). But to pre-crisis levels of its Artist's ARTIMX still has not recovered. For the year 2012 was recorded 17 sales of Bogolyubov's work, mostly paintings of medium format. In general, Russian marines continue to be in demand (as exemplified by the continued interest in creativity ), so the result can be considered logical.

KA Korovin
Northern landscape. Mid 1900s
Oil on wood. 32.6 x 41

4. Konstantin Korovin. "Northern Landscape»

Buy :
27.11.2007. Sotheby's (London)
Estimate: 12 397-16 529 dollars
Result: 12 397 dollars

Sale :
25.10.2012. Sovcom (Moscow)
Estimate: 50 000-80 000 dollars
Result: 60,705 USD

period of ownership : 4,92 years
Appreciation: 48,308 dollars
Growth : 79,3%a year

In August 1894 Konstantin Korovin and Valentin Serov off for two months to travel the Russian North. A kind of inspiration for the trip was Savva Mamontov, Korovin attracted to work on the design of the upcoming in 1896 in Nizhny Novgorod, Russia industrial and art exhibition. "... We have been sentenced to Siberia, into exile. Is this: in the Lower be National Show, we decided to offer you to make the project department of the pavilion "Far North" and you have to go to the Murman. That Anton Serov (friendly nickname Serov. - AI .) Wants to go with you ».

Charges Korovin was short-lived. "On the floor - Opened bags. I stack of paint, brushes, easel and binoculars, fur jacket, underwear, big hunting boots, a flashlight and a whole kit. Guns do not take, I'm going to the Far North, in the Arctic Ocean to paint from life, and take the gun, the hunt begins, and which then sketches? »

cycle, bringing together all that is written as a result of trips to the North, has about three dozen paintings, sketches and sketches.

By mid-1900, when it was written, "Northern Landscape", Korovin, despite the time that has elapsed since his return of a two-year trip to Paris was still "all full of Impressionist art, the search for a special scenic beauty and truth of the image," and these searches, a fusion of cultures and styles were reflected in the "landscape of the North».

66 Korovin's works were sold in 2012, mostly scenic views of Paris, the marina and the snow-covered hut in a typical Russian artist impressionistic style 1910-30s, when his paintings there is a characteristic of all later decorative art. "Northern Landscape" written earlier and in a different manner - a few uncharacteristic Korovin broad expressive brushstrokes of local colors give the job to the brink of abstraction. Perhaps this is the reason for the attractiveness of this compact work for the new owner.

IK Aivazovsky
Mount Athos . 1846
Oil on canvas. 81,7 x 116,5

5. Ivan Aivazovsky. "Mount Athos»

Buy :
08.12.2011. Stockholms Auktionsverk (Stockholm)
Estimate: 000-887 591 400 dollars
Result: 1,035,300 USD

Sale :
23.11.2012. "Russian Seasons" (St. Petersburg)
Estimate: 1,000,000 - 1,200,000 dollars
Result: 1,542,000 USD

period of ownership : 0,96 years
Appreciation 506 $ 700
Growth : 50,9%a year

«Mount Athos » I. Aivazovsky tops the list of the most expensive works of art sold at public auction in Russia in 2012. The work is fairly well known, it is mentioned the "Dictionary of Russian artists" NP Sobko 1893 as an order of Countess Sophia Bobrinsk (Samojlovoj). Exhibited in the Crimea, St. Petersburg, and then by order of Nicholas I was sent to an exhibition in Berlin. Provenance is impressive, however, as the size (81.7 x 116.5). Less than a year since the last sale in Stockholm for 1,035 million dollars before the November auction "Russian Seasons" in St. Petersburg, "Mount Athos" has risen by half a million dollars (outcome 1,542 million, 50.9%annual increase). The market of the great marine painter (17th place in the current ranking authors of the most expensive paintings of Russian artists ) experienced numerous ups and downs in the inflow of new and old works no shortage (annual exhibition of the artist of lots 50-60). In the case of "Mount Athos" first sale came in during the fall of the index Artist's ARTIMX the artist, and the second - at the time of his recovery. The logic of the general price movements, and this time is consistent with the specific outcome.

FESHIN NI
Still Life with fruit. 1923
Oil on canvas. 61,3 x 71,4

6. Nicolai Fechin. "Still Life with Fruit»

Buy :
17.04.2007. Sotheby's (New York)
Estimate: 000-300 200 000 dollars
Result: 320,000 USD

Sale :
09.06.2012. "Russian enamel" (Moscow)
Estimate: 000-700 500 000 dollars
Result: 1,099,714 USD

period of ownership : 5.15 years
Appreciation: 779,714 dollars
Growth : 47,3%a year

name Nikolai Fechin and among collectors and art investors sounds today more often than five years ago. And the fact that "Still Life with Fruit" has increased in price from 320,000 to 1,099,714 dollars, quite in keeping with recent trends. And it's not only in fashion - is a textbook which formed almost all of the factors that contribute to the rise of the auction price.

most important works of the artist are 1910-20-th year, "Still Life Fruit "is dated 1923. In 1923 Feshin went to the U.S. to work on the still life he seems to have started shortly after departure. During this period, still life has not become for Fechin, which brought international fame of his numerous portraits of women, characteristic, or even a familiar genre. Later, in the 1930s and 50s, still life will play a major role in his work, but for the beginning of 1920 - a real rarity. Beautiful paintings, valuable time, a rare genre for the author, still life (not a portrait and battle painting), the work is dated, signed, with provenance.

And the fact that at the same time with a record bid auction house "Russian enamel" was held and exhibition in the Tretyakov Gallery Feshina, quite naturally attracted additional attention to this work and contributed to the growth of the total price.

Pond in the Park
On patrol. Gertsegovinka. 1876 ​​
Oil on canvas. 127 x 91

7. Vasily Polenov. "On patrol. Gertsegovinka »

Buy :
09.06.2009. Christie's (London)
Estimate: 629-143 111 523 dollar
Result: 271,099 USD

Sale :
28.05.2012. Sotheby's (London)
Estimate: 880-940 626 200 dollars
Result: 626,880 USD

period of ownership : 2,97 years
Appreciation: 355,781 Dollar
Growth : 44,2%a year

Vasily Polenov painting "On patrol. Gertsegovinka "for three years has risen by 44 percent, from 271 to 627 thousand dollars. Portrait of the harsh Balkan girls with a gun still in his first show at the IAH in 1876, critics considered the best of the works presented Polenov, who on that show was about sixty. He fought for the freedom of the Balkan Slavs in the Serbo-Turkish front, Polenov wrote a true local born. Thing to get inspired and Dimensional - 127 x 91.

demand for significant works of the artist's great rose in 2011 sale of two large-scale paintings of biblical cycle, "Which one of you is without sin," and "Guilty of death. " The first picture, by the way, was a record for the artist and put Polenova to 14th place in the the current rating of the authors of the most expensive paintings of Russian artists ). "Gertsegovinka" among the ten most expensive works of Polenova.

Chagall MZ
Christmas. 1950
Paper, gouache, watercolor, pen, ink, wax crayon. 38,1 x 55,9 <

8. Marc Chagall. "Christmas»

Buy :
06.02.2008. Sotheby's (London)
Estimate: 68 954-88 655 dollars
Result: 157,608 USD

Sale :
08.02.2012. Christie's (London)
Estimate: 656-189 126 984 dollars
Result: 379,968 USD

period of ownership : 4,01 years
Appreciation 222 $ 360
Growth : 35,2%a year

Marc Chagall - one more representative of the School of Paris on our list and one of the most productive and commercially successful European artists of the first half - the middle of the XX century. 800 sales in 2012 - mostly mass production, the prices of which start from a few hundred dollars. Original graphics and paintings of Chagall, belong to a different price category - there are, of course, much higher. Additional benefits watercolor "Christmas" due to the time of its creation - 1950. First, it is rare story: in 1950, immediately after returning to post-war liberated Paris, Chagall refers to the biblical, New Testament themes, and in the late 1950s his thoughts will be occupied by his last wife, Vavoy, so the subjects of his works change again. Secondly - a recognizable manner of the author: in the second half of his artistic career, Chagall is not so much experimenting with the style, as in the days of Montparnasse, and in his works of art using techniques for which he was known and loved. "Christmas" - a vivid example of a mature master of creativity. It is therefore not particularly surprising that for 4 years worth of work has doubled.

Jawlensky AG
Girl with a red bow. 1911
Oil on board. 71.5 x 50

9. Alexei Jawlensky. "The girl with a red bow»

Buy :
04.02.2009. Christie's (London)
Estimate: 2 569 140-3 568 250 dollars
Result: 2,426,410 USD

Sale :
8.02.2012. Sotheby's (London)
Estimate: 4 749 600-7 916 000 dollars
Result: 4,274,640 USD

period of ownership : 3.01 years
Appreciation: 1,848,230 dollars
Growth : 25,3%a year

Alexei Jawlensky - "diamonds Diamonds, "" Blue Rider ", a recognized artist of world importance, the class is not conceding . Took 4 th place in the top 20 Russian artists (after Kandinsky). Works of liquid, the market developed, questions of authenticity regulates fund Jawlensky. Thus, investing in quality items do not carry high risks.

specific portrait - a masterpiece of expressionist painting bright and comfortable plus size. The work is fixed in the catalog raisonné of the artist, repeatedly reproduced in the books, has an exhibition history. Has investment potential.

In three years' girl with a red bow » Jawlensky has risen by almost $ 2 million. The price increase is justified. Of the approximately 30 recorded in the database of the results of seven-digit ARTinvestment.RU Yavlenskogo vast majority - this is expressionistic portraits of the 1909-1913 period. They and the format is usually more, and they are written in oil on board (not on a fragile cardboard, for example), and their total number is small (in comparison with, say, the works of the famous 1300 series of the 1920s " Abstract head "). During this period, Jawlensky had not yet departed from figurative to abstraction, his portraits were burning bright colors. The work, written before the outbreak of World War II, and Jawlensky himself considered it the most powerful. In 2012, of the 35 works exhibited von Jawlensky, only three, including "Girl", belong to this period.

Schedule Yavlenskogo price index shows that a particular painting was bought at "high-end" when the index Artist's ARTIMX was 4061 point. Shortly after that followed a protracted crisis recession. However, the picture during that time managed otvisetsya and its sale was made on the recovery phase, when the index of the artist almost recovered, reaching 3,733 points. Bought at Christie's, resold at Sotheby's. After three years of ownership revenue from the resale amounted to 1.85 million - more than 25 percent per annum. By the way, the current result of ($ 4.3 million) could well be higher (estimate-it was up to 5,000,000). Just a dream for a private investor.

Kiesling M.
Miriam. 1950
Oil on canvas. 162 x 97

10. Moise Kisling. "Miriam»

Buy :
30.06.2009. Matsart (Jerusalem)
Estimate: 000-120 90 000 dollars
Result 122 500

Sale :
31.03.2012. ArtCurial (Paris)
Estimate: 800-158 105 700 dollars
Result 191 $ 762

period of ownership : 2,75 years
Appreciation 69 262 dollars
Growth : 20,5%a year

Glory Kiesling brought it was his portrayal of women - nudes and portraits, which revealed his skill. Portrait of Miriam belongs to the late period of the artist's work in it - all the best that was able to achieve a master in the depiction of figures: a mature, balanced composition, complex, balanced flavor and firm kislingovskaya otherworldly dreaminess in the view model.

The work is signed, dated and has the indication of the place of writing - Sanary - a city in France where Kiesling is known to have spent the last years of his life.

from more than 800 auction lots Kisling, recorded in the database ARTinvestment.RU, only a little more than 100 belong to the genre of portraiture, but almost all of them are made in the 1915's and 1930's, before the war, to which most of the surviving works of the artist. Works postwar rare and sought after, of course, much higher. In a combination of all these factors - the scenic qualities of writing period, provenance and of general interest to members of the School of Paris in general and in particular Kisling - perhaps this is the reason of buyer interest in this work.

In conclusion, let a few words of truth given to us in sensation in the preparation of this review. If you only knew how many "tasty" examples of repeat sales we had to weed out to meet the medium-term 6-year period! Obviously, this term is not specific to the investment of ownership masterpieces. Things are outstanding, capable of multi-million dollar returns, usually gaining strength 10-15 years. And then it turns out the real beauty of the figures of profitability. It is a pity that such periods of ownership are still far beyond the planning horizon adopted in our country.

Vladimir Bogdanov, Elena Vladimirov, Maria Kuznetsova, Maria Onuchina, AI