Art Investment

"Russian week" — 2019 in London: statistics, facts. Predictions?

On the eve of the opening of the Russian trading AI reminds about British sales of domestic artists in the previous auction season.

Today, may 26, 2020, officially starts the traditional summer Russian week auctions in London. The complete schedule AI published earlier, and today we offer you to recall the memorable "Russian week" in 2019.

table 1. Sales of art during the "Russian weeks" in the British auctions, 2017-2019

the company the Volume of sales, million us $ All the lots, pieces Sold
PCs. %
2017 June 29,76 1 087 722 66
November 49,06 1 251 846 68
the whole year 78,82 2 338 1 568 67
2018 June 30,83 1 117 749 67
November 45,18 1 178 718 61
the whole year 76,01 2 295 1 467 64
2019 June of 46.35 1 175 721 61
November of 45.61 1 254 743 59
the whole year 91,96 2 429 1 464 60
Dynamics 2017-2019, % 16,68 3,89 -6,63 -10,02

After a decline in sales of Russian art in 2015-2016 caused by the sanctions against Russia and economic instability in 2017 to "Russian weeks" in London there has been a revival. From 2017 to 2019, the volume of sales of Russian art at auction themed the four major London auction houses — Christie's, Sotheby's, MacDougall's and Bonhams — has grown by 16.68 %. In the first year, the auction of 2019 sales of 2.6% exceeded the result of the previous auction held in November 2018. However, careful experts associated with it sale of "still life with lilacs" by Kuzma Petrov-Водкина at Christie's auction for $11,76 million, which provided 25% of the total turnover of the British summer and became third at a cost of the work when-либо sold at the "Russian weeks". Overall, the average price range was a little more unsold lots than in the 2017-2018 seasons, and among the realized works was allocated objects with good provenance and for a long time does not appear in the public sale. The positive price dynamics showed works by artists-нонконформистов and modern Russian writers, a lot of acquisitions were made in the segment of Soviet porcelain. The total amount sold in June 2019 in London of Russian art totaled $of 46.34 million.

In the second half of 2019, at the November "Russian weeks" was billed at 7 % of the lots more than in June, but sold 2% less — 61 % versus 59 %. Smaller same 2 % was found and the resulting sales — $45.61 million For according to, given by Simon Hewitt for the publication of Russian Art Culture, the results of the November 2019 in terms of sales took 17-е place among 25 of "Russian weeks", held since 2007. Top-работой half of the year was "Spherical Suprematism" Ivan kljuna, sold Sotheby's for $6.26 million the total result of the auction of 2019 was the highest for the last 5 years: $91,96 million, primarily due to the successfulthe June auction of the week were traditionally inferior to the indicators of November. Christie's, pulling ahead during the summer "Russian weeks", at the end of the year lost in the volume of sales of Russian art Sotheby's, which in November showed a very impressive increase in the June figures, while the number of lots sold at Sotheby's was below its main competitor. In sum, as Sotheby's and Christie's have secured 84 % of the total annual revenue of the major London auction houses (Christie's, Sotheby's, MacDougall's and Bonhams), representing Russian art.

table 2. Sales of Russian art in four thematic auction of the leading auction houses, 2019

the auction house the lots Sold, % sales $
Sotheby's 70 39 300 435
Christie's 73 36 249 000
MacDougall's 45 12 300 216
Bonhams 48 4 063 500

What else was remarkable in 2019, so it is a successful re-sales, some of which AI , wrote a few months earlier. In particular, the leader at the compound annual growth cost (CAGR) was Pavel tchelitchew, whose work "the Sad clown" was sold at Christie's for $41.7 thousand: including 20-летнего period of ownership, acquired in 1999 for $3.6 million the painting brought the owner of 53 % per annum (excluding maintenance expenses Commission on sales, and other negative flux). Note that 7 of the 10 most expensive lots of 2019 was created in the first third of the XX century.

the Current "Russian week" have the most difficult period — partial exit from quarantine. On the one hand, we have learned to operate your life from the comfort of home, with the other — were waiting for the September Art Basel and viennacontemporary slowly to make expensive purchases online. Even the "week" lasted more than a month — transferred from (according to the official version, from-за technical problems) may auction MacDougall's to the July sales at Christie's (which monitors "breakdown of the pen" competition). If Russian sales have historically occurred in March-апреле and they canceled or postponed — is possible for further development of the market that would be better. The upcoming "Russian week" will be in all senses is unreliable. Will success — them write off to the hedonistic tired of collectors from the quarantine by misfortune — will meet her crisis. Will be indicative only first trades in live-режиме, with open borders and established air travel — and civil logistics.

However, — together watch and buy.

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