Art Investment

Russian Christie's and Sotheby's: results of tendering

Past 16-18 April 2007 «Russian bid» showed that the market enters a phase of maturity. So often, when the waste comes out of fashion and it is time to make informed decisions

To say that the April «Russian auctions» remember - it means good pokrivit soul. Neither Sotheby's, Christie's may not gladdened sensation. Yes, if you honestly, seriously and they do not wait. Could be an interesting option: if the canvas «Vision of the future of St. Sergius» Mikhail Nesterov with apparently low estimeytom in the 2-3 million dollars more spent $ 5 million and has shifted from first place somovskuyu «Russian pastorale». But this did not happen. The mixed record again resist. Copyright repetition of textbook in the Russian Symbolism was sold for 4 296 million dollars, that is, its price, only closer to cherished mark. But the top lot at Christie's, «Stenou Solomon» Vasily Vereshchagin estimeytom with 3-5 million dollars, special hopes pinned only by the auctioneer, and those for whom the potential value of this work, the museum outweigh its obvious commercial limitations. According to D, the problems were too large canvases (2 m in height) the size and indistinctive Vereschagin for lack of decoration. As a result, D projected sales «Wall of Solomon» estimeyta on the upper border, and into the gigantic work of Palestinian series, hardly represented in Russian museums, went to the bottom border. Trades between the two buyers ended at around 3, 624 million dollars in view of the auction house commission. And good that way. Otherwise, a regiment of wet records arrived. There is evidence that the new owner vereschaginskogo canvases became Russian.


 MIHAIL NESTEROV. Vision of the future of St. Sergius. 1922

MIHAIL NESTEROV. Future Vision of St. Sergius. 1922. Oil on canvas. 91,1 x 109,2. Estimeyt: 2-3 million Prognoz D: 5 million Sale price: U.S. $ 4296 million Sotheby's. 16.04.07. Lot number 353

The accuracy of the remaining projections D, made for a more interesting investment «haylaytov» Russian bid, this time was amazing. Interestingly, they were without looking at the official estimeyty, in which time is not a market presence. This is especially noticeable on the strings artists Sixties. Judge for yourself. Michael Schwartzman, canvas «Fortress Heads» estimeytom with 80-120 thousand dollars and projected cost D 210 thousand dollars was sold for 204 thousand dollars. «Error» of 6 thousand.

Another example - «Composition 57» Yevgenia Rukhin displayed for auction from estimeytom 60-80 thousand dollars. D assump lozhil that this work will cost about 150 thousand dollars. Almost that it happened. Output: 156 thousand dollars - again with the amazingly low for such assessments «error» of 6 thousand. «Composition 57» - this is the second consecutive Rukhin work, sold for the money. In February 2007, comparable in quality (maybe slightly better) than the thing was sold for about 135 thousand dollars. Then it was new to the work Rukhin price range. First they cut 40 thousand dollars. The estimated D, within the next half-two years of abstraction and composition Yevgenia Rukhin can enter the price range of 250-300 thousand dollars. This process will occur as the bulk of his works are distributed by private collections and the reduction will lead to predictable results.


D accurately predicted results for «newspaper» Vladimir Вейсберга - «Metaphysics», the author is very expensive. Sotheby's experts appointed estimeyt 60-80 thousand dollars. D lamented on the failed plot, but increased the assessment of up to 140 thousand dollars. As a result of the sale price - 132 thousand dollars.

Less accurately, but surely in the direction and closer to D figures predicted results of the tenders for the painting «Card Table No. 3» (estimeyt 60-80 thousand dollars), Vladimir Nemukhin and «Composition with grapes, pears, plums and dragonflies »(estimeyt 70-90 thousand dollars), Oleg Tselkova. Both works were sold for the same sum - 102 thousand dollars. In principle, these figures have already become customary for the work 1960 of those artists. Another point is that the specific composition Tselkova work is clearly not the best that can still be bought for the same money. But it is yet. The trend for both of this: the fact that a year and a half ago, it cost 50, is now firmly request to 100. A stock exchange price of oil does not give grounds to speak of early turn of the trend, so that, without doubt, will soon be 200 and 250 thousand dollars. Incidentally, these figures have already been achieved on individual bids, but they still are not typical - it is only a few peaks on the rising price graph.


 YEVGENY Rukhin. Composition 57. 1974

YEVGENY Rukhin. Composition 57. 1974. Oil on canvas, cm 69,9 x 66 tons. Estimeyt: 60-80 thousand U.S. Prognoz D: U.S. $ 150 Sale price: U.S. $ 156 Sotheby's. 16.04.07. Lot number 483

Perhaps the only example in the strings «another art», where D strongly «fluff» in his prediction - again Oscar Rabin. At this time, with a great work of «Bath (sniff cologne" Moscow ")«. Our forecast (150 thousand dollars), almost twice the expert assessment (70-90 thousand dollars). A sale price - 336 thousand dollars - in 4, 2 times higher estimeyta. This intriguing situation was not fold. Already happened, that a reasonable price - 50, but buyers «dispersed» and paid 200. So why should surprise price 300 thousand for something that should be worth 150? Word, and not a sensation, and not a complete mistake - but there is a reason pobryuzzhat surprised. On the main points of no: Oscar Rabin - one of the most significant figures in post-war non-art, with the author's distinctive style, as well as significant institutional merit. For his work in Russia today, attracted special attention - say, in these days in Moscow, at the Museum of Private Collections, is a large retrospective exhibition «Family Rabin». That is, conditions - super.

But it appropriate to recall the details, especially those who are going to buy 300 thousand for the Rabin today. Works prominent party «Lianozovsky group» in the market quite a lot, but for investment prospects, they are not comparable. Simplifying the situation, one can say that in the works of Rabin on the securities are considered to be work performed in the aesthetics of «anti-Soviet» critical expressionism: shanty landscapes song with bottles, newspapers, totalitarian symbols and a variety of specific Soviet debris. These paintings, the artist made a lot of manifests to emigration. They are valued in the first place.


Since 1978, in Paris, he rarely returned to their Lianozovsky ideas.

Then in his canvases burst memories from the past - that once caused a specific and often public outrage printing official public art in the USSR. Rarely, rarely, but again appeared plots for which the magazine «Moscow artist» in 1967 called «strongly condemn the contents of O. Rabin, distorting our Soviet reality and the political and ideological cause damage to our society». These Parisian reminiscences on the topic of Moscow may also provide valuable, although not as high as things doemigratsionnogo period. A large part of the Rabin period of emigration, in which he is adapting his stories for the local tastes of potential buyers, is many times cheaper and has no investment potential. French street signs and local bistro is not interested in Russian art collectors.

«Bani ...» - is another thing. This work doemigratsionnogo period, and references in publications. Its new owner would be to think about and talk. Perhaps this is at least some explanation for the 336 thousandth of result? It is possible that such prices are the norm in three years. But now - hardly.


 OLEG Tselkov. Composition with grapes, pears, plums, and dragonflies. 1973

OLEG Tselkov. Composition with grapes, pears, plums, and dragonflies. 1973. Wood, oil. 113,7 x 76,8. Estimeyt: 70-90 thousand U.S. Prognoz D: U.S. $ 90 Sale price: U.S. $ 102 Sotheby's. 16.04.07. Lot number 485

Returning to the results of the classic lines of antique Russian bid (all the same post-war art - it is only «seasoning» to the main dish, and only at Sotheby's), one may match the price expectations of expertise in general. Certainly all have passed without such anxiety, which were still trading two or three years ago. The results of this time often do not exceed estimeytov that shows the market entering a phase of maturity, that shoppers are increasingly intelligibility, and the prices of the main lines had reached the level that requires reflection. And even if the foreign organizers are no longer surprised that the Russian suddenly became ill buy Marina Ivan Aivazovsky, and are not ready to go wall to wall for the right to possession «Solomon's Wall». So it should be. When the account goes on, millions of customers require a course shedevralnogo quality Russian art. Moreover, these budgets are already allowed to enter the market with confidence, say, the Impressionists first magnitude.

Forecasts D very well come true for «haylaytov» Boris Grigoriev. Its arguable trehmetrovoe panels «Auditor» (many were waiting for him sensations) have been sold for 0.992 billion dollars, while the D predicted by only 8 thousand more. Very good, a valuable characteristic gouache «Russian peasant» was sold for 360 thousand dollars (our forecast was for 60 thousand less). Colorful male portrait «Fisherman» (estimeyt 400-600 thousand dollars) is the new owner of 480 thousand dollars. Prior to the full overlapping with the projection D did not have 20 thousand.


as well fulfilled the predictions for the price of miriskusnikov. No surprises in estimeyta and close to the predicted D (100 thousand dollars) was sold for 120 thousand dollars more decorative graphic sheet Lev Bakst «Judith with the head Oloferna». Typical for creative Nicholas Roerich ethnographic tempera «Gilgitsky way» was sold for 384 thousand dollars, our prediction in this case coincides with the average estimeytom - 350 thousand dollars. Surprises can we expect from decorative meter canvas «Love in the field» Sergei Sudeikin. Despite estimeyt 100-150 thousand dollars, D boldly predicted 350 thousand dollars. And was closer to the truth: the final result was 312 thousand dollars.

school, another seasonal series of prestigious auction. And even if it is not particularly weather did, but added to the price statistics, and placed new veshki Russian art market. In the short term - tender pieces of Impressionist and Modern, which will also be representatives of the Russian foreign countries, and then - a long summer lull.

Why wait in the near future? According to D, a breakthrough in terms of the quality of the traditional proposal unlikely. Older collections are rarely sold, and their new owners were not yet fully enjoy. So, the market will be forced to continue to develop alternative areas where the proposal has not yet been exhausted. Obviously, faster than the market will continue to grow the work of the sixties, is rapidly turning into krupnobyudzhetny segment of 120-200 thousand dollars. This market will be returned into circulation «forgotten names», and also enhance the status Sixties «second-line». In parallel, by gallery owners and experts will form a new «holder», including vosmidesyatnikov and some actual artists. Such a project is needed to vplesnut on the art market «fresh blood» - because it is important to grow not only in money but in the quantity of work. There will be new volume for small and srednebyudzhetnyh investment and collectibles. As for the owners of million budget, then Russia may have noticed a growing interest in the work of recognized masters of the art world. Who knows, maybe in three years to bring to Moscow Haim Soutine and Mark Rothko will be in the order of things - though the figure of world importance, but the artists of Russian origin.

Vladimir Bogdanov


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