Art Investment

"Russian week" in London: the unexpected results of Sotheby's Russian Pictures

Sold more than 70 % of the lots for a total of £5.6 million ($6.9 million)

Yesterday, June 2, 2020, was completed this year first "Russian auction" auction house Sotheby's — Russian Pictures. The last auction also marked a first for Sotheby's "Russian week" in online-формате (without the participation of the auctioneer and no auction items in real time). The results of this auction professionals interested in the Russian art market, waited with special interest.

And results did not disappoint. For the week online-торгов of the 141 lots per auction and the new owners went exactly 100, or 71% of the directory — not all anticipated, but incredibly pleasing result. Encourage the final sales numbers: a total of 100 lots sold brought the organizers of the auction £5,617 million ($6,966 million), more than £56 million (about $70 thousand) in average for each lot.

the Sale of works of only one artist — Ivan Aivazovsky — provided for 49.7 % of total revenue of the auction. All four seascapes of the artist included in the catalogue, sold a total of £2,795 million record Price in yesterday's auction has put the work of the "Bay of Naples", 1878, sold for £2,295 million — is almost three times more expensive than the lower estimate. In the rating, taking into account the history of open auction sales Aivazovsky, this figure is ranked second.

"Bay of Naples" has a provenance and auction history. In September 2008, the painting was sold at auction Swiss auction house Koller on the lower estimate for 2 million Swiss francs (approximately £1.6 million at current exchange rate). Prior to the sale in Switzerland of the work of about 100 years was in Germany in the same family, which bought the work in Russia around 1900.

Among the graphic works of the first half of the twentieth century note gouache Dmitry stelletsky and Vera Ermolaeva 1930-х years, the prices of which then all left the auction starts. And if the price of bright illustrations for "Word about Igor's regiment" stelletsky with £15 thousand lower than the estimate of up to £50 thousand finish came in 17 steps, then a price of "Male portrait" works of Vera Ermolaeva (estimate: £4-6 million), in order to get to the hammer in a £37.5 thousand, it took almost 40 steps.

Among the works of artists of the second half of the XX century has surpassed all expectations, the result of the sale of the collection of four works of Vladimir Stozharova: a total of four landscape brought about £200 thousand While the final cost of some of the work exceeded the initial estimate numbers on the order. For example, "Autumn. Families" 1956 (lot 51), while the estimate of £6-8 thousand, was sold for £60 thousand Another incredible growth rates showed a "portrait of the actress O. S." in 1974, Igor K. Obrosova (lot 102) sold in 38-шагового bargain for £75 million, while the estimate of £5-7 thousand.

And while analysts still form opinions about the outcome of the auction, and not only financial, we allow ourselves to enjoy the incredible outcome of the auction, who a few weeks ago did not expect high expectations and was seen as a very risky move for auction house. Repeated success fine arts artdecorative-прикладное, it will become clear very soon: the auction Sotheby's Russian Works of Arts will open next week and will go from 9 to 17 June 2020.


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