Russia splurges despite sanctions

Political turmoil can’t hold Russian collectors back – despite exhibitions under threat in Moscow and St Petersburg, Russian art sales are buoyant.

Politics between Russia and Ukraine along with sanctions imposed by the US Treasury on a number of oligarchs are expected to have an unfortunate ripple effect on Russian art exhibits.  Art collectors, however, seem to have a different take on the matter.  Exhibitions all over Russia are being threatened and/or canceled.  Despite this, Russian Art Week in London commenced with four major auction houses nervously filled with a wide range of Russian art pieces.  Surprisingly, the sale not only went better than expected, but Russian art collectors’ “spending was higher than at any other time since 2007, when the market was at its most buoyant”.

Read the source article at BBC – Homepage