Wednesday, November 28, 2007

Art Space News: Russian Art Boom at Sotheby's

"Bluebells", an avant-garde piece by Natalia Goncharova and the most valuable work sold.

Over the past two days Sotheby's in London sold 79.8 million dollars worth of Russian art. The work included Orthodox icons, Russian paintings, works in porcelain and Faberge works. The large some of money set a record as being the most successful sale of Russian art to date. The record was formerly held by Christie's International-- which broke the record in 2006.

Sotheby's record breaking Russian art sale is due in part to the growing economy in Russia-- where there has been an annual 15 percent increase in millionaires each year since the late 1990s. Many of Russia's wealthiest feel that it is their duty to buy pieces of their national heritage. This growth in wealth and nationalism has caused Russian art prices to skyrocket. You can learn more about Sotheby's by visiting the Sotheby's website:

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