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Recent Editorials |
Have London's Russians Had Their Fill of Art-Buying?by Zoe Strimpel
The Russian art circus rolled back into town Monday night with Sotheby's evening sale, which made £21.1 million ($41.4 million), a result considered to be mixed. Could the art market — and the never-ending wealth-spinning of the two big auction houses — finally be feeling the prevailing economic uncertainty? Rather unexcitingly, the earnings fell within Sotheby's pre-sale estimate of between £18.4 million ($36.1 million) and £26.5 million ($52 million), which, as Bloomberg News says, is "an indication of the sale's mixed results." Six artists made records — and six lots went for more than £1 million ($1.96 million). Gorgeous abstract artist Natalia Goncharova was justly the star, her "Nature Morte aux Fruits," or "Still Life, Fruits," from 1912–13, the top earner at £2,281,250 ($4,478,596). Yet not quite three-quarters of the 56 lots sold. Works by Chagall and Alexander Yakolev were among those left on their easels. Could the predominantly Russian appetite for homegrown works be reaching satiation? And if so, is it because supply has met demand, or because even our wealthy foreign residents are feeling the pinch?
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