Modern & Contemporary Russian sales up 21% from December 2011, despite falling short of market expectations.
The London Russian sales in May 2012 did better than December 2011, with the Modern and Contemporary Russian lots totalling £18,881,900. This is up by 21% from last season of Russian sales. Contemporary Russian Art accounted for only 5.4% of the turnover, whereas the Modern segment dominated the transactions.
MacDougall’s, the Russian auction specialist came in as number one, in terms of overall Russian Modern and Contemporary sales, achieving a total of £9,285,500. Although the highest total of the three auction houses, it fell significantly short of their pre-sale estimate of £21,771,500 to £31,667,500 (based only on Modern and Contemporary lots). The high bought-in rate of 51%, resulted in a low ArtTactic Auction Indicator reading of 10.
The sales of Modern & Contemporary Russian art were a disappointment despite the increase in total sales from December 2011. The sector is struggling to find works that excite collectors, compounded by overpricing and unrealistic expectations on behalf of the sellers. There seems to be an over-reliance on Modern work, and perhaps the market should focus more on the Contemporary segment to re-ignite the enthusiasm in the market. With the Saatchi gallery planning a big exhibition on Russian contemporary art in November 2012 that might not be a bad strategy.
Will 2012 be as good as 2011?
ArtTactic's Global Art Market Outlook report examines the current trends within Russia as well as the rest of the top art markets. There is a snapshot of the overall art market barometer and an individual breakdown of the welfare and performance of each region. This report includes auction analysis and the expectations for the year ahead.
The effects of high oil prices and an accelerating Russian economy have had a significant impact on the Russian art market for the last few years. Russian collectors have made significant acquisitions of international Modern and Contemporary art, but they have also had a profound effect on the Russian art market. A wide range of Russian painters from the 19th and 20th centuries have seen rapid price appreciation. However, the market for Russian contemporary art continues to struggle to find a proper voice in the international art market.
BRIC sale questions the speed of recovery
ArtTactic's Auction Analysis Reports summarise and analyse recent auctions from the key auction houses for each specific geographical region or sector. By collecting and graphing data including volume of sales, average price and bought in rates, the reports are able to judge the success of auctions by comparing the final results to pre-sales expectations.
Phillips de Pury’s ambitious BRIC sale of originally 434 lots, was reduced significantly, after 56 out of the 111 Brazilian lots never arrived, due to the chaos caused by the volcanic eruption. Despite the pick-up in the demand across most of the BRIC markets in 2010, the sale questions the state and speed of the recovery process for some of the individual contemporary markets featured in the sale such as India and Russia.
Roller coaster market will continue
ArtTactic's Global Art Market Outlook report examines the current trends within Russia as well as the rest of the top art markets. There is a snapshot of the overall art market barometer and an individual breakdown of the welfare and performance of each region. This report includes auction analysis and the expectations for the year ahead.
The overall Russian art market showed a 51% decline value from pre-crisis levels. The Modern Russian art market decreased by 33% in total value in 2009 and only saw 12% decrease in average prices. Contemporary Russian art experienced a stronger fall with a 68% decrease in total value and 37% decline in average prices. The outlook for the Modern Russian market looks healthy for 2010, whilst we expect the uncertainty in the contemporary Russian market to continue.
Economic growth spurs interest in the Russian art market
ArtTactic's Art Market Reports profile key geographical areas of the art ecosystem, providing an overarching survey of the unique characteristics of each specific market. The effects of high oil prices and an accelerating Russian economy have had a significant impact on the Russian art market for the last few years. Russian collectors have made significant acquisitions in the international Modern and Contemporary art markets, but they have also had a profound effect on the Russian art market. A wide range of Russian painters from the 19th and 20th centuries have seen rapid price appreciation and recently Russian contemporary art is also gaining momentum.
This report provides an insightful update on ArtTactic's previous Middle Eastern Art Market Report in October 2008, profiling the efforts of a number of Russian art galleries, museums, curators and artists who are making confident steps towards greater international recognition.
