Fine art seems to be holding its value despite the financial crisis. A painting by a Russian avant-garde artist is expected to fetch as much as $US 60 million when it goes under the hammer in New York next week.

“Suprematist Composition” was painted by Kazimir Malevich more than 90 years ago. When it is auctioned by Sotheby’s in a few days time, experts are predicting it will break all Russian art sale records.

“You’re looking at it as a great modern icon – an icon of geometric abstraction, a great modern painting of the likes of Picasso, Pollock, Rothko and Bacon. You have to consider this painting as one of the greatest paintings of the 20th century,” Emmanuel Di-Donna says, vice-chairman of impressionist and modern art at Sotheby's.

Kazimir Malevich`s “Suprematist Composition”

The canvas is expected to attract interest from collectors not only because of its historical significance, but also because it has a great story attached to it.

At the beginning of the 20th century, Malevich exhibited some of his paintings in Berlin. He had to return to Russia without warning, leaving his paintings behind. The artist never left Russia again so the ground-breaking paintings remained abroad.

A couple of years ago, the painter’s heirs fought a court battle to get the paintings back. Most of the money from the Sotheby’s auction will go to the family. Over the last couple of years, the popularity of Russian art abroad has soared.

Many investors question whether art can go on rising in value while stocks, property and oil plummet in price.

Russians are likely to be among the bidders in New York next week. This means the painting has a chance of returning to Russia.

The existing world record for a single piece of Russian art at auction is a painting by Kandinsky, which sold for more than $US 20 million.