Russian art has always attracted attention worldwide. Old-school and contemporary Russian painters have set records at Sotheby's and Christie's, as well as at some auctions in Moscow.

Russian art regularly goes on sale in London, New York and Paris. While the art market is booming, auctions gain experience and popularity in Russia.  

“The auction culture is only emerging in Russia. In recent years auctions have been mushrooming. Two years ago, there were just a couple, now there are up to seven each season. People have finally realised it’s part of our culture,” Magnum Ars art historian Nadezda Prokazina comments. 

Magnum Ars has been on the market for more than a decade. Its Russian art sales take place in the Tretyakov Gallery and draw hundreds of buyers.  

“Each session lasts for just an hour, but it’s so theatrical. As soon as the game is on, the auctioneer does his best to get the buyers excited,” Nadezda Prokazina says. 

Magnum Ars usually sets a low starting price not to scare-off  buyers. 

“Highs and lows in prices and attitude are part of an auction deal. That's what I call ”auction science“. It’s got some basic rules and we try to stick to them,” Ms Prokazina notes. 

Collector Anatoly Trubitsin, who frequents auction events in Russia and France, sees “hardly any difference in auctions at home and abroad. Perhaps auctions here are more human, and the communication process is easier. Otherwise it’s all the same. Rules are rules everywhere, what’s different is the currency.”  

Sotheby’s has been holding Russian art sales for 21 years every May and November. Sotheby's sales of Russian art in 2006 brought a total of $US 153 MLN. 

Christie’s auction house has also held Russian sales for two decades. It holds world records for many Russian artists.  

“If you look at the market, if you look at the prices achieved at auctions for that last two or three years in the Russian field – without doubt exceptional items are fetching far more than they are estimated,” Alexis De Tiesenhausen, International Head of Christie's Russian Department, noted. 

One of the most sought-after Russian painters is Ivan Aivazovsky. However, some experts say, Aivazovsky's previous success at any Russian sale is gradually fading. 2006 turned out to be a big year for a Russian master of the early 20th century – Konstantin Somov. This reflects a recent shift in taste from classical 19th century painting toward art of the beginning of the 20th century. 

Oleg Stetsura, head of Gelos, Russia’s oldest auction house, says the spending capacity of those who are fond of Russian art and culture is also growing. 

“You may call it an art exchange market and I agree that it's very much like the stock exchange. We form quotations, the market reacts to them, the prices go up or down, it’s a continuous process,” Oleg Stetsura says.

Now that the Russian art market has become quite stable,  prices are rising very quickly. So having a good eye it is possible to make a good investment. Collectors often speak of the timelessness of Russian art. That is why they are looking for a piece of art that can be purchased today and in some thirty years will still hold the same appeal.