Yesterday Sotheby’s released its review of the Russian art market. In it, they explained the slow pace of their auctions in early June as the product of an increasingly selective market. Here is an excerpt:
“The round of Russian art sales held in London in June presented another inflection point in the growth of the Russian art market. The volume of the sales continues to increase along with the over all value but these London auctions showed a maturing market where connoisseurship and quality won out over momentum.
Buyers resisted aggressive estimates and chose better quality objects from the sea of lots—nearly 1000—on offer. ‘There is so much choice now,’ says Lord Poltimore, Chairman of Sotheby’s Russia. ‘The market could absorb all of this material, in terms of price and quantity of lots, but the taste level is maturing very rapidly and we can see the middle of the market is getting softer.’ ”
Click here for the full report.