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Issues of 2008

About making collection without a million

Last ten years every auction season had its ╚Russian sensation╩. In September 2007 even experienced art dealers were wondered. The Rostropovich√Vishnevskaya collection of the Russian art was sold at the fabular price of 52 million Euros (according to unofficial figures the transaction amount exceeded 100 million dollars). This is the largest sum in the Russian auctions Sotheby▓s history.

Nevertheless one cannot say that the Russian art has reached its price limit. The interest in Russian painting is growing year by year and final prices often exceed estimates several times while estimates are also increasing every year. Specialists say that the Russian art market boom has just began and artworks sold for 100 thousand today will cost millions tomorrow.

Such figures boggle imagination and it seems that an average collector doesn▓t have an access to the Russian art. But it is not exactly the truth. There are many underappreciated Russian painters of the XIX ≈ XX centuries whose works equal the ones of widely promoted artists by their significancy and mastery level and cost ten times lower.

SENSATIONS ARE COMING SOON

A. Benois. Sailors Boats. 1909. Watercolour. 50.0 x 65.0. Estimate ╓17,500√19,500. Sold for ╓20,500. Stockholms Auctionsverk. October 10, 2007 [zoom (78k)]

To denote the most perspective painters for collection let▓s try to make a review of the art market in the period of the last 5√7 years and see about the dynamics of the price increase.

In the beginning of 2000-ies a Saint Petersburg gallery sold some works of Robert Falk at the price of about 30√40 thousand dollars each. In a year the price increased ten times and today Falk▓s works cost more than 1.5√2 million dollars. Fifteen years ago a good work of Korovin or Repin could be purchased for 10√15 thousand dollars. Nowadays they cost from 800 thousand to 3 million depending on the picture▓s renown. These were singular examples of the burst-type price increase.

There are a lot of remarkable Russian painters whose work is a major landmark in the history of the Russian art development. They are little featured in auctions as yet and the estimates are usually not more than 15√20 thousand Euros.

What are their names? For example, Georgiy Yakulov, a friend of Sergei Esenin and Aisedora Dunkan (his paintings referred to the first third of the XX century). He distinguished himself by creating scenery for Meierhold and Tairov▓s productions and a renowned portrait of the actress Alisa Koonen. He is quiet a stranger in auctions as yet. In recent years only one his gouache was sold in an auction of the French auction house Claude Boisgirard. Paintings of the extraordinary master Rudolf Frents whose art method combined avant-garde and realism were not featured at all while his numerous works are part of the collections of the Russian museum and Tretyakov Gallery.

AVANT-GARDE: UNKNOWN NAMES

The Russian avant-garde is worth being mentioned separately. Innumerable scandals connected with the expose of counterfeit cooled if not to say ╚froze╩ collectors▓ interest to the Russian and world avant-garde. Despite the fact that some works that appear in auctions make staggering at astronomic prices (for example, two A. Ekster▓s theatrical sketches exceeded the price of 300 thousand pounds each) collectors prefer not to deal with poorly known paintings even by the famous artists. However one should keep in mind the fact the Russian avant-garde does not result five to ten names. There are less known artists whose works are separate phenomena in the Russian art. Paintings of those artists could be of great interest for collectors in the first turn for those who regard paitings collection ad a profitable investment of their capitals.

SENSATIONS ARE YET TO COME

S. Kalmikov. Fantastic Landscape. 1961. Oil on canvas. 75.0 х 88.0. Estimate GBP5,000√7,000. Sold for GBP41,000. Sotheby▓s, May 20, 2005 [zoom (81k)]

As an example one can mention works of the remarkable painter Sergei Kalmikov. Being a student of Petrov-Vodkin and Malevich he was greatly influenced by his teachers at the beginning but later he found his own way in art that cardinally differs from the recognized schools of the Russian avant-garde. The exhibitions of his works in Moscow and Saint Petersburg in 2003√2006 showed the real scale of his talent that equals renowned names. Assuming the fact that the artist was extremely exuberant and lived a long life his works are rarely featured in auctions and representatives of the middle class could afford buying them. During the last three years Kalmikov▓s works were featured only four times. In May 2005 his ╚Fantastic Landscape╩ was put up for sales in Sotheby▓s estimated at 5√7 thousand pounds. In autumn 2006 Kalmikov▓s suprematic composition was estimated at 17√18 thousand Euros in Lempertz auction. One more picture attributed to Kalmikov was sold in Bukowskis in Stockholm for 7 thousand Euros. In May 2007 Kalmikov▓s painting ╚Girl with a Lyre╩ was estimated 10√15 thousand Euros in Bukowski▓s in Helsinki.

WHERE TO LOOK FOR

Every collector will agree that it is better to buy non-expensive paintings of little-known but outstanding masters of the Russian pictorial art than to put up millions in works whose cost is partly formed by a pre-sales public relation campaign. But the market is unpredictable and nobody knows where one could see works of Yakulov, Frents, Kalmikov, Kudryashov, Sophronova and others next time. However even quickie market review shows that perspective and available works should not be looked for in big sales. The famous auction houses Sotheby▓s and Christie▓s specializes mainly on famous names and are distinguished by high prices. British auction houses Bonhams and MacDougal▓s act the same.

But one should keep in mind that there are a lot of other auctions that deal with the Russian paintings. These are, for example, Scandinavian ones ≈ Uppsala and Stockholms Аuctionsverk, auction houses Bukowskis in Sweden and Finland. One could find pictures from the Russian migres▓ ≈ who went into exile after the revolution ≈ collections and paintings from some modern Russian collections there. Besides, the Russian paintings could be found in German auction Lempertz, French Aguttes, Swiss Koller. These auction houses showcase works of painters√йmigrйs of the leading wave. The specialty of the sales are low estimates and almost complete lack of advertising, Owing to it one could buy works of expensive painters at a moderate charge there. For example, in autumn 2006 the work of Constantin Korovin▓s Paris period ╚Barge on the Seine╩ was estimated at only 23√25 thousand Euros. Final prices in the sales are rather lower that in Sotheby▓s and Christie▓s. The most enterprising collectors buy a work in Scandinavia at a low price and then put it up for sale in Sotheby▓s the price being much higher. For example, Korovin▓s ╚Portrait of a Woman in a Red Dress╩ sold in Uppsala for 120 thousand Euros was offered for sale in Sotheby▓s in a year the price two times exceeding the sum of the Scandinavian sale. The above-mentioned ╚Barge on the Seine╩ sold for ╓212,000 could be also put up for sale at Sotheby's or Christie's estimated at 500 thousand Euros in several years.

The examples are numerous. The conclusion is simple ≈ if a collector could be not so excited and carefully monitor the offers of the middle and small European auctions in their on╛line catalogues that are published at their web-sites a month before sales he (or she) could make a collection that will cost not less than Rostropovich-Vishnevskaya▓s one. The more especially as small auction houses try to maintain reputation thoroughly ≈ they offer a painting for sale only if it has passed fine art and technologic expertizes.