Russian Art Market: a View from the Inside

Far-seeing specialists have been long defining the investments into works of art as “shelter investments” for their notably monetary stability throughout political conflicts, economic crises and other situations which any country will find critical. Russian art has provided yet another opportunity to prove this axiom. In spite of the stringency of the international sanctions, rapid oil prices downturn and the instability of the Russian ruble, it was the Russian art which demonstrated, according to New York Times, “a surprising boom”. Sotheby’s and Christie’s have set new Russian records that granted financial hope to many interested players from the external side of the Russian art market. Thus the question arises: how synchronized is the development of the home market with the auction success of the Russian art? The present research is an attempt to give a structured answer to the above question.