Russia Still Hungry for Art

The economist writer, Sarah Thornton reveals to readers the secret behind the success of the Hirst sale at Sotheby’s: Russian buyers. Indeed, the Russian buyers were the ones purchasing his works in bulk and it all started during the fall of Lehman Brothers. Incredible, the Moscow Contemporary Art Fair at Garage Center for Contemporary Culture (GCCC) was greeted with anticipation and hungry buyers from the Russian art market.  Speculations say, many of the ups and downs in the recent art market have been caused by the presence (or lack thereof) and involvement of the Soviet Union buyers. As Thornton describes in great detail, art collecting has nonetheless "become an object of fascination in a culture that once had few possessions."

Click here to be directed to the article | Source: Art Market Monitor