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Former communist countries dominating art market

sphinxBusiness tycoons from Ukraine and Russia have been some of the top art bidders around the globe for the last few years, which has helped boost the price of impressionist, contemporary, and Russian art.

With new fine art pieces starting to hit new selling records after a slump caused by the economic crisis, auction houses are once again firm in the belief that Russian arts, manuscripts, and paintings will continue to fetch high bids.

Director of the specialist Russian auction house MacDougall’s, William MacDougall, stated that they are expecting to see even more business now that the market is starting to improve and expects to see over 12m pounds of art sell during the next week.

During this time period, MacDougall’s will also be hosting a side sale of Russian works that were compiled in order to attract middle class bidders that are not able to afford major painting sales.

One of the highlights at the upcoming MacDougall show is “Arsenal Hill at Night” by Niko Pirosami from Georgia, which is valued to fetch between .9m -1.2m pounds.  For the past several years the piece of art has been in the Moscow apartment of Lily Brik whom was the muse of Vladmir Mayakovsjy the poet.

This week Sotheby’s will also hold three auctions, out of which it predicts to pull in about 19 million pounds which will be the same amount fetched during the end of 2009.

For Sotheby’s, the top sellers are expected to be “Portrait of Zinovil Grzhebin” by Yuri Annenkov and “The Dark Wood” by Ivan Shishkin.  The paintings are expected to fetch 1.2m pounds and 1.5m pounds respectfully.

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