The Russian art sales in London last week maintained a downward trend first seen in June, when auctions at Sotheby’s, Christie’s, Bonhams and MacDougall’s achieved £21.1m with premium. Hammer prices for the winter Russian sales reached a combined £13.9m, or £17.3m including buyer’s premium, down from the £40.5m (with premium) realised this time last year.
Sotheby’s sale of Russian pictures on 1 December brought in the highest total, hammering for £5.6m, or £6.9m including buyer’s premium (est £6.4m-£9.3m). The sell-through rate was 51.6%. The auction house’s sale of works of art, Fabergé and icons the same day hammered within estimate for £1.9m, or £2.3m with premium (est £1.4m-£2m). If the total seems modest compared with other art markets, the sell-through rate of 73.1% gave Russian art dealers something to cheer about.
At Sotheby’s main rival Christie’s on 30 November, the Russian art sale hammered for £4.3m, or £5.3m with premium (est £4.9m-£7m), with a healthy 68% sold by lot.
The picture was bleaker at Bonhams on 2 December, when its sale hammered well below estimate for £427,200, or £561,000 with premium (est £1.3m-£1.8m). A measly 31.5% sold by lot. Meanwhile, at MacDougall’s the same day, its Russian sale hammered at £1.7m, or £2.2m with premium (est £6.6m-£9.5m). The sell-through rate was 50%.
William MacDougall, the director of the eponymous auction house that specialises in Russian art, noted that his October and December sales totalled £6m with premium. He described the combined tally as “a much more realistic comparison” of his success, given that his is the “only major auction house to have two Russian sales in the past six months”.
Encouraged by the results, McDougall said his company is now considering an expansion plan, although it is not clear whether he will stick to Russian art. “We are looking at a number of possible new auction departments, diversifying our markets,” he said.
The London dealer James Butterwick said the fall in oil price rather than sanctions imposed on Russia over the Ukraine conflict was affecting buyers. But overall the dealer said he was reassured by the sales. “The results were a great deal better than I expected, I thought it was going to be a bloodbath,” he said. “Even though the figures were down, the number of lots sold were up, which says to me that people are buying.”
