VOICED: Follow the money: art auction shows hit Moscow

The video discusses the burgeoning art market in Russia, highlighting the interest of wealthy Russian collectors in investing in art, particularly works by famous painters. Despite legal challenges, such as restrictions on exporting Russian art, the market continues to grow. Auction houses like Christie's and Sotheby's have established a strong presence in Moscow, contributing to the city's status as a major art hub. The 2008 economic crisis had little effect on the purchasing power of Russia's elite, further fueling the art market's expansion.

What motivates Russia's wealthy to invest in art?

• To support local artists

• To diversify their investment portfolios

• To gain international recognition

• To avoid taxes

Which two major auction houses established a presence in Moscow in the 1990s?

• Heritage Auctions and Artcurial

• Christie's and Sotheby's

• Dorotheum and Bruun Rasmussen

• Bonhams and Phillips

What percentage of global turnover do Russian collectors contribute to?

• 5-7%

• 8-10%

• 12-15%

• 20-25%

What is a significant legal challenge faced by auction houses in Russia?

• Lack of local interest in art

• Limited access to international buyers

• Restrictions on exporting Russian art

• High taxes on art sales

What was the notable achievement of a Moscow auction house last year?

• Selling a painting for over $1 million

• Hosting an international art fair

• Selling a Russian painting for over $700,000

• Opening a new gallery in Paris