Christie’s and Sotheby’s, profited from an expanding Russian economy to make a record year for Russian art auction sales. Their combined 2007 worldwidel Russian art sales totaled $324.9 million, 45 percent up from $223.6 million in 2006.

Since 1998, the Russian economy has expanded for nine consecutive years, partly due to the export of oil, natural gas and metals.

“The demand for Russian art remains very strong, especially due to the appearance of new Russian collectors,” said Alexander Gertsman, a New York-based dealer of Russian contemporary art. “Every year more Russians start collecting art, which means more bidders at auction, and this competition helps push prices higher.”

Posted: 01|12|08 at 9:55 am. Filed under: Auction News.