New report offers first analysis of contemporary Russian art

A new publication has been released demonstrating the dynamics of the Russian contemporary art market. The project was spearheaded by Moscow gallery owner Ksenia Podoynitsyna. The goal of the report, in her words, is to "show the dynamics of the Russian market in the last 10 years and the greatest possible objective picture of its current state."

In creating the report, which covers over 1,000 Russian artists, 240 auction houses and 50 galleries, its authors examined two metrics: auction sales of Russian contemporary art over the past 10 years and sales from galleries that represent contemporary Russian artists from July 2014-June 2016. 

"The analytical review is based on dry statistical data received from the public domain, as well as by interviewing market participants," Podoynitsyna said.

Source: Press photo

There were two groups not analyzed by the survey. “The report does not cover very young artists, whose market has not yet formed, as well as classics such as Ilya Kabakov and Semyon Faibisovich, the Non-Conformists, whose prices have long been formed and are well known,” said Irina Stepanova, the General Director of Sotheby's Russia and CIS, who was involved in creating the report.

Goals of the project

The report’s authors hope it will increase the visibility of contemporary Russian art.

"Today, Russian contemporary art is, unfortunately, little known," said Alexander Ivlev, managing partner for EY Russia, which supported the report. "There are several reasons [for this], including historical ones: limited access to the world cultural heritage during the Soviet era, censorship, public perception. To reverse this trend, it is important to work in different directions — including shaping public opinion, reviving traditions of patronage of the arts, creating art funds and awards in the field of art, opening new galleries and, of course, constantly analyzing the sector. Therefore, this study is unique, it is the first on the market."

The authors and publishers plan to release new versions of the report twice a year. “The constant expansion of the analytical base will help assess the volume of the market and make projections for its development in future reviews," Podoynitsyna said.

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The report features two top 15 rankings, one each for recognized and young artists. The top three names on the list of established artists are Georgy Guryanov, Timur Novikov and Leonid Purygin, while the young artists list is topped by Evgeny Antufiev, Timofei Radya and Egor Koshelev. The authors are planning a more extensive ranking of Russian artists to be published in February 2017.

The review, which is targeted at collectors and investors, was produced in cooperation with Sotheby's Russia, EY Russia, Russia’s Agency for Strategic Initiatives and the National Ratings Agency.

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