The second day of the Summer Russian Art Week 2019 has begun with the Sotheby’s sale held at 10:30AM today in London.
The auction finished in the early afternoon after a successful sale of 123 out of 164 lots with a sale total of £10,417,875. Sotheby’s offered a selection of work featuring several genres and periods, including masterpieces by famous old masters such as Ivan Shishkin, Ivan Aivazovsky, Ivan Pokhitonov, Konstantin Makovsky, Vasily Polenov, Ilya Repin and others. Furthermore, there was a number of lots featuring Russian avant-garde including work by painters like Mikhail Larionov, Natalia Goncharova, Vera Ermolaeva and Robert Falk. The sale offered works by classic masters, artists from the “Peredvizhniki” movement, as well as work by Soviet and contemporary artists.
The sale began with Lot 1 (“Automne, L’Isle-Adam” by Ivan Pokhitonov), a wonderfully miniature 11.5 X 15.5 cm autumnal landscape painting. The whimsical picture hit the lower estimate and sold after just 6 bids for £50,000. Although the auction had a slow start with the second lot (“Homestead with Horses” by Iosif Krachkovsky) unsold, it began picking up pace around Lot 3 (“Pine Tree” by Ivan Shishkin), Lot 4 (“Sunset in Stormy Weather, Menton” by Alexei Bogoliubov) and Lot 5 (“Abandoning Ship” by Ivan Aivazovsky) which all either hit or exceeded the estimates between £100–470k.
The first sale to exceed £1m was Lot 13 (“Ship at Sunset off Cap Martin” by Ivan Aivazovsky) which sold after a lively bidding for £1,191,000. Other Aivazovsky lots were nearly equally popular and all sold for between £200–500k. The second lot to make over a million was Lot 56 (“Still Life” by Mikhail Larionov) which sold after 16 bids to a buyer on the phone for £2,175,000. The auction carried on, featuring several wonderful lots including a series of works by Vera Ermolaeva and Natalia Goncharova. Works by Nikolai Fechin, Konstantin Makovsky, Vasily Polenov, Nikolai Bogdanov-Belsky, Boris Kustodiev, Boris Grigoriev and Yuri Annenkov all sold between £200–600k. Lot 122 (“Airfield” by Gregory Nissky) featuring the artist’s signature low horizon and a bright sunset sold for £187,500 as opposed to Lot 123 (“Senezh” by Gregory Nissky) which sold for just £12,500.
The Russian Art Week 2019 is proving to be a great investment opportunity and we are eagerly awaiting the much anticipated MacDougall’s auction of tomorrow.
Please refer to the Christie’s auction results from yesterday and stay tuned for further updates from RA Gallery regarding the two remaining auctions.