Russian buyers went on a shopping spree at a London auction last night that raised 84.9 million pounds ($136.6 million).
Collectors from the former Soviet Union bid a total of more than 20 million pounds for works by 20th-century artists such as Pierre Bonnard and Rene Magritte at Christie’s International.
“It’s shopping,” Guy Jennings, partner in the London- based dealership Theobald Jennings, said in an interview. “These are colorful works that will look good in a house in the Cote d’Azur. This market is driven by Western-based Russians and new European money. The rise in commodity prices has made a difference to them.”
Trophy-quality Impressionist and modern pieces are in demand after making up 7 out of the 10 priciest lots at auction last year. Some collectors have been helped by higher commodity values, with the Standard & Poor’s GSCI Spot Index up 34 percent in the last year.