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London auction houses are gearing up for a week of Russian art sales likely to shatter sales records because of booming interest, experts say.
"There has been an extraordinary growth of the Russian art market this year, after 2005 in which we had already seen a boom," said Joanna Vickery, director of Sotheby's Russian department.
Rival auction house Christie's took the same view -- "the Russian category continues to be one of the fastest growing and most exciting areas of the international art market," a spokesman said.
The explosion of interest comes as wealthy Russians move abroad and look for ways to spend their often staggeringly large fortunes.
In London, Russians such as businessman and Chelsea Football Club owner Roman Abramovich are now among the most fashionable society figures.
The city is even nicknamed Moscow-on-Thames by some because of their influx.
Sotheby's has brought together more than 460 lots for its sale Tuesday, which should net around 20 million pounds (30 million euros, 38 million dollars).
Since the start of the year, sales of Russian art have topped 60 million pounds at branches of Sotheby's around the world, compared to 56 million for the whole of 2005.
Within five years, sales figures have increased fivefold and the vast majority of buyers -- 75 to 80 percent -- are Russian.
"The new Russian private collectors have re-established the market and they like buying at auctions where they have to bid against other people, and they like feeling they paid the fair price," Vickery added.
The star attraction at the Sotheby's sale will be a pair of porcelain vases from 1830 given by Tsar Nicholas I to the French ambassador to Russia between 1828 and 1833, Casimir de Rochechouart, Duke of Montemart.
They are 75 cm high, painted with trompe l'oeil malachite and have not been on the market since 1970.
The vases are estimated to be worth 1.8 million pounds but two similar ones sold for 2.8 million pounds in May.
Collectors of works by Russian jeweller Peter Carl Faberge will also be well catered for, with 90 lots which show off his legendary detailing.
A snuffbox decorated with gold and studded with precious stones, a present from Nicholas II to a French statesman, is set to attract bids upward of 500,000 pounds.
"There's a premium for lots with imperial connections," Vickery explained.
Christie's, meanwhile, is also holding a four-day Russian art sale in London from Monday which is expected to generate nearly 25 million pounds.
Lots on sale include a Faberge clock marking the 25th anniversary of the marriage of Alexander III to Maria Feodorovna, estimated to fetch between 4 and 6 million pounds, and china dating back to the time of Nicholas I.
Modern art also excites the interest of the new aficionados of Russian art -- 20 canvases by some of the most famous artist of the 20th century feature in the catalogue.
Sotheby's is to hold a sale of modern and contemporary Russian art in February 2007.
Experts believe that the market for Russian art has not yet peaked.
And as lost treasures reappear, it is set to get bigger and bigger.
elm-kah/ccr
AFPEntertainment-art-Britain-Russia-auction
AFP 261619 GMT 11 06
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