Is Russia The Next Big Art Market?

“Russia and its nascent art market is the new Eldorado for art dealers. Moscow accounts for at least 85% of the country’s wealth and soaring oil prices are further boosting revenues. The city is plastered with billboards advertising luxury brands, new buildings are being hastily erected everywhere and out in the Western suburbs, a $60 million shopping mall is rising amid the birch forests: it is surrounded by $20 million homes. Dealers and decorators are scrambling to furnish these empty homes, as well as properties in the South of France and London, both obligatory for Russia’s super-rich.”