Miracles can happen

Miracles can happen

By James Butterwick, Art advisor to Oracle Capital Group

In the mid to late 1980’s the demand for Russian Art was nothing like its present levels. A cursory look back at old Sotheby’s catalogues reveal prices that are the regret of every dealer and collector. Paintings by Aivasovsky, probably the most famous artist of the time, estimated at between £12-18,000 would fetch at least 100 times that today. No-one working on the market at the time could predict the monumental changes that began in the early 1990’s.

Russian Art is now a more household name and Russian Week is firmly etched into the diary of every gallery owner, journalist and collector. It is difficult, if not impossible, to get a seat at the evening auctions, streamed back by video to Russia and to the homes of many of the leading figures in this world. The auctions of the 1980’s were very much more restrained affairs. Firstly, there was only one auction per year, with the occasional foray into the Russian avant garde. The auction halls at the time were sparsely populated with seats available. The only Russians present were those who had lived in London all their lives, aristocrats such as Prince George Golitsyn, Margot Fleming, daughter of a former factory owner, Nicholas Lynn, owner of the Winter Palace gallery on Kensington Church Street, Ivor Mazure who had a gallery on Jermyn Street.

This made up the English contingent.

The Russian market was, of course, then worth perhaps hundreds of thousands of dollars as opposed to today where even one painting, be it by Roerich or a recent Konchalovsky can reach $7-10,000,000 today reflecting how 1905-1925 Russian Art was the equal of the West in terms of quality with prices for the top pieces are now beginning to reflect this.

With its large French-based diaspora, there were Russians from Paris, Sergei Essaian, the charming Mstislav Rostropovich and Galina Vishnevskaya, Garig Basmadjian, with a gallery on the Boulevard Raspail, assorted members of the Tolstoy clan. Therefore, whilst the public was refined and less over-bearing, the magnificent receptions thrown by Sotheby’s of today were unimagineable.

Between 1987 and 1989 David Baumann, a private banker from Geneva, began to collect work by the great Russian theatrical designers with a particular emphasis on Alexander Benois. His sources were two, Sotheby’s and Christies. His major purchase, a huge original poster by Benois which had belonged to the great dancer, Serge Lifar was sold three years ago to a private buyer in Monaco but now the important remainder of the collection is available in London.

With the prevailing climate of the time, Mr Baumann was able to acquire the items cheaply. Exquisite work by Bakst, Goncharova, Benois, both Alexander and his son Nikolai, a rare Tschelichev, theatrical work and small nostalgic oils by Konstantin Korovin, were quietly bought up leaving a collection numbering 55 pieces of which 33 are now for sale in London. The Tschelichev even has a dedication from the artist to, ‘dear Dickie’ a reference to Richard Buckle, the great British ballet critic and friend of the artist.

The world record price for Benois was set last year. A glorious watercolour on a historical theme sold for $650,000 and yet as far back as 1993 a beautiful costume design for the Queen of Spades dated 1941 fetched as much as $62,000. His work has always been in demand. The world of Bakst is more remarkable. Taking into account that he lived a short life compared to that of Benois his prices, even for theatrical works on paper, can fetch as high as $1.25m in 2012, or for a costume design, $680,000 in 2003.

The auction market is notoriously difficult to predict but David Baumann’s collection has the advantage of flawless provenance and a lower price structure overall. One can therefore view it both from a purely decorative point of view or the opportunity to acquire 33 works of art that may subsequently ‘fly’ at auction, the dream of every collector and dealer. Whilst prices have of course risen immeasurably since the time of acquisition, Mr Baumann’s wish to keep the collection as a whole has meant that the price represents both an excellent investment and an elegant way to decorate a house with the most refined art of Russia.

Giselle

La Pisanella

Unknown

Queen of Spades IV

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