It appears that the slump in oil prices (as of yesterday, crude oil was trading below $38 a barrel) has taken its toll on the Russian art market. Not long ago this segment was running full steam ahead and prices rose at alarming rates — but so was the oil market. Today the major auction rooms have pulled back and are no longer conducting specialized, stand-alone, sales. We all know that at some point this market will be back, but for now it will be taking a back seat. The question people will begin to ask: with prices so low, should I be buying now? Good question. For Katya Kazakina’s full story, click HERE.
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