Russian art market plummets 58% amid sanctions and economic crisis

In December 2014, auction sales in the Russian art market plummeted by 58%, amounting to £17.2 million, a stark contrast to the £40 million recorded in 2013. Contributing factors include international sanctions, a depreciating ruble, escalating inflation, and a contracting GDP. This market accounts for 2.5% of the global art scene, predominantly involving international transactions, especially by Russian collectors. The focus is primarily on 18th-20th century art, with contemporary pieces making up just 5%. Between 2004 and 2008, the market surged by 730%, and from 2007 to 2014, Sotheby's captured a 42% share of over £725 million in sales. Post-2013, artists Aivazovsky and Shishkin experienced a downturn in sales, while Fabergé eggs and significant icons continue to perform well.