New Buyers: Russia, China, the Middle East NEW YORK—Veteran art-world observers are betting that future growth for many galleries and the major auction houses will be fueled by soaring demand in Russia, China and the Middle East. The new wealth generated by entrepreneurs in the economies of Russia and China has already created a growing class of art collectors, who have been spending money in large and ever-increasing amounts on fine and decorative arts of their respective cultural heritages. The growth has been exponential. Henry Howard-Sneyd, managing director of Sotheby’s China, Southeast Asia and Australasia. The new buyers have jolted the market with their large quantities of cash and bold style of collecting. Many of the newly rich buyers often seek to acquire half-a-dozen artworks or more at one time rather than collecting one piece at a time. Last April Christie’s became the first international auction house to open an office in Dubai. Christie’s International CEO said the office would act as "a local gateway in the Middle East, providing access to the global art market."
The long-term outlook for sales of Chinese and Russian art is excellent. Many of the Russian buyers have a strong international base and operate from various parts of the world and they look to bring Russian works back to Russia.
September 2005
