Top British art consultancy targets Russian collectors

MOSCOW Mon Jun 27, 2011 5:41pm IST

Related Topics

MOSCOW (Reuters Life!) - Top British art consulting firm Art Market Research (AMR) said on Monday it plans to offer its services in Russia, where growing investment interest in art and antiques presents a huge growth opportunity.

London-based AMR, which counts auction houses Christie's and Sotheby's as clients for its art indexes and market analysis, said it hopes to raise 500,000 euros ($706,700) by end of year and team up with Russian representative company Kollection.

"Russia is a country of vast opportunities. I am convinced of the great potential of its art market as well as in the swift development of the Russian banking system," AMR's director Robin Duthy said in a statement.

"I am certain there is a tremendous need for complex investment analysis in Russia's arts and antiques market."

AMR said it will target Russian financial institutions, investment consultancies, stock market players, private investors and individual collectors, Duthy said.

Russian banks have recently started to offer art consulting services in response to a growing appetite among the country's super-rich for collecting high-priced treasures.

While London alone hosts more than 2,000 antique houses, Russia currently has 400, art investment expert Natalia Legotina, the head of Kollection and the new representative of AMR in Russia, said.

The strong financial market in Russia and the growing sophistication of the country's super-rich have also attracted Europe's largest antiques association London-based LAPADA to enter the Russian market earlier this year.

(Reporting by Nastassia Astrasheuskaya; editing by Alissa de Carbonnel and Paul Casciato)

FILED UNDER:
  • Most Popular
  • Most Shared

Sex Assault Claims

REUTERS SHOWCASE

Nazi Art

Nazi Art

Swiss museum to accept part of Nazi loot art trove  Full Article 

Gathering Of 'Elves'

Gathering Of 'Elves'

Santa's little helpers break world record in Bangkok  Full Article 

Latin American Auction

Latin American Auction

Mexican surrealists top Latin American auction, Botero sets record  Full Article 

'Horrible Bosses 2'

'Horrible Bosses 2'

'Horrible Bosses 2' reunites goofball trio for kidnapping comedy  Full Article 

Swedish Merlot

Swedish Merlot

Warmer world boosts Nordic tipples  Full Article 

Film's iTunes Debut

Film's iTunes Debut

Aussie film kicks like a mule, skips cinemas for iTunes debut  Full Article 

HK Protest Art

HK Protest Art

Hong Kong protesters brace for street art literally going under the hammer  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage