Phillips Stages its First Auction of Contemporary Russian Art

LONDON—Phillips de Pury & Co. is gearing up for its first sale of Russian contemporary art, with 65 lots that could fetch up to $7.23 million, Bloomberg reports. Works that will go under the hammer Oct. 13 in London include pieces by Erik Bulatov, Ivan Chuikov, Oleg Vassilyev, and the duo Dubossarsky and Vinogradov. "As Russia enters its ninth year of economic growth, in large part driven by high prices for oil, gas, and metals, a growing class of wealthy Russians is collecting art," according to Bloomberg.

"It is extremely satisfying to see these exceptional works entering the market at this time,'' Phillips chairman and star auctioneer Simon de Pury said in a statement. "They will be seen by a wider audience and finally receive the attention that they deserve."