NEW YORK— Christie's International, the world's largest auction house, is following in rival Sotheby's footsteps. Christie's has announced that it will open an office in Moscow, where Sotheby's opened an outpost in May, by the end of the year, reports Bloomberg via the Moscow Times.

Russia is playing an increasingly important role in the international art market, largely because of a boom in wealth in recent years that has dramatically increased the country's number of billionaires.

Anna Belorusova, who's been a consultant for Christie's in Russia for the past 12 years, will head the new branch. A location has not yet been selected.