London galleries bank on rush for Russian art

LONDON: London's auction houses have long been attuned to billionaire tycoons from the former Soviet bloc snapping up art and spurring a boom in prices, at least until the credit crunch struck.

Recent moves into Russian art by galleries in the city are more permanent and public, however, with two major exhibitions planned over the spring and a new gallery dedicated to modern and contemporary Russian works opening soon after. At least part of the point is to tap wealthy Russians who have taken up residence in Britain and may want to acquire a piece of their heritage. There is already a specialist Russian art auction house, MacDougall's, catering to that clientele.

But, say those behind the Aktis gallery, it is not only about the money.