Sotheby's holds "solid" Russian art auction

LONDON (Reuters) - Sotheby's raised 7.9 million pounds ($12.5 million) at its Russian art auction on Monday, a total the auctioneer called "solid" in uncertain economic times and within pre-sale expectations.

The sale is the main event during a week of Russian auctions in London which will provide the latest indicator as to the strength of the international art market.

Russians were key to booming art prices in the first part of the decade, and their continued interest is seen as instrumental in underpinning a market hit hard by the economic crisis.

At Monday's sale, the top lot was "The Village Fair" by Boris Kustodiev, which fetched 2.8 million pounds including buyer's premium, an auction record for the artist and above estimates of 1.0-1.5 million pounds not including the premium.

Another oil painting, "Nanny With Children" by Isaak Brodsky dated 1912, also set an auction record for the artist when it sold for 937,250 pounds, around twice its estimate.

The work was acquired in the 1950s by a collector in Italy who believed he was buying a long-lost work by Claude Monet.

"Tonight's sale was the first test of the Russian art market at Sotheby's in London this year and we are extremely encouraged by the results established," said Jo Vickery, head of the Russian art department in London.

"Buyers and bidders in this adjusted market are prepared to compete hard for high-quality works that are fresh to the market and rare," she added in a statement.

While Sotheby's will be relieved that the auction met expectations, the amount of money changing hands this year compared with 2008 is small, reflecting the financial crisis.