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Christie’s International and Sotheby’s Holdings Inc. will next week test Russia’s art market in New York auctions that they estimate may fetch as much as $58 million.

Sotheby’s hopes to set a record on April 26 for the biggest sale of Russian paintings and works of art ever, earning as much as $46 million. Christie’s expects its April 24 sale of paintings and works of art to fetch $12 million.

“I am excited by the amount of property that’s fresh to the market from private collections,” said Sonya Bekkerman, vice president of Russian paintings at Sotheby’s in New York. “Media attention has engendered greater awareness, especially among American private collectors, who may not have previously paid close attention to the Russian art on their walls or even in storage.”

Sotheby’s said that nearly 70 percent of its artworks are from U.S. collections, though it expects predominantly Russian buyers. After seven years of economic growth, a new class of wealthy Russians is starting to build art collections. While most dealers say they expect the market to continue expanding, some have doubts.

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Posted: 04|21|06 at 9:04 am. Filed under: US Auction News.