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An ornate silver and enamel punch bowl and ladle produced in Moscow by jeweler Feodor Ruckert around 1910 sold for $482,500 yesterday, more than double its estimate at Sotheby’s in New York. Mostly, though, prices were distinctly cooler in the morning and afternoon sessions devoted to Russian art. Total sales of $13.8 million fell short of the high estimate for $17.5 million. Of the 308 lots, 35.1 percent failed to sell. The global economic crunch has taken a toll on the number of ultra-rich wishing to acquire symbols of taste and luxury. Moscow has 32 billionaires, down from 110 a year ago, and the 100 richest Russians have lost 73 percent of their wealth last year, according to Forbes Russia magazine. The punch bowl, which had a presale high estimate of $200,000, stood out in the second part of yesterday’s sale, shining brightly amidst an assortment of Faberge pieces and icons. The priciest Faberge piece — a silver toiletry set that once belonged to Russian Prince Gorchakov — failed to sell. It was estimated to fetch between $300,000 and $500,000.
“For the current economic climate, the results are good,” said Natalia Kolodzei, executive director of the U.S.-based Kolodzei Art Foundation, which promotes Russian art.(Bloomberg)
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