Natalia Demina told Delovoy Peterburg about the attitude to investing in art in Russia

According to an interim report by Art Basel and UBS, more than half of art dealers note an increase in art sales in the first half of 2021 compared with the same period in 2020. However, according to experts, despite the existence of tools for turning art in collections into a financial instrument, these mechanisms are not effective in Russia.

Natalia Demina, Senior Associate, Head of Private Wealth practice at Maxima Legal, discussed with Delovoy Peterburg that people in Russia collect anything – except art. According to the expert, most private clients have among their assets collections from jewellery and cars to stamps, coins, watches etc. Natalia noted that even if a client has art, collections are not legalised due to the owners’ desire to protect their personal boundaries. “A good way to register is to have the collection examined by a notary, followed by a description of the objects, which can then be referred to in the marriage contract and will in order to arrange the succession. You have to let a notary into the house to do this, and that is not much welcomed by clients,” explained Natalia Demina.

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