LONDON is to have its first Russian art fair in the summer.

Dealer Peter London is setting up a twice-yearly event to coincide with the Russian sales already operated by leading auction houses.

The move follows large demand for the art, fuelled partly by the emergence of wealthy Russians, many of whom have made London their home.

It is estimated that there are nearly 400,000 Russians living in the capital.

Mr London said of Russian art: "It is the biggest explosion in terms of price and desirability and collectors."

Art fairs in general were suffering dramatically, but specialist events - such as Frieze for contemporary art - were bucking the trend, he said.

"Contemporary art is pretty well covered but there was nothing for Russian art apart from the regular auctions.

"We also want it to be a social occasion because there are not a huge number of social events for the Russians in London."

The inaugural event has attracted interest from notable Russians and Russiaphiles such as Prince Michael of Kent.

"These people have been affected badly by what's happening in the Moscow Stock Exchange - about 75 per cent has been wiped off the value - but many still have a few million in the bank. The top end art has bottomed out and is not finding the stratospheric prices it was, but pieces from £10,000 to £60,000 are still selling well."

Some styles of Russian art, such as Soviet Realism, are still bought more by Europeans than Russians.

The fair will include work from major names such as Wassily Kandinsky and the avant-garde painters Natalia Goncharova and Kazimir Malevich.

But there will also be pieces by contemporary artists such as Sergei Pavlenko as well as icons, Imperial Russian silver and Fabergé jewels.

A gala evening during the fair will raise money for the Friends of Russian Children and for the Children's Fire and Burns Trust. Guests will include Yuri Fedotov, the Russian ambassador. The event is being staged from 6 to 8 June in the ballroom of the Jumeirah Carlton Tower hotel in Knightsbridge.

The Russian market has grown rapidly in recent years. The total global sales eight years ago were £7.6million. That figure rose to £85million in 2005 and £128million in 2006. Last year Sotheby's and Christie's alone sold art worth £180million.

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