Changes in Price Indices for Paintings by Russian Artists as a Result of Economic Shocks

The study analyzes how geopolitical changes affect the pricing of artworks by Russian artists. By applying least squares and Heckman methods, a hedonic regression was conducted, which allowed the creation of price indices for the works of Russian authors. The focus is on two subgroups of artists: those born in territories that have remained part of Russia, and those born in regions now belonging to other states. This has enabled the identification of unique aspects of influence on each group. The results show that the dynamics of the cost of artworks are closely linked to global economic trends and political events, especially those directly affecting Russia. Tensions in international relations, including the Ukrainian conflict of 2014, can both decrease and increase the value of works by Russian artists depending on the shifting interest in Russian art. Russia's adaptation to sanctions and the strengthening of its economic independence since 2014 are presumed to have allowed affluent layers of the population to maintain activity in the international art market, mitigating potential declines in demand for the works of Russian artists, even against the backdrop of global crises, including the Ukrainian crisis of 2022.