Big Autumn Auction at Rietumu Bank Smashes All Local Art Market Records

A big autumn auction of painting and works of art was held in Riga. It was arranged by the Art Embassy Auction House in cooperation with Rietumu Bank. The results turned out to be a record high – over 120 participants, with the total turnover being around EUR 250 000.

A lot of interest was roused by the works of Latvian and Russian authors which were created in the 1920s-1930s. The most impressive growth was experienced by a small porcelain figure soldier made by the Riga Jessen Factory – with an estimate of EUR 1000 it went for EUR 12 000. In the opinion of experts, Riga porcelain of the art-deco period is now experiencing its golden age.

Ludolfs Liberts
"Vinece"

Active interest was also demonstrated in interior objects. And in the section of phaleristics over 80% of the lots were successfully sold.

“We saw not only an increase in volume, but also an increase in the circle of participants. Over 30% of the buyers came to the auction for the first time. The geography is expanding as well: we accepted phone bids from Estonia, Lithuania, Russia, Ukraine and even Armenia,” said the owner and CEO of the Art Embassy Aigars Grinbergs.

Eleonora Gailisha
Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail: egailisha@rietumu.lv