THE ART NEWSPAPER: Russian Billionaire launches art fund

Russian billionaire launches art fund Andrei Filatov, a Russian billionaire and art collector who co-owns the railway and port operator N-Trans, has launched the Filatov Family Art Fund, which is currently closed to outside investment. Filatov, estimated by Forbes to be worth $1.3bn, plans to buy and promote around 12 works a year from the Soviet era (1917-91), a period that he says is “undervalued compared with other movements”. Outside investors might be invited to participate in the future, says a spokesman, who would not specify how much Filatov intends to spend. However, he says the billionaire has already bought works worth $100m in the past five years. His major purchases include a model of Vera Mukhina’s landmark sculpture Worker and Kolkhoz Woman, 1937, the emigré artist Nicolai Fechin’s 1930 painting Daisies and a version of Alexander Laktionov’s Letter from the Front, a 1951 painting originally commissioned by the Soviet dictator Joseph Stalin.

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