Top 100 Most Valuable Icons Sold at Sotheby's New York and London

What are the pricing trends of antique Russian icons and how the economic realities reflect in valuing fine and rare examples? What factual characteristics influence their value and how this influence changes over time? 

To answer these questions, we analyzed Russian icons sold at Sotheby’s auction house during the Russian-themed sales in New York and London between 2007 and 2020. For the purposes of this study, we selected only icons with the realized prices (comprised of the “hammer price” and the auction’s commission) at or above US$20,000. Such icons were compiled into a list showing the pertinent factual information such as icon’s abbreviated description (with a link to the actual lot on Sotheby’s web site), iconographer / silversmith / workshop name and place of manufacture, sale amount, year or period of manufacture, dimensions, auction’s location and date, and any additional information that, in our opinion, influenced the icon’s value. For the ease of reference, we also provided images of icons viewable in a slideshow format. 

The most valuable icon sold at Sotheby's:  Fabergé Icon in the gilded silver frame set with precious stones sold in 2008 for $780,200

Why Sotheby’s:

While Sotheby’s cannot be considered to be the market arbiter for sales of the Russian Orthodox icons, it is by far, the largest of the Big Four London-based auction houses in sales of the objects of Russian Fine and Decorative Arts. With 2019 gross sales amounting to £18.1 million compared to £12 for Christie’s, £4 million for McDougall, and a mere £1.3 million for Bonhams. With sales figures higher than that of the other major auction houses combined, Sotheby’s results can be seen as representative for the entire Russian market outside of Russia. 

Factual Observations: 

1. With few notable exceptions, the vast majority of high-valued icons sold at Sotheby’s between 2007 and 2020 were created during the period between 1870 and 1917, showing strong preference by the purchasers to icons from the so-called Russian Silver Age. Icons executed in strong Pan-Slavic revival and Art Nouveau styles are in high demand and are valued higher than these in the so-called Western-inspired “Academic” style. 
2. Most of the high-valued icons were produced in either Moscow or St. Petersburg – the two largest cities of the Russian Empire that had a large number of affluent customers along with silversmiths and iconographers who serviced their needs. 
3. The majority of high-valued icons have opulent silver revetment covers (called “oklads” in Russian and among the collectors) decorated with gilding, engraving, repoussé, and various types of enamelwork. Icons with the addition of river pearls and semi-precious stones are valued as well as these with large fields of enamelwork or these with unusual silver-working techniques. 
4. Especially valued are icons with revetment covers created by renown Russian silversmiths such as House of Fabergé, Grachev Brothers, P. Ovchinnikov, Khlebnikov, Olovyanishnikov & Sons, Ivan Tarabrov, Sergey Zharov, Orest Kyurlukov, and others many of whom held a prestigious designation of the Purveyor to the Imperial Household. 
5. Icons by the House of Fabergé and its workmasters are valued highly even in small sizes. With the total number of icons produced or retailed by Fabergé is known to be only 150 or so, the appearance of a full-size icon at auction is bound to result in a bidding war. Seven of the icons by Fabergé or Fabergé workmasters sold for over $100,000, including the most valuable icon sold in 2007 for $780,200 (currently on display at the Fabergé Museum in St. Petersburg). 
6. Understandably, icons with documented provenance to the members of the Russian Imperial family or notable historical figures are valued at a premium
7. Among various icon types, icons in the standard “analoy size” (approx. 12 x 10 inches or 30 x 25 cm) are the most desirable. However, Triptychs, especially these with opulent silver decoration are of great interest. In addition, small “portable” or “travel” icons are also highly collectible and command high prices, especially when produced by one of the top tier silversmiths. 
8. Interestingly, the subject of the iconographic depiction is not a factor in the determination of the valuation in comparison to such factors as the silversmith, provenance, and quality of decoration of the revetment cover. That said, icons depicting important saints or saints with common Russian names (such as Michael, Alexander, Olga, etc.) are always in high demand for its possibility of matching the collector’s name or one of a potential gift recipient. 
9. Icons in original silk-lined wooden presentation cases are valued higher than analogous icons without such cases. 
10. While the state of preservation is important, it is not of a major determining factor and some high-valued icons are sold with some degree of restoration or even with a need for such restoration to be done by the purchaser.
11. The visible absence of the ancient icons (17^thcentury and earlier) in the list is most likely explained by the lack of a knowledgeable icon expert in the Sotheby’s Russian Department necessary to accurately deal with issues of authenticity, restoration, and valuation issues that arise during the sale of such objects. Several high profile attempts in selling ancient icons and icons without oklads were made by the leading auction houses resulting in scandals, embarrassment, and firings. Understandably, auction teams are not especially eager to re-enter such minefields leaving this part of the market to more specialized auction houses. 

In conclusion, it is important to note that true masterpieces of Russian iconographic art were sold at a premium not only during the high point of the Russian antiques market of 2007-2009, but also recently, when in addition to the general antiques market and economic decline, their cost to the buyers increased substantially when measured in Russian national currency because of highly unfavorable foreign exchange rate. Specifically, out of ten most valuable icons sold at Sotheby’s between 2007 and 2020, 80% were sold in the recent four years, proving that the very top of the market is not subject to the prevailing economic conditions.  

Second most valuable icon sold at Sotheby's:  Khlebnikov Triptych Icon of the Ascension of Christ sold in 2019 for $704,850. 

We buy antique icons. Single items or entire collections. Respectfully treated, fair prices paid. 

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