from Reuters and Nastassia Astrasheuskaya
Russia launches $470 million private art fund
Russia's first major private art fund was launched on Moscow's MICEX stock exchange this week, hoping to attract investors keen for safe if relatively low growth assets.
The 'Sobranie.Photoeffect' fund, created by fund managers Agana, comprises nearly 300,000 original prints by 250 domestic and foreign photographers and is worth a combined $467 million.
The fund, partly made up of Soviet Union collections with the potential for adding contemporary Russian photographers, will target foreign investors in the Russian market offering a safe "investment money shelter," said Ekaterina Aleksandrova, Agana's deputy director general.