An acrylic on canvas portrait of former Soviet leader Mikhail Gorbachev, done in 1989 by Russian artist Semyon Faibisovich, sold for $144,000 at an auction held April 17 by Gene Shapiro Auctions, LLC.

(New York City, N.Y.) - A stylized and historical acrylic on canvas portrait of former Soviet leader Mikhail Gorbachev, done in 1989 by the Russian artist Semyon Faibisovich (b. 1949) and originally intended as cover art for an issue of TIME magazine, soared to $144,000 at an auction of important Russian art and other works held April 17 at the Metropolitan Pavilion in Manhattan.

The sale was conducted by Gene Shapiro Auctions, LLC, a fine arts auctioneer of European and American art and a leader in the burgeoning field of Russian art. The auction date was timed so it would fit nicely between Russian art sales held by Sotheby’s (on April 15-16) and Christie’s (on April 18), also in New York.

“I am very happy that we are now holding our sales in New York,” said Gene Shapiro. “Many major buyers from Russia and Europe came and participated in the auction. It was great to see them physically there in person instead of only on the phones.” He added, “What was really interesting to see was that many of the Old Masters works were purchased by Russian clients as well.”

The Faibisovich painting was the top lot of the more than 250 works that crossed the block. About 90% of the offerings were by Russian artists, but the auction also featured works by European Old Masters, as well as 19th-Century European paintings and genre scenes. Phone and absentee bidding, boosted by the international flavor of the sale, was very strong. Internet bidding on EbayLive was facilitated by LiveAuctioneers.com.

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