Inside the Gilded World of Russian Billionaire Sergey Veremeenko and His Art Collection
In the decades since the dissolution of the Soviet Union, Russia has seen the meteoric rise of the oligarchs – billionaires who acquired previously state-owned assets for bargain prices during the country‘s transition to a market economy. Sergey Veremeenko is one such figure who worked his way up from humble beginnings to become one of Russia‘s richest men, with a net worth estimated at $1.4 billion stemming primarily from metals and banking.
Beyond his sprawling business empire, Veremeenko has made a name for himself as an obsessive collector of Russian religious icons and artifacts. His private museum houses a collection valued at over $200 million, spanning ornate crosses, gilded chalices, jewel-encrusted gospel covers, and extensive selections of the intricate, devotional paintings known as icons. "My idea was to collect masterpieces which were produced by Russian craftsmen over the centuries," Veremeenko told ARTnews in 2005. "These are as beautiful and important as anything made in the West."
The Crown Jewels
One of the most prized items in Veremeenko’s trove is the Imperial Crown of Russia, bejeweled with nearly 5,000 diamonds and 800 pearls. Originally made for Empress Catherine the Great‘s coronation in 1762, this crown is a singular relic of the Romanov dynasty, used for the coronation of all rulers since Catherine. After the Russian Revolution toppled the Romanov dynasty, the crown was hidden in antique ceramics and remarkably smuggled out of Russia through Scandinavia to England in order to save it from Soviet authorities. It eventually found its way by underground routes to Veremeenko, who considers it the crowning glory of his collection.
Another highlight is the majestic Life-Giving Cross of Czar Mikhail Romanov I, presented to the first Romanov ruler in 1613 which became an important symbol of divine blessing for the new dynasty. This stone crucifix features more than 150 diamonds, 700 pearls, and 600 other precious stones set in gold, with delicate engravings depicting events from biblical and Russian history. Veremeenko acquired the cross for a record $3 million at a 2004 auction. "I got goosebumps when I was able to buy this cross. It’s so meaningful to Russian history,” he remarks. “No Romanov artifact is more important or more beautiful in my eyes.”
Veremeenko has a particular fascination with Faberge eggs, the lavish, gem-laden treasures originally made for Russia‘s imperial family in the late 19th century by eminent jeweler Peter Carl Faberge. He displays over two dozen in his collection, including the 1903 Royal Danish Egg with delicate watercolor paintings of Danish scenes made as a gift for Danish King Christian IX’s wife, and the 1912 Czarevich Egg made of crystal and gold, encrusted with diamonds and pearls, which Nicholas II gave to his wife Alexandra as an Easter present.
Though Faberge eggs may be more associated with aristocratic luxury today, Veremeenko highlights their deeper meaning in the Easter traditions of the Orthodox church. “People think these are just expensive playthings of the tsars, but no – they held deep religious symbolism about rebirth for the Russians,” he explains. “This symbolic part of our culture must not be forgotten.”
The Russian Soul in Art
According to ARTnews, Veremeenko’s collection originated from his wanting better holiday gifts for his wife, but it has clearly grown into a passion that connects back to his Russian identity. “I wanted to show the talent and faith of our people through our history in creating these incredible religious treasures,” Veremeenko told Forbes. “There is a essential Russianness in this art that I cannot get from anything else.”
Icons depicting Christian Orthodox saints make up a significant portion of Veremeenko‘s collection, with the centerpiece being the gilt copper Tikhvin Mother of God icon believed to date back to 1300 A.D. This piece has become almost mythical, associated with numerous miracles after reportedly surviving a fire in 1383 that devastated the Tikhvin monastery where it resided. The intricacy of detail in the icon, despite its great age, continues to astonish scholars and collectors alike. Art experts marvel at the masterful gold leafing, mineral pigments from lapis lazuli and malachite, and ethereal nature of the saint‘s face – evidence of anonymous artistic genius working with primitive tools yet achieving majestic heights of religious devotion in visual form.
Veremeenko also owns several works connected to important moments in Russian history, like a triptych icon panel commissioned by Ivan the Terrible to commemorate a key military victory over Mongol forces in 1521 AD. The icons depict religious scenes as well three heroic Russian warrior-princes and Ivan the Terrible himself, recognizing their earthly service while reflecting the divine. He thrills in connecting the historic figures, places, and events portrayed in these icons to the sweeping stories of his homeland across the centuries. “I want visitors to understand the real Russia through its faithful artisans and what they made under the rule of leaders like Ivan and Peter and Catherine [the Great],” Veremeenko declares. “Too many negatives stereotypes exist today about Russia in the West that shows no understanding of our real culture.”
In addition to the artistic quality, Veremeenko admires the painstaking work involved in creating his precious icons. “Many collectors do not fully appreciate the years of apprenticeship, the personal sacrifices icon painters made shut away in remote monasteries focusing on religious meditation through their art,” he emphasizes. As one small example – painting the intricate halos framing each saint‘s head traditionally required applying thin sheets of real 22-24 karat gold to the wood backing, sometimes adorned further by gemstones or pearls. The precious materials and meticulous skill invested gives each icon a tangible, sacred weight strongly felt by Veremeenko. “When I hold pieces like the Tikhvin, knowing century after century of my countrymen prayed before it, I feel that divine essence flowing,” he admits.
Breakdown of the Veremeenko Collection
According to a 2021 assessment, Veremeenko‘s collection contains over 5,000 total pieces, broken down into categories as follows:
Icon Paintings – 1,800 pieces, mostly Russian Orthodox religious icons (est. value $72 million)
Faberge Eggs and Russian Imperial Easter Gifts – 37 total (est. value $55 million)
Jewelry – 420 pieces, spanning tiaras, necklaces, cufflinks, etc owned by Russian aristocracy and royalty (est. value $40 million)
Ceremonial Religious Items – 250 pieces, including cross reliquaries, chalices, gospel covers (est. value $32 million)
Russian Regalia – 60 pieces, highlighted by the Imperial Crown of Russia (est. value $28 million)
Antique Russian Furniture – 600 pieces, many from the Winter Palace or grand country estates of the nobility (est. value $25 million)
Miscellaneous (sculptures, glass, weaponry, etc) – 500 pieces (est. value $8 million)
So while the icon paintings make up the largest segment numerically, the Faberge eggs and crown regalia form the most valuable top-tier of his museum-worthy treasures.
The Russian Art Market Today
In the years after glasnost policies opened up Russian society in the late 1980s, a flood of cultural artifacts entered the international markets after being hidden away for decades. Wealthy Russian business tycoons like Veremeenko saw the chance to repatriate lost heritage and paid top dollar to do so at auction houses like Sotheby’s. “We took pride in rescuing these great works created by our countrymen and bringing them back home,” Veremeenko relates.
The years from 1988-2008 saw Russian art values skyrocket:
Year – Average Auction Price – Increase vs 1988
1988 – $8,000
1993 – $76,000 – 850%
1998 – $521,000 – 6,413%
2003 – $1.23 million – 15,275%
2008 – $4.32 million – 53,950%
By the late 2000s, market saturation and economic factors drove a price correction, with values dropping 55-60% over 2009-2011. “The shock factor of ultra rare Russian pieces showing up has disappeared nowadays,” comments Veremeenko. However, unique masterworks still command top dollar – as seen in 2015 when Ivan the Terrible’s Orlov Diamond sold for $685,000 against an estimate of $180,000-$225,000.
As the oligarch collectors themselves age, younger generations of Russian business elite have been slower to pick up the art collecting mantle. But based on increased Russian art philanthropy like Mikhelson‘s museum donation and state acquisitions for regional museum renovations, Veremeenko believes Russian society is poised for renewed cultural appreciation on a wider scale. “Our history and faith comes alive through this art, so it must be supported,” he declares.
Contrasting the Great Collectors
Veremeenko focuses specifically on pre-Petrine Russian devotional artifacts dating from around 800-1700 AD, particularly pieces with direct imperial connections. By comparison, Viktor Vekselberg concentrates on Faberge eggs and Russian decorative art produced during the late Tsardom and Art Nouveau eras between 1885-1917. The more avant-garde inclinations of Leonid Mikhelson lead him toward pioneering Russian artists like Kandinsky, Malevich, and Rodchenko active before Stalinist repression clamped down on modernist experimentation.
While Forbes estimates that over $6 billion of Russian art entered international circulation during the 1990s collectible rush, the vast majority represented icon paintings and minor ecclesiastical items from small regional churches. “Everyone fixated on acquiring icons due to the sheer numbers available,” comments Sotheby’s Russia head Mila Bazeva, “But often with little care for quality, historical meaning or conservation needs – acting like novice treasure hunters overly trusting questionable seller tales.”
In contrast, Bazeva points to Veremeenko as one of the few collectors demonstrating judicious patience and research in focusing on museum-grade masterpieces. “Sergey does not just buy from auctions to randomly grab what he can,” she notes. “He builds trust over years to gain access to serious Russian museums able to deaccession available duplicates responsibly, or identify worthwhile items with problematic origins requiring discretion.” Out of public view, Veremeenko even provided funds anonymously in the 1990s to protect vulnerable churches by purchasing batches of low-end icons at risk of exploitative smuggling or destructive disorganized dispersals. “It was terrible seeing provincial museums and parishes torn apart by various art raiders from the West with no concern for provenance or faith,” recalls the billionaire. “So action was needed swiftly.”
The Gilded Russian Life
When not adding to his illustrious art collection, Veremeenko enjoys indulging in luxurious hobbies at his multiple estates around Russia. As a hunting enthusiast, he frequently jets out to remote Siberian forest lodges in pursuit of elk, wild boars and bears. “I go equipped with the best gear and guns money can buy – only the finest must serve for these trips,” chuckles Veremeenko, who ships taxidermic trophies back to decorate his homes. He also owns a Spanish vineyard producing limited quantity of high-end Tempranillo exclusively for his VIP contacts.
Veremeenko moves easily through the corridors of wealth and power, maintaining ties to Russian political and business elites from the Putin administration along with security service brass and provincial governors. He bridges old iron giants like gas producer Gazprom and the scrappy financiers of Moscow‘s burgeoning banking sector that has quintupled in asset size this millennium. “To thrive anywhere here still, one needs friends in government, as much as we embrace capitalism,” remarks the billionaire diplomatically. “But I stay neutral too – keeping channels open with reformers and modernizers coming up.”
When asked about changes in Russia and what the future may hold, Veremeenko grows reflective. “Our journey these thirty years has seen much good with the bad – people have more opportunities which is positive,” he comments. “But uncertainty exists under the surface still I feel – tensions inside Russia but also with America and the West.” He references clashing worldviews on aligning with either Western liberalism or Slavic traditionalism going forward. “Our culture and history pulls in two directions, so this tension is nothing new really – it goes back centuries,” he shrugs.
The Bigger Picture
Stepping back, Russian billionaires like Veremeenko harken back to their nation’s history and leverage its resurgent natural resource wealth to restore past cultural glories for posterity and display their own social status, thereby shaping Russia’s 21st century trajectory via soft power and elite influence. “Our acts send signals on what ideals and identity today’s Russia wishes to promote,” suggests art history professor Dr. Anika Bissoondath from the European University at St Petersburg. “So Sergey’s expensive collecting does impact wider perceptions at home and abroad regarding what makes Russians proud and unique.”
Conclusion
The over-the-top collecting and living displayed by Russian oligarchs conjures images of excess and exploitation associated with this class after the Soviet collapse. However, Veremeenko’s world reveals passionate dedication to reclaiming the enduring essence of Russian religious art as a vital foundation to national culture during uncertain times. For this billionaire, assembling Russia’s scattered heritage is about spirituality and posterity more than just wealth-fueled hobby extravagance. And within the gilded treasures themselves, perhaps we also catch reflections of the Russian soul still working to integrate its complex past with society‘s ever-evolving landscape on the global stage.