MOSCOW—Russian collectors of late are reminiscent of the 1960s TV show "The Beverly Hillbillies"—a down-on-their-luck bunch who strike oil and go on a spending spree. In the art world, petrorubles are chasing after top-tier Russian, Impressionist and modern works, according to Mikhail Kamensky, director of Sotheby’s Moscow office—who, by the way, throws down the proverbial gauntlet by predicting that Russia and Eastern Europe will be a "major source" that helps Sotheby’s regain the title of auction house leader from Christie’s.

Ellen Berkeley, a London-based director in business development at Christie’s, says that house has a representative in Moscow and is in the process of opening an office, probably by the end of the year. She says the growth in Russian art sales—from £5.6 million in 2000 to £46.0 million in 2006 (roughly $8.4 million to $84.6 million)—bodes well for the future, and adds that in each season there are "two or three new serious players" who are building collections.

Both auction houses are seeking to expand beyond their respective Moscow bases. Berkeley says she is looking at enhancing regional representation and Kamensky says Ukraine and Kazakhstan are important targets. Onerous import-export regulations and other legal hurdles, however, currently preclude either house from holding auctions.