Zholtovsky’s “Hexagon” at the Gorky Central City Park of Culture and Leisure sold at AHR auction

Today, 24 October 2013, the Auction House of the Russian Federation (AHR) held an auction for the sale of objects of immovable property held in the operative management of the State autonomous establishment of culture of the city of Moscow “Gorky Central Park of Culture and Leisure”. Two objects were sold as one lot at the auction.

  1. Non-residential two-storey building of a total area of 5,685.2 sq.m. located at the address: Moscow, Krimsky Bank 9, building 32.
  1. Non-residential one-storey building of a total area of 4,272.2 sq.m. located at the address: Moscow, Krymsky Bank, building 28.

Object 2, which is better known as the “Hexagon” currently has the status of a declared object of cultural heritage. The “Hexagon” pavilion is the former “Mechanization” pavilion, created by the architect Ivan Zholtovsky, with the assistance of Viktor Kokorin and Mikhail Parusnikov for the 1st Agricultural Exhibition of 1923 which was held on the territory of the present day Gorky Central Park of Culture and Leisure.

Sale price –  433 392 257 rubles

Auction winner – Park Development

“We are satisfied with the results of the auction. Monuments are the most difficult objects for investment, and therefore for sale as well. They are put into private ownership with the compulsory condition of preservation and reconstruction, but it is practically impossible to calculate precisely the amount of investments required at early stages of the project. Additionally, the future investor is limited in the choice of the function and space and layout design.

All of this significantly reduces the investment potential of monument buildings in general, and the ones sold today in particular. So it is extremely difficult to find potential buyers for these objects. For example, this project is unlikely to interest foreign companies, which are used to planning their investments in detail.

At the same time, the need to attract private business to restore monument buildings is in no doubt.

The Auction House of the Russian Federation has considerable experience of such work in St. Petersburg. Today’s auction was the second this year for the sale of an object of cultural heritage in Moscow.

The first auction was held in June of 2013. At the order of the Culture Ministry, a building was realized on 48 Shkolnaya Street, which is part of the historical ensemble of the Rogozhsky Coachmen’s Settlement,” the general director of the Auction House of the Russian Federation commented on the results of the auction.