Is it Art – or Nice Real Estate?

In 2006 Museum Director Lyudmila Shaposhnikova received the Order of Friendship from then President Vladimir Putin for the museum's preservation of cultural heritage. In 2007 she was awarded a national prize for the renovation of the estate.

"The Federal Property Management Agency has given absolutely no explanations for the eviction," said Stesenko. But the museum's location in the center of one of the world's most expensive cities leaves museum officials with no doubt that the site's real estate is exactly what is in demand.

An open letter to President Med­vedev and Prime Minister Putin signed by prominent figures in cultural and civic institutions from all over Russia was published June 5 in Novaya Ga­zeta. The letter asks the two leaders "to stop the attempt on unlawful eviction."

Japan's Aruji to set up fund to invest in Russian real estate

Japanese financial group Aruji will set up a fund worth 200 billion Japanese yen (over $1.85 billion) for investments in Russian real estate, the president of Aruji Gate Securities Inc. said on Tuesday.

"The registration of a fund for investment in Russian real estate, Aruji Real Estate Investment Fund, for operation over a five-year period (with an option to continue the term of its operation to 15 years) is at the concluding stage. The fund's shares/units will be offered to Japanese investors as early as July-August," Takuji Asaga said.

Takuji said the fund will be the first financial product in Japan aimed at raising capital for investment in the Russian property market.