For the first time in history, works by contemporary Russian artists are on display in the Kremlin this week.

The auction was conducted in the famous Armory of the Kremlin by Simon de Pury, the head of Phillips de Pury & Company, a New York and London-based auction house.

Simon De Pury, head of Phillips & De Pury Auction House, said, "The auction was very successful, we raised a lot of money for that foundation and the artists are getting the 50 percent of the proceeds and the other 50 percent are going to that foundation. So, I must say there was very spirited bidding right across the auction with very good results being obtained, so I am very happy with the results of the auction."

De Pury recently sold a majority share of his auction house to the Russian Mercury group, which specializes in luxury goods. He believes Russian contemporary art is underestimated in the west despite its high quality and a large number of talented artists.