June 14 (Bloomberg) -- Christie's International in London sold a Konstantin Somov painting for 3.72 million pounds ($7.33 million), a record for a work at an auction of Russian art.

Somov's ``The Rainbow'' (1927) fetched more than six times its top estimate yesterday, the top lot in the sale that raised 18.1 million pounds, the world's largest auction house said.

``When Russian collectors want something of top quality, money is meaningless for them: They will pay crazy prices,'' said James Butterwick, a Russian art dealer in London. ``In my 20 years of dealing with Russian art, I've never seen such a fine Somov.''

Russia, the world's second-biggest oil exporter, is in its ninth year of economic growth. The number of rich Russians is growing. According to Forbes, Russia has 60 dollar billionaires, the second-largest number in the world after the U.S.

Somov held the previous world record for a work sold at a sale of Russian art, set last Nov. 28 at Christie's in London, when his 1922 ``Pastorale Russe'' fetched 2.7 million pounds, nine times its top estimate.

Total results for yesterday's sale soared above the top presale estimate of 11 million pounds. The top three lots accounted for more than half the sale's total value.

Russian Buyers

There were about 100 registered bidders, and 61 percent of the 233 lots were sold. About 90 percent of the sellers were European, while 85 percent of buyers were from Russia and the republics of the former Soviet Union or emigres living abroad, Christie's said.

This was Christie's first Russian art sale in London in the summer. Previously it only had one sale a year in London each November. The annual total of Christie's Russian sales have risen almost eightfold since 2001, reaching $70 million in 2006.

The top 10 lots at yesterday's sale included four paintings by Somov, a symbolist artist who left Russia after the 1917 Bolshevik seizure of power, eventually settling in Paris.

Ivan Aivazovsky's ``American Shipping off the Rock of Gibraltar'' (1873) sold for 2.71 million pounds to a Russian in the room. This was the highest price paid at auction for Aivazovsky, and more than four times its top estimate.

A Moscow dealer in the room bought Alexander Yakovlev's ``Portrait of the Artist Vasilii Shukhaev'' (1928) for 2.82 million pounds on a top estimate of 600,000 pounds. It was a record for the artist at auction.

To contact the reporter on this story: John Varoli in London at jvaroli@gmail.com

Last Updated: June 14, 2007 04:17 EDT