VTB Capital, Russia’s leading investment company is delighted to present a works series by the acclaimed Russian artist, Olga Chernysheva to the Tate Collection.

This gift marks the start of an annual initiative developed by London arts foundation Calvert 22 as part of its new strategic partnership with VTB Capital. The partnership supports the core activity and strategic aims of the not-for-profit arts foundation which is unique in the U.K. by specialising in the presentation of contemporary art and culture from Russia.

This annual arts gift is established to identify significant contemporary art works from both established and emerging Russian artists exhibited as part of Calvert 22’s artistic programme, and to work with appropriate strategic partners to donate such pieces to major UK national public arts organisations.

This exciting initiative develops opportunities for exposing the work of talented Russian artists. Placing their work in the British public institutions will play a valuable role in raising the profile of Russian contemporary art in the UK.

For this first presentation, Calvert 22 has worked collaboratively with VTB Capital to identify the most appropriate artist and recipient institution, drawing upon the foundation’s curatorial expertise, artist networks and connections with major galleries and arts institutions.

The first artist to benefit from this exciting venture is the Moscow based artist, Olga Chernysheva. The work being donated to Tate is On Duty, 2007 a photographic series of 11 Gelatin silver fibre prints, which documents escalator attendants on the Moscow underground network. Despite the isolation of these figures, trapped as they are in the monotonous world of public sector officialdom, Chernysheva’s tender portraits somehow manage to uncover, beneath the apparently expressionless faces, the hidden human potential and inescapable idiosyncrasies of each individual.

Olga Podoinitsyna, Member of the Board at VTB Capital, says:

On Duty is a wonderful work by a contemporary Russian artist and we feel it is the perfect choice to mark the launch of this annual gift. VTB Capital’s expert team successfully champions opportunities inherent in the Russian market to investors around the globe and we see this initiative as an extension of our commitment to promoting the talents and success of contemporary Russia on an international stage.

Nonna Materkova, Founder/Director of Calvert 22, says:

Calvert 22 is proud to have helped organise this generous gift from our strategic partner, VTB Capital to the Tate.  Raising the profile of contemporary artists and art from Russia is a key part of Calvert 22’s ambitions and of our shared aims with VTB Capital and we are delighted that this significant work from Olga Chernysheva is to become part of the Tate Collection.

Sir Nicholas Serota, Director ,Tate, says:

Tate is delighted to be the recipient of this gift from VTB Capital. It highlights the importance of Calvert 22’s artistic programme which brings the most outstanding emerging and contemporary artistic production by Russian artists to the UK. Olga Chernysheva’s, On Duty 2007, is a poignant body of work. The gift will not only significantly enhance our holdings of works by Russian contemporary artists but it will also form an important part of Tate’s photographic collection.

Notes to Editor

Olga Chernysheva (born 1962)
Olga Chernysheva lives and works in Moscow. In 2001 she represented Russia at the 49th Venice Biennale and has been shortlisted for this year’s Artes Mundi Prize. Her work is held in major international museum collections, as well as in private and corporate collections. 
Recent solo exhibitions include: ‘Inner Dialog’, Bank Austria Kunstforum, Vienna; ‘Present Past’, 3rd Moscow Biennale, Baibakova Art Projects, Moscow; ‘Adventure Istiklal’, Istanbul Biennial, Yapi Kredi Kazim Taskent Art Gallery; ‘Caesuras’, Galerie Volker Diehl, Berlin (all 2009); ‘Acquaintances’, White Space Gallery, London; ‘After Eisenstein’ with Boris Mikhailov, Lunds Konsthall, Sweden; ‘New Works’, Foxy Production, New York (all 2008); ‘Involutions’, Catherine Bastide Gallery, Brussels (both 2007); ‘Panorama’, Stella Art Gallery, Moscow; ‘Sites’, Biennale of Sydney, Art Gallery of New South Wales, Sydney (both 2006); ‘Fields’, Moscow Multimedia Complex for Contemporary Arts, Moscow (2005); and ‘The Happiness Zone’, The State Russian Museum, Saint Petersburg (2004).

VTB Capital (www.vtbcapital.com), the Investment Business of VTB Group, is one of the three strategic business arms of VTB Group, along with the corporate and retail businesses. To date, VTB Capital has taken part in 130 ECM and DCM deals, which were instrumental in attracting USD 55bn worth of investments into Russia. VTB Capital has become a national leader in global investment banking. 2010 league tables show VTB Capital as #1 Eurobond bookrunner in Russia, #1 local bonds bookrunner by Bloomberg. In 2010, VTB Capital ranked #1 ECM bookrunner in Russia and the CIS (Dealogic). In 2010, VTB Capital became #1 M&A Adviser in Russia by mergermarket.

In 2010, VTB Capital was named Best Russian Equity House and Best Russian Debt House at the

Euromoney Awards for Excellence. In October 2010, VTB Capital has won The Banker magazine’s annual Investment Banking Award, in the ‘Most Innovative Investment Bank from Central and Eastern Europe 2010’ category. VTB Capital analysts have also received top international accolades in 2010, including Extel Pan-Europe 2010 and All Russia Research Team (Institutional Investor).

VTB Capital offers a full range of investment banking products and services, focusing on arranging operations in the debt, equity, global commodities markets, developing private investments, investment management, advising clients on M&A and ECM deals in Russia and abroad. In Q3 2010, VTB Capital pre-tax profit amounted to RUB 16bn (ca. USD 500mn) demonstrating a 55% growth year-on-year. VTB Capital operates in Moscow, London, Singapore and Dubai, with headquarters in Moscow. VTB Capital plc is incorporated in England and Wales and authorised and regulated by the Financial Services Authority. The Head office of CJSC VTB Capital is located at 12, Presnenskaya emb., Moscow, Russia. Tel +7 495 960 9999. License of FFMS №177-11463-100000, 31.07.2008. In London, VTB Capital plc’s main office address is 14 Cornhill, London, EC3V 3ND. Tel +44 20 3334 8000. Fax: +44 20 3334 8900. (This press-release does not constitute an offer to the public or an advertisement of securities in the Russian Federation, is not an offer or an invitation to make offers, to purchase securities in the Russian Federation and must not be passed on to third parties or otherwise made publicly available in the Russian Federation.)

Calvert 22 is the UK’s only not for profit foundation dedicated to the presentation of contemporary Art and Culture from Russian and Eastern Europe.  Founded by Nonna Materkova, a Russian born, London based economist, Calvert 22 was launched in May 2009 in Shoreditch, East London.  Its mission is to present the very best in current art and culture from Russia and Eastern Europe, as well as promote discussion and dialogue which aims to interrogate existing preconceptions about the art and culture of those regions and propose new possibilities for cross cultural understanding and exchange. Calvert 22 presents up to five exhibitions a year from both emergent and more established contemporary artists, each accompanied by a comprehensive catalogue and programme of related talks and events.  In addition, Calvert 22 hosts a range of events, performances and activities that explore wider aspects of Russian and Eastern European culture.

Tate is a public institution, comprising four galleries: Tate Britain, Tate Modern, Tate Liverpool and Tate St Ives. It is responsible for the national Collections of British art and of international art from 1900. It aims to increase public knowledge, understanding and enjoyment of British, modern and contemporary art through the Collection and an inspiring programme in and well beyond its galleries.

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