Anna Chan:
And 17,000 visiting art collectors are expected at the 'Viennafair' art market.
Sadly exhibitors from eastern Europe are down from last year. Lets go to Vienna for the story:

The Vienna art fair opens its doors to 17,000 visitors - but minus the influx of exhibits the event was hoping to attract from eastern Europe.

Simon Rees, curator at CEE Galleries says there simply aren't enough galleries in the former communist countries.

[Simon Rees, Curator CEE Galleries]:
"I can tell you that in Lithuania we only have one commercial gallery who has something like an international profile that could participate in a fair. So, in Latvia, in Riga there is none. In Tallinn there is not really one. So that's three capitals of a certain portion of communist Europe where there's no dealers."

Vienna is the ideal location for a commercial hub between west and east. Yet the number of galleries from eastern Europe showcasing is down 20 percent from last year.

Boris Marte head of 'Erste Bank' and one of the fair's main sponsors is optimistic for the future.

[Boris Marte Head of 'Erste Bank']:
"Well, the Vienna art fair has become a hotspot of the international art scene. Especially a hotspot for the art scene of east, southeast Europe. And we think that these are, kind of the main emerging
markets inside Europe, with a huge development in the future but without an art market yet. So, Vienna is - The art fair in Vienna is the first art fair in this region. And I think it has, by being the first art fair in the region a huge possibility and opportunity in the future."

Despite the slow start, there is hope for a flourishing market in eastern Europe.
Russia is one example of how a new market in a former communist country can take off.

Last year a Faberge egg fetched nine million pounds (18.5 million USD), setting an auction record for any Russian art object and timepiece.