ABOVE: Viktor Vekselberg, a Russian oil and gas billionaire who just announced plans to open two new private galleries in Russia.

Times are good in Russia these days: billionaires running around all over the place, throwing their vast post-soviet oil fortunes at all kinds of crazy schemes. The newest such example is Viktor Vekselberg, estimated by Forbes to be worth more than US$5 billion, who has announced plans to open the first major private galleries open to the public in Russia.

Vekselberg’s private foundation, Link of Times, is currently renovating a building in St. Petersburg to use as its primary exhibition space, where it will show off items from the tycoon’s private collection, including a cache of Fabergé knickknacks that he bought in London just last month. Link of Times was only established in 2004, but has since become the single biggest buyer of Russian art in the world right now, acting on its mandate to repatriate Russian works to Russia. Vekselberg apparently keeps his collection in London to put it out of the Kremlin’s reach in case he ever gets the hairy eyeball from Putin et al.—the foundation will put a selection on display in St. Petersburg and later Moscow, when the second branch of the museum is built. Yes, it’s a good time to be a billionaire. As if there’s a bad time.

LINK: The Art Newspaper > Billionaire to open first private museums in Russia