In global terms, it seems that emerging economies are fuelling the art market, as evidenced by Christies' latest series of Asian art sales in Hong Kong, which hauled in 128.7m (a record for Asian art auctions anywhere in the world), mainly generated by mainland China's new cashrich business community.

On this side of the globe, Russia wins out . . . such is the demand for Russian art in the UK that auctioneering firm Bonhams say that in a couple of hours they can turn over more money for 400 lots of Russian art than they can in an entire year for English furniture.

Sotheby's say that even though they are just half-way through their 2006 auction they have already exceeded their previous year's turnover for Russian art. Last month, Sotheby's Indian sale in London raked in a healthy total, while out in Dubai, Christies' Indian, Arab, Iranian and western art sale did the same.

Nevertheless, at the very top end of the market it's hard to get Picasso and Van Gogh out of the limelight. Currently, four out of 10 of the world's most expensive paintings are works by Picasso, while three are by Van Gogh. And now it is the Russians who have the money to buy them. It's rumoured that Picasso's 1941 portrait Dora Maar Au Chat was sold to a Russian oligarch for 72.5m. This mysterious man, having spent more than 100m, had to be hurriedly ushered out of Sotheby's to prevent him from being mobbed by the press.

Oligarch or not, the New York Post felt confident enough to name the buyer as the vodka and credit-card tycoon Rustam Tariko. However, there is speculation about other candidates, which points the finger at technology entrepreneur Alexander Abramov, or, indeed, closer to home at the business tycoon and soccer club owner Roman Abramovich, who is always touted as the purchaser of anything that makes huge money.

In today's top-end international art market, the contention is that the bigger and brasher the buyer, the bigger and brasher the price, and the bigger and brasher the painting.

It's obvious that the heat of the global art boom and buying in multi-millions is mainly confined to the international hubs of New York and London. But this doesn't mean that smaller countries . . . and, by extension, provincial salesrooms . . . don't get a look in. They do. And although they are less likely to be able to source the multimillion-euro paintings, there is an entire repertoire of paintings that are selling well.

In Ireland, auction houses have hopped on the contemporary art bandwagon and many of them find that art work from the 1950s onwards is more and more in demand.

Sales of Russian art in both galleries and auction houses are doing well: Morgan O'Driscoll in Cork, Garrett O'Connor in Stillorgan and Mullen's in Woodbrook, Laurelpark, Bray, have had successful sales and will go on to have further sales in the autumn. Galleries such as Magil Fine Art and The Oriel Gallery have staged sell-out exhibitions, with contemporary Russian art flying out the door.

Whatever art happens to be flavour of the month, it appears that Irish art will always carve out a niche for itself one way or another, although, conversely, some Russian artists now find the Irish landscape interesting.

For instance, Russian artist Igor Shaimardanov finds inspiration in the political and sociological aspects of Ireland. His large Breugel-like paintings reflecting Russian themes are well-known in London and New York . . . Pushkin is a favourite subject for his canvas. His take on what looks very like the late Taoiseach Charles Haughey, Away With The Angels, is now timely and features the Haughey lookalike borne along in the company of friends but in the guise of an angel. It is on exhibition at Magil Fine Art, and will appeal to those who believe the Boss to be still with us.

And while some kind of guardian angel would be helpful in deciding what and where to buy, it seems that the middle section of the Irish art market is set to continue doing well, while the top end is fluctuating.

Dealers blame the fluctuation on the Irish government's tax incentives, which encourage collectors to loan or donate major works to museums and galleries rather than put them through auction.

When dealers bemoan the absence of good Irish pictures on the market they often mean the lack of good Jack B Yeats paintings. When it comes to sinking serious amounts of money into art, it's worth considering that the Jack B Yeats market can rise and fall, just like that of the Jack Vettriano market, which recently took a dip. Spreading your options seems to be the only thing to do, which is why everyone seems to be looking at Russian, Chinese, Asian and Indian art.