NEW YORK (Bloomberg) – Christie's International, the world's largest auction house, plans to open its first office in Russia as the country's wealthy buyers play an increasingly important role in the booming global art market.

The new branch, scheduled to open by the end of the year, will be in Moscow, though the auction house hasn't made a final decision on the location, Ellen Berkeley, Christie's director of business development in Europe, said in an interview.

Sotheby's, the world's number two auction house and a fierce rival to Christie's, opened a Moscow office in May.

Russia, now in its ninth year of economic growth, is the world's second-biggest oil exporter. The number of Russian billionaires jumped to 53 in 2007 from seven in 2002, according to Forbes magazine, which estimated the group's collective worth at $282 billion. Russia has more billionaires than any other country except the US and Germany, Forbes said.

Anna Belorusova, Christie's consultant in Russia for the past 12 years, will head the Moscow branch, Berkeley said. Belorusova will focus on cultivating clients, getting consignments and arranging private sales.

Christie's, however, will not hold auctions in Moscow.

"I just can't imagine having sales in Russia," said the London-based Berkeley. "Russian law changes dramatically. The structure isn't really in place."