Russian matryoshka dolls have become a true collector's item. It should be noted that not all matryoshka dolls are created equal and in order to understand why prices vary so much you should consider the various categories of Russian matryoshka dolls. Matryoshka History
Museum
Quality Matryoshka Dolls 
Russian
matryoshka dolls have been elevated to a collectible art by a number
of talented and imaginative artists now producing one-of-a-kind
creations of museum quality. These beautifully painting wooden doll
sets are the original design of the artist and are skillfully
executed with attention to detail. Prices for these finest of nesting
dolls can range from several hundred dollars to thousands of
dollars.
Unique
Art Quality Matryoshka Dolls 
Beautiful
one-of-a-kind matryoshka sets with original designs by the artist.
Dolls of unique design take longer to produce and are usually created
with great attention to detail. Prices generally range from one
hundred to several hundred dollars per set.
Limited
Production Matryoshka Dolls
An doll artist
can create a fine design that she* or a small group of women in a
cooperative will reproduce. Quantities of such dolls are limited due
to the labor intensive nature of the work. Demand for some of these
beautiful dolls frequently exceeds supply. Price range for these
dolls is generally between $50 and $200. (Most of the matryoshka
artists today are women, though that was not always the
case.)
Basic
Art Matryoshka Dolls 
Basic art doll
sets are produced by an individual artist or a small artists'
cooperative. The designs are generally simple favoring floral motifs.
These dolls can be produced more quickly and in greater quantity than
dolls with more detailed painting. Prices generally range from under
$10 to $50.
Factory
and Souvenir Quality Matryoshka Dolls 
The majority of
Russian matryoshka fall into this category. Exemplified by the
brightly colored Semenov dolls introduced at the 1900 Paris
World Exposition and in production ever since. This most recognizable
of the factory produced dolls has a yellow shawl and a red apron with
pink and red floral bouquets. The Semenov dolls take their name from
the village where they are produced. While each doll is hand painted
and finished, thousands of these sets are made each year. The dolls
vary slightly due to the nature of hand work, but the same basic
design is painted over and over again in a factory setting. Other
centers of mass produced matryoshka include Kirov (Vyatka) and
Polkhov Maidan - each with their own distinct designs. These dolls
are the most appropriate as gifts to children, as they are
inexpensive enough to be played with and are painted with bright
colors. Prices start under $10 per set and go up to about $50 for
sets of 10 or more dolls.
Market Russian
Matryoshka Dolls
These are
generally of the lowest quality and have little or nothing to do with
Russian culture. An example are the sets based on political figures:
the Gorbachev Russian leaders sets produced during the peak of
glasnost and the current sets of President Clinton and Monica
Lewinsky. These are "collectibles" created to be collected by
"collectors," driven by the market demand. nesting dolls of
basketball and football teams, Disney characters, and
Whinnie-the-Pooh, and Pokemon are "market dolls." For example, Harry
Potter dolls are quite popular.
Matryoshka
History
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