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SIMON SHUSTER — MOSCOW (Reuters) — The global financial crisis cast such a pall over Moscow's Millionaire Fair this week that even the yachts were two-for-the-price-of-one. And nobody was buying.

Instead, members of the crisis-hit Russian elite congratulated each other on simply finding the courage to attend what is usually a glittering show of ostentation.

"We're going through a murky and complicated period," socialite Ksenia Sobchak, the master of ceremonies, told the guests at the opening of the fair.

"Everyone is a superhero for finding it in themselves to come here tonight, to try to bask in the luxury."

With a helicopter and two dazzling sports cars greeting the guests at the door, there was plenty of luxury up for sale. But the main attraction seemed to be the central bar, where free champagne was served until around midnight. (Read Soros's interview about financial crisis)

As it began to run out, a Reuters reporter saw scuffles among the fur-clad ladies vying for a final glass.

"These are desperate times," said Irina Ivanova, a manager at Premium Yachts.

Moscow boasts more billionaires than any other city after a decade-long economic boom fueled by soaring domestic consumption and high prices for raw materials.

But many fortunes have been clipped by the crisis, which has hammered investor confidence, wiped off more than a $1 trillion from domestic stock values and pushed even Oleg Deripaska -- once ranked as Russia's richest man -- to turn to the state for financial help.

CRISIS, CRISIS, CRISIS

The first Millionaire Fair was held in 2002 in Amsterdam and organized by Dutch-based magazine publisher Gijrath Media Groep BV. The event has since been rolled out to other cities enjoying the fruits of growing affluence.

However, the current financial crisis, which many think could stall the boom and undermine Russia stability, was on everyone's lips on opening night this year.

Local celebrities at the event -- none had been flown in from Hollywood -- attributed the crabby mood of many guests to the state of the economy.

Some saw the crisis as a challenge which only the Russian soul can overcome, while others said the rich have no reason to worry as the crisis would only be bad for the poor people.

"These financial problems don't touch this stratum of society," said prima ballerina Anastasia Volochkova, who is a member of the ruling United Russia party. 

But mustachioed crooner Villi Tokarev, dressed in a canary yellow suit and matching shoes, took a more geopolitical stance.

Asked if he was enjoying the event, he said: "The crisis will teach us discipline, to cherish what we forget to cherish. When its over, Russia will be the most powerful country in the world, with higher traditions and morals."

TWO-FOR-ONE YACHTS

This summer, Russia's wealthy fueled a yacht craze in Moscow attracting some of the biggest international dealers to the capital.

That seems like a long time ago.

"But now it's all over," said Ivanova of Premier Yachts, standing beside the 18-meter Princess, which was guarded by men in ninja outfits.

A customer of hers in the Russian town of Samara, she said, had recently sold a boat worth 1.5 million euros ($1.94 million) for less than one third that price. "He had to cover a debt in a hurry."

Demand has become so bad, she added, that her company is selling the boats two-for-one. "You buy an 18-meter and you get a 10-meter yacht free... Nobody has taken us up on it yet, but at least it keeps people calling."

And by the looks of the parking lot, it is not only on the high seas that Russians are turning to modest vehicles.

"I only saw one Bentley outside, and I think that one was Sobchak's. It looks like everyone else came on their Toyotas," said singer Anna Sedakova, formerly of the pop group Viagra.