When Serge Diaghilev died in Venice in 1929, the Russian Ballet disbanded. The company's artists, dancers and choreographers joined many smaller troupes, among them a company known as Les Ballets Russes de Monte Carlo, formed by Colonel W. de Basil and René Blum in 1932.

De Basil's company toured the world for many years and visited Australia three times between 1936 and 1940. As well as reviving Diaghilev's productions, using some original sets and costumes, de Basil commissioned new works. He chose the young Melbourne artist Sidney Nolan to create the set and costumes for the Australian production of Icarus during the company's 1939-40 tour.

After the outbreak of war, some of the dancers remained in Australia and formed their own companies and schools. Thus the traditions of the Russian Ballet continued in Australia.