Christie’s, Sotheby’s, and Bonhams, the famous auction houses have all announced that they will not be selling Russian art in London in June, as part of the art market’s response to Western sanctions imposed on Russia as a result of its invasion of Ukraine.
In June and November, during ‘Russian Art Week,’ auction houses organise sales of Russian art, drawing wealthy Russian purchasers.
Sotheby’s said that its June sale of Russian art in London had been cancelled. It refused to provide an explanation.
‘We are adhering to the current sanctions with utmost care, and we are actively monitoring any modifications to the lists,’ it mentioned in a statement.
Christie’s also announced that their June sale of Russian art had been cancelled, citing issues such as the unpredictability of the war and the logistical and legal challenges posed by sanctions.
‘While Christie’s present sales market in Russia is rather modest, we have a responsibility to respond to our clients’ demands as well as geopolitical developments outside our control,’ Christie’s said in a statement. The auction house also stated that it is conducting ‘increased due diligence’ on politically exposed individuals and those with ties to sanctioned countries.
Bonhams gave no explanation for this decision.
Following Russia’s Feb. 24 invasion on Ukraine, which it calls a ‘special operation,’ Western countries have taken unprecedented actions to disrupt connections with Russia, including suspending bank accounts and imposing sanctions on Russian oligarchs.
On Tuesday, the United Kingdom imposed penalties on hundreds of Russian persons and businesses, attempting to catch up with the European Union and the United States in their pursuit of those accused of supporting Russian President Vladimir Putin.
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