Top auction houses cancel Russian art sales in London
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
Top auction houses cancel Russian art sales in London

World+Biz

Reuters
17 March, 2022, 02:00 pm
Last modified: 17 March, 2022, 02:10 pm

Related News

  • Self and Others: Looking inward to reflect on the world outside
  • Ukraine sets up drone assault units
  • UN refugee chief: Russia violating principles of child protection in Ukraine
  • Kremlin rules out any talks between Zelensky and Putin
  • Russia fires wave of missiles at Ukraine after Kyiv secures tanks

Top auction houses cancel Russian art sales in London

Reuters
17 March, 2022, 02:00 pm
Last modified: 17 March, 2022, 02:10 pm
A security guard sits next to a Tamara de Lempicka painting at Sotheby's preview of upcoming major Russian art auctions in New York and London, at the Russian Academy of Arts in Moscow, 19 October, 2011. File Photo: Reuters
A security guard sits next to a Tamara de Lempicka painting at Sotheby's preview of upcoming major Russian art auctions in New York and London, at the Russian Academy of Arts in Moscow, 19 October, 2011. File Photo: Reuters

Auction houses Christie's, Sotheby's and Bonhams have cancelled sales of Russian art in London in June, part of the art market's response to Western sanctions on Russia as punishment for its invasion of Ukraine.

The auction houses hold sales of Russian art in June and November in a period known as "Russian Art Week," attracting wealthy Russian buyers.

Sotheby's said it had called off its sale of Russian art in London in June. It declined to give a reason.

"We are absolutely rigorous about following the present sanctions, and are monitoring closely for any updates to the lists," it said in a statement.

Christie's also said it had cancelled its June sale of Russian art, citing factors including the uncertainty of the war and complex logistical and legal requirements related to sanctions.

"While the current sales market for Christie's in Russia as a whole is relatively small, we have a responsibility to respond to our clients' needs and to geopolitical events that are out of our control," Christie's said in a statement. The auction house added it is doing "enhanced due diligence" on politically-exposed people and those with a connection to sanctioned jurisdictions.

Bonhams did not provide a reason for its decision.

Western countries have taken unprecedented steps to cut ties with Russia, including freezing bank accounts and placing sanctions on Russian billionaires following Russia's 24 February attack on Ukraine, which it calls a "special operation." 

Britain imposed sanctions on hundreds of Russian individuals and entities on Tuesday as it sought to catch up with the European Union and the United States in targeting people accused of propping up Russian President Vladimir Putin. 

Despite these measures, some dealers and advisers told Reuters that the international art market as a whole is unlikely to take a hit, as Russian buyer numbers have fallen since the 2008 financial crash and represent a small part of the market.

Sales of Russian works of art totalled 37.7 million pounds ($49.6 million) at Sotheby's and Christie's salerooms in London in 2021, less than a percent of the turnover, according to Sebastian Duthy, CEO of Art Market Research. Sotheby's and Christie's did not immediately confirm the figure.

Deals Off

But while the auction houses face little financial impact, doing business has been made trickier for collectors of Russian art - as well as those who work with them on deals - because of fears of accidentally transacting with Russians who may end up on sanctions lists, say art market advisers.

"It makes it harder for the Russians and it makes it harder for the buyers as well, because you don't want to be caught buying something coming from a Russian at this point," said Barbara Guggenheim, a partner at US-based art consultancy Guggenheim, Asher Associates.

New York art lawyer Thomas Danziger said that he was advising clients to be wary of doing deals with Russians who might land on the sanctions list in future.

"We advised one client who was considering making a loan to a Russian museum to step away from the table," he said.

He said he was worried the artwork might get stuck there, "As Western sanctions multiply, we thought there was a real risk that the client's artwork might make a one way trip to Russia and end up being expropriated by the government there."

Reuters has not identified any incidents of this occurring.

'Russiaphobia'

Some Russian art collectors and oligarchs are already keeping a low profile in order to not draw attention to themselves.

"There'll always be a market for strong pieces so that hasn't changed but the collectors that I know, some of which are in Russia and some of which are in the West, are just keeping their heads down," said James Butterwick, a dealer of Ukrainian and Russian art in London, who has repositioned his business to focus more on Ukraine in recent years.

"I asked some Russians for loans, for exhibitions next year, and they were very happy to give them, just anonymously."

A London spokesperson for Phillips auction house said that while it does not hold a Russia-specific sale, it had stepped up its due diligence, "We are on high alert all the time and right now we are of course being extra vigilant."

Earlier this month, Matthew Girling, the former CEO of Bonhams, told the Art Newspaper that people should boycott Phillips, which is owned by Russians Leonid Friedland and Leonid Strunin. Friedland and Strunin also own the Mercury Retail Group, one of the largest luxury goods retailers in Russia.

Phillips, which posted a statement in support of Ukraine on Instagram, did not respond to Reuters request for comment on the calls for boycott.

Phillips' London sale on 3 March showed no signs of a hit to demand and the auction house said it donated the 5.8 million pounds ($7.59 million) it brought in from commission and buyer's premium to the Ukrainian Red Cross. ($1 = 0.7641 pounds)

Europe

Ukraine crisis / Russia-Ukraine conflict / art / auctions

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Collected
    Economic slump drags down growth in VAT collection from big cos
  • It's corruption that bites business harder: CPD
    It's corruption that bites business harder: CPD
  • Import slowdown to affect economic growth: ADB country head
    Import slowdown to affect economic growth: ADB country head

MOST VIEWED

  • FILE PHOTO: A general view shows the Island of Kunashir, one of four islands known as the Southern Kuriles in Russia and the Northern Territories in Japan, December 20, 2016. REUTERS/Yuri Maltsev/File Photo
    Russia rules out talks with Japan on fishing near disputed islands
  • FILE PHOTO: US Representative Michael McCaul (R-TX) arrives at Trump Tower to meet with US President-elect Donald Trump in New York, US, November 29, 2016. REUTERS/Mike Segar/File Photo
    Odds 'very high' of US military conflict with China, top Republican says
  • Photo: Reuters
    UAE museum unveils Torah scroll that survived the Holocaust in tolerance push
  • FILE PHOTO: A US Air Force 510th Fighter Squadron pilot leaves his F-16 fighter in Amari air base March 26, 2015. REUTERS/Ints Kalnins/File Photo
    Ukraine in talks with allies about getting long-range missiles
  • FILE PHOTO: People walk along Istiklal Avenue, decorated with Turkish national flags after Sunday's blast killed six and wounded dozens, in Istanbul, Turkey, November 14, 2022. REUTERS/Umit Bektas/File Photo
    Turkey alerts citizens to risk of attack in United States, Europe on heels of Western warnings
  • China central bank to roll over lending tools to spur growth
    China central bank to roll over lending tools to spur growth

Related News

  • Self and Others: Looking inward to reflect on the world outside
  • Ukraine sets up drone assault units
  • UN refugee chief: Russia violating principles of child protection in Ukraine
  • Kremlin rules out any talks between Zelensky and Putin
  • Russia fires wave of missiles at Ukraine after Kyiv secures tanks

Features

Nandita Sharmin's journey to give organic skincare a new identity

Nandita Sharmin's journey to give organic skincare a new identity

16h | Mode
Illustration: TBS

'The silver lining is that the worst is sort of behind us': Hamid Rashid, UN economist

19h | Panorama
Photo: Bloomberg

BuzzFeed and AI are a match made in fad city

18h | Panorama
Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1d | Panorama

More Videos from TBS

Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

9h | TBS Entertainment
Take your football game to the next level at Next Level academy

Take your football game to the next level at Next Level academy

10h | TBS SPORTS
“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

12h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

1d | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

4
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

5
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net