Auction houses stop Russian art sales as Russia-Ukraine war drags on: 'Strict compliance'
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Loading... - Danny Jones
- 21 Mar 2022
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In light of the Russia-Ukraine war, leading auction houses are pausing their Russian art sales and don’t have plans to participate in Russian Art Week this summer.
The business decision has been made largely to comply with the sanctions that have been put on Russia following its invasion of Ukraine.
"Sotheby’s conducts business in strict compliance with all applicable laws and regulations, including global sanctions," a spokesperson for Sotheby’s wrote in an email to FOX Business.
"We are absolutely rigorous about following the present sanctions, and are monitoring closely for any updates to the lists."
The British-founded fine art auctioneer went on to note that it maintains "a small administrative office in Moscow," which is now closed.
Russian Art Week takes place in both June and November.
It's a semi-annual art fair that’s held in London by Russian Art + Culture, an international platform that promotes Russian art and culture.
In addition to the message from Sotheby's that it is pausing its Russian art sales, a spokesperson for Bonhams Fine Art Auctioneers & Valuers also told FOX Business that it has canceled the Russian art sale it had planned for Russian Art Week.
Similarly, staff at Christie’s Fine Art Auctioneer will refrain from selling Russian art as the war drags on.
"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 told Reuters. Read More...
