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.
"We are absolutely rigorous about following the present sanctions, and are monitoring closely for any updates to the lists," it said in a statement. Britain imposed sanctions on hundreds of Russian individuals and entities on Tuesday as it sought to catch up with the European Union and United States in targeting people accused of propping up Russian President Vladimir Putin.
"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. 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."Some Russian art collectors and oligarchs are already keeping a low profile in order to not draw attention to themselves.
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."
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