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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 Feb. 24
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 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 one per cent 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 U.S.-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 March 3 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)
(Reporting by Elizabeth Howcroft; Editing by Leela de Kretser
and Grant McCool)
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