Art Industry News is a daily digest of the most consequential developments coming out of the art world and art market. Here’s what you need to know on this Friday, March 11.Fifteen artworks drawn from world-class French institutions including the Louvre, Versailles, and the French National Library have been pulled from the exhibition “The Duel: From Trial by Combat to a Noble Crime,” which was due to open at Moscow’s Kremlin Museum. France’s move follows similar actions by the U.K.
As Western governments sanction ultra-wealthy Russian oligarchs by freezing their assets and detaining their yachts, freeports—where multimillion-dollar art collections are stored tax-free—may be the next target. But it could be challenging to trace the ownership of certain works, which can be owned by a Russian doll’s worth of shell companies, rather than an individual. The most action may come from those who aren’t yet on the sanctions list—but expect to be soon.
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