The Financial Community Is Shutting Its Doors to Russia. Will the Art Market Follow?

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The same conditions that create soaring values are now being used to keep a lid on art being used as an asset.

Phillips London's 20th century and contemporary art evening sale. Image © Thomas De Cruz Media Haydon Perrior.

Many state-owned companies have been effectively barred from the global financial system following sanctions by the U.S. and European governments.

One thing is clear: companies should be prepared to pass on a lot of business, no matter how lucrative or distressed. Leonid Mikhelson, the billionaire owner of Russia’s gas giant Novatek, has been supporting the Western art world for more than a decade, sponsoring exhibitions at the Art Institute of Chicago, the New Museum in New York, and London’s Tate. Viktor Vekselberg’s obsession with Faberge led to a $100 million purchase of nine jeweled eggs in 2004. Four years later, Roman Abramovich paid $86.3 million for Francis Bacon’s. Both were records at the time.

“We have strict client identification and screening processes in place as part of our global anti-money laundering and sanctions compliance programs, and will not permit individuals or companies who are designated on applicable sanctions lists to transact with us,” a Christie’s spokesperson

 

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