Leading auction houses are pausing Russian art sales and don’t have plans to participate in Russian Art Week in June due to the Russia-Ukraine war.
"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."
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.
"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.
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