The world’s top auction houses are cancelling their Russian art sales in London

Some of the world’s top art auction houses have announced they will not sell Russian art in London, in compliance with Western sanctions, Reuters reported. 

Christie’s, Sotheby’s and Bonhams typically hold a “Russian Art Week” in June and November, but the three have decided to cancel their June sales where wealthy Russians are often buyers, the agency reported.

Russia has been hit with a whirlwind of sanctions aimed at crippling its economy in response to its invasion of Ukraine. Russian oligarchs have been a major target of these sanctions, with many having had their assets frozen, their overseas properties raided, and their yachts seized.

The UK government announced further economic sanctions against Russia on Tuesday, targeting exports of luxury goods. The ban will likely affect works of art, among other items, the government said.

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