By Elizabeth Howcroft
LONDON, March 16 (Reuters) - Auction houses Christie's, Sotheby's and Bonhams have cancelled sales of Russian art in London in June, part of the art market's response to Western sanctions on Russia as punishment for its invasion of Ukraine.
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.