Famous auction houses call off Russian art sales in London
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.
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.
Tamara de Lempicka painting at Sotheby's preview of upcoming major Russian art auctions in New York and London, at the Russian Academy of Arts in Moscow October 19, 2011. REUTERS