$963 Million Art Collection Shielded from Seizure Ahead of Ukraine Invasion

Introduction

Russian billionaire Roman Abramovich has reportedly restructured a trust holding his substantial $963 million art collection to protect it from potential seizures caused by sanctions. This strategic move took place in February 2022, shortly before the invasion of Ukraine. Abramovich and his ex-wife, Dasha Zhukova, who jointly own this remarkable collection, have found a way to ensure continued access to some of the world’s most significant modern and contemporary artworks despite facing sanctions.

A Stupendous Art Collection

The art collection in question, as reported by the Organised Crime and Corruption Reporting Project (OCCRP) and The Guardian, boasts an array of masterpieces by renowned artists. This includes works by Pablo Picasso, Claude Monet, Henry Moore, Antony Gormley, Alberto Giacometti, Piet Mondrian, Henri Matisse, Edgar Degas, Amedeo Modigliani, Francis Bacon, Paula Rego, Anselm Kiefer, Natalia Goncharova, Véra Rockline, and a notable piece by Kazimir Malevich.

Professor Andrew Renton from Goldsmiths, University of London, described the collection as “stupendous” and commended its taste, emphasizing that it reflects more than mere opulence—it represents a piece of art history.

A History of Serious Art Collecting

Abramovich and Zhukova’s interest in art extends over their nine-year marriage, earning them spots on the ARTnews Top 200 list. Zhukova, co-founder of the Garage Center for Contemporary Culture in Moscow, is actively involved in the art world and serves as a trustee for esteemed institutions such as the Metropolitan Museum of Art, the Los Angeles County Museum of Art, and The Shed.

Leaked Documents Reveal Private Art Dealings

Leaked documents from the Cyprus-based offshore corporate service provider MeritServus HC Limited have shed light on the couple’s private art dealings. These revelations go beyond what was previously known about their art collection. The documents show the meticulous process behind building this impressive collection, including the employment of art advisor Sandford Heller and the use of warehouses owned by British art storage specialist Martinspeed (acquired by Crozier Fine Arts in 2021).

Record-Setting Acquisitions

Abramovich’s art advisor, Heller, played a pivotal role in securing some of the collection’s most remarkable pieces. Notably, Abramovich purchased Lucian Freud’s “Benefits Supervisor Sleeping” in 1995 for a record-setting $33.6 million at Christie’s New York in 2008, and the following day, he acquired the 1976 Francis Bacon triptych for a staggering $86.3 million at Sotheby’s New York. Both acquisitions set records at the time.

Sanctions and Art Access

Sanctions imposed on Abramovich in the aftermath of Russia’s invasion of Ukraine in February 2022 have raised concerns about the fate of this art collection. However, the restructuring of the trust has allowed Abramovich to retain access to the collection, even though his share has been reduced to less than 50 percent—a critical threshold for UK sanctions. Zhukova, whose share increased to 51 percent, remains unscathed by sanctions and has condemned the invasion of Ukraine.

The Mystery of Art’s Whereabouts

Since the imposition of sanctions, the location of these artworks has become a mystery. Some pieces were previously loaned for exhibitions but remain anonymous, attributed to a “private collection.” None of the collection has been seen in public since the sanctions, likely due to complications arising from Abramovich’s sanctions.

Conclusion

While Roman Abramovich and Dasha Zhukova have managed to protect their remarkable art collection from the ramifications of sanctions through trust restructuring, it raises questions about the accessibility of these prestigious artworks to the public. As geopolitical tensions persist, the fate of this stupendous art collection remains uncertain, leaving art enthusiasts longing for the opportunity to appreciate some of the world’s greatest modern and contemporary works. Both Abramovich and Zhukova have declined to comment on these developments, leaving the art world eagerly awaiting further updates.

Feature Image:The Chelsea Football Club’s owner, Roman Abramovich (center), applauds after Chelsea was presented with the Premier League trophy after its match against Sunderland at Stamford Bridge stadium in London on May 24, 2015. Courtesy: Matt Dunham/AP

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