America Must Ensure That Russia Does Not Evade Sanctions. Here’s How the Art Market Can Help
Today in an ArtNet op-ed, AC Chairman and Founder Deborah Lehr warns that legal and regulatory loopholes threaten not only our global security—but legitimate collectors, dealers, and auction houses too.
In the wake of Russia’s invasion of Ukraine, the United States has led an unprecedented effort to isolate Russia’s economy. It has frozen Russian assets, restricted trade and financial flows, seized luxury yachts, and banned Russia’s wealthy class from travel. But the American-led sanctions regime has a chink in its armor: the American art market.
This $28 billion market is highly opaque and loosely regulated. It is filled with legal and regulatory loopholes, and has a long-standing culture of confidentiality allowing buyers and sellers of high-value art to remain anonymous. As a result, the art market is highly attractive for those who seek to launder their assets and evade sanctions.
Unless American policymakers shore up this vulnerability, Russian oligarchs could find safe haven in America’s art market...
Read the Full Op-Ed on ArtNet
Learn More About the Risks Facing the Art Market from Financial Crime
