The world’s top auction houses Christie's, Sotheby's, and Phillips will take part in an ongoing international investigation targeting assets owned by sanctioned Russian oligarchs. ArtNews reported.
The assets under the investigation include the collections of Roman Abramovich, Mikhail Fridman, Alisher Usmanov, and members of the Rotenberg family.
The U.S. Treasury Department released details about an international task force known as Russian Elites, Proxies, and Oligarchs (REPO), which investigates the assets of Russians from the "black list". REPO’s inquiry has already led to the seizure of superyachts from Russian oligarchs.
"We are absolutely rigorous about following the present sanctions, and are monitoring closely for any updates to the lists," a spokesperson for Sotheby’s said in a statement.
Sanctions prohibit auction houses from making deals with blacklisted Russians and their affiliates abroad.
As reported earlier, auction houses Sotheby’s, Christie’s and Bonhams have canceled Russian art auctions due to Russia’s invasion of Ukraine.