Russian-Owned Auction House To Donate Millions In Sale To Ukrainian Red Cross
Russian auction house Phillips has pledged to donate the net proceeds of its 20th-century and contemporary art evening sale to the Ukrainian Red Cross Society, having raised US$7.7 million on the night.
“The Ukrainian Red Cross Society is doing incredible work to support and protect people in the region, and it is our hope that the buyer’s premium and vendor’s commission from tonight’s evening sale will help this extraordinary charity as they continue their lifesaving work,” said Stephen Brooks, CEO of Phillips.
While it had originally expected to fetch £24.5 million to £35.4 million (US$32.5 million to US$47 million) in total, the sale fell below estimations as five lots were removed before going under the hammer.
According to Artnet News, a spokesperson said the lots “did not elicit the interest we anticipated,” leading to the decision to “withdraw [them] accordingly.”
Artforum reported that the decision to donate the sale’s proceeds to a Ukrainian charity emerged following a week of Phillips undergoing intense scrutiny over its Russian ownership.
The auction house did release a statement on Instagram condemning the invasion, and called for a ceasefire.
It confirmed to Artnet News that its owners are “not the subject of sanctions and have no connections to any individuals or institutions that may be included directly or indirectly in any sanctions list.”
“We at Phillips unequivocally condemn the invasion of Ukraine,” said Brooks.
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[via Artnet News and Artforum, cover image via Nicoleta Raluca Tudor | Dreamstime.com]
