In an undisclosed location on the other side of the world, there is a private collection of art that could surpass many notable museums. This collection is owned by the Russian oligarch Roman Abramovich, an oil tycoon and the former owner of the Chelsea Football Club. All of the works in his private collection were hidden from the public eye for years—they were only on private display in Abramovich’s English and French homes or his luxury yacht. There was previously very little information about the actual contents of the collection. Recently though, a leak titled “The Oligarch Files,” originating from the offshore financial services provider MeritServus, revealed Abramovich’s catalog to the general public. And the information that the Oligarch Files revealed is astounding. With more than 300 works and worth 963 million dollars, Abramovich owns a significant chunk of art history with works from prominent artists like Monet, Matisse, Picasso, Mondrian, and countless others.
Abramovich purchased his priceless collection with his ex-wife, Dasha Zhukova, within the span of a decade. The two of them were known as big spenders of the art world, and would go on shopping sprees, spending millions of dollars in a weekend. Zhukova and Abramovich quickly rose to become heavyweights in the art world, after the couple opened the Garage Museum of Contemporary Art, funded by Abramovich. The opening of The Garage was a spectacular 300-person soiree, with Amy Winehouse giving a private performance to the guests. During the opening soiree, an interactive art installation by Mexican artist Rafael Lozano-Hemmer was also debuted.
In 2017, Zhukova separated from Abramovich. She is now remarried, living in the United States (US) with her two children from her marriage to Abramovich, and one child from her current marriage. She is still a prominent member of the art world. While it is unclear why they split, the couple is still connected through the expansive art collection. Until recently, each of them held a fifty percent beneficial interest even after the divorce.
But on February 4, 2022, three weeks before the Russian invasion of Ukraine, Abramovich transferred one percent of his holdings to his ex-partner. This tactical move was done in order to preserve his ownership of the art. The United Kingdom (UK) had threatened to place sanctions on the Kremlin-affiliated Russian elite, and under UK, US, and European Union laws, any asset that an individual under sanctions owns more than fifty percent of is viable to be frozen. As a prominent Russian billionaire, Abramovich would have been subject to these sanctions, but his wife, now a citizen of the US, is not.
This change of possession did not have to occur with the consent of Zhukova, who is notably outspoken on her anti-war position. As it is, there is no evidence to suggest that Zhukova was aware of this exchange, let alone an active participant in it. Even so, she is now “irrevocably entitled to fifty one percent” of the collection beneficiary, according to the deed of amendment. Although Abramovich lost his ownership of the Chelsea Football Club, he managed to retain his forty nine percent of the beneficial interest, and still has access to the collection.
While the sanctions against Abramovich have not taken away his access to the private collection, they have limited his ability to put paintings on loan, meaning that the collection is even further removed from the public eye. Art critics and enjoyers are justifiably disappointed by this, as Abramovich’s sole possession of his extensive and valuable collection can leave visible gaps in art history. In a 2022 exhibit showing works by the artist Lucian Freud, several noteworthy works were absent, as they were hidden away in Abramovich’s private collection.
As the war on Ukraine enters its twenty-first month, there seems to be no imminent change to the sanctions. Andrew Renton, Professor of Curating at Goldsmith, University of London, spoke to The Guardian about these issues. “You could fill a museum with it, this is a stupendous collection,” he stated. “It’s a tragedy that this collection is going to be invisible for a very long time…” The Oligarch Files showed that directly before the sanctions, Abramovich moved several pieces from storage to his multiple European mansions and his billion-dollar yacht for private display. Ultimately, it doesn’t matter if the works in Abramovich’s collection are displayed inside his homes, or if they’re hidden away in storage. Either way, the rest of the world is deprived of the beautiful and invaluable works that Abramovich and Zhukova own.