Abramovich in 2021
Roman Abramovich and his ex-wife, Dasha Zhukova, have secretly amassed a remarkable art collection valued at nearly $1 billion, according to leaked documents from MeritServus, an offshore financial services provider. The collection includes over 300 pieces of modern art by renowned artists like Monet, Mondrian, Matisse, Picasso, Lucian Freud, Francis Bacon, and more. Abramovich and Zhukova's art collection, considered one of the most significant in private hands, showcases the history of modern art.
The artworks were stored near the Thames in London and were transported internationally to their various residences, including Kensington Palace Gardens and Abramovich's yacht, the Eclipse. By 2018, they had accumulated 367 pieces valued at $963 million. The collection also played a role in elevating their status in the international art scene.
In February 2022, just before Russia's invasion of Ukraine, Zhukova's interest in the trust owning the art collection increased, reducing Abramovich's stake. This change may have been prompted by the impending sanctions. Abramovich's assets, including Chelsea football club, were frozen after he was sanctioned by the UK and EU in March 2022.
Sanford Heller, an art expert, was hired by Abramovich's Harmony Trust to advise on art purchases, and the couple spent lavishly on artworks with Heller's guidance. Several pieces in the collection were bought for or valued at more than $25 million.
The theme of war is prevalent in the collection, with works reflecting the bleakness and impact of conflict. However, the current whereabouts of the collection remain undisclosed, and its loan agreements have been affected by Abramovich's sanctions, depriving the public of the opportunity to enjoy these masterpieces.
Dasha Zhukova, a US citizen, is not subject to sanctions and has publicly condemned Russia's invasion of Ukraine. Despite their separation in 2016, she still has ties to the art collection through a complex trust structure. The collection's fate remains uncertain as it lingers in the shadow of geopolitical events.
Jean Dubreil