Market Pressures & DAO Fundraising 🇺🇦
The art market takes a conservative approach to Russia, and UkraineDAO raises money for the country's army
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🗞 STORIES OF THE DAY
Auction houses and dealers have taken a cautious approach to Russia
The ties between the art world and Putin-aligned Russian oligarchs have made for some uncomfortable headlines in recent days. While artists in Russia and abroad have protested the violence in Ukraine, the art market has been more restrained.
Sotheby’s and Christie’s have kept their Moscow offices open, while keeping an eye on recent sanctions. Phillips, which is owned by a Russian company, put out a statement last week that explicitly condemned the invasion of Ukraine.
In London, where spring art sales are kicking off, response from European collectors has been muted. Major lots by artists popular with Russian buyers went unsold or for a fraction of their estimates.
Our Take: The art market isn’t top of mind right now for many in the region, but it plays a big role in the finances of Russian oligarchs.
Most people in Russia and Ukraine are focused on their own safety, not the art market. But abroad, there are concerns that oligarchs might use art to move their wealth out of the country. Along with crypto, artworks are a major way of storing wealth to avoid sanctions. Auction houses and dealers have to balance the future of their relationships with wealthy Russian collectors with the legal and PR repercussions of engaging with them.
Pussy Riot is helping to coordinate a DAO to raise money for Ukraine’s army
Russian art collective Pussy Riot has teamed up with PleasrDAO to raise money for Ukrainian soldiers fighting against Russia. UkraineDAO has already raised more than $6 million in Ethereum.
UkraineDAO is also raising funds through the sale of a 1/1 NFT of the Ukrainian flag. It plans to donate the funds it raises to Come Back Alive, a non-profit supporting the country’s military.Â
The DAO isn’t the only organization in Ukraine to ask for funds via crypto. Ukraine’s government posted on Twitter last week asking for donations in Bitcoin and Ethereum. So far, the government has received more than $15 million in donations.
Our Take: DAOs and crypto have the potential to help those in need during dangerous conflicts.
Crypto has been a focal point in the conflict between Russia and Ukraine. Some Western countries have worried that crypto may be being used by Russian oligarchs to skirt sanctions. But on the other side, the blockchain’s decentralized and easy-to-use framework has replaced platforms like GoFundMe as a crowdfunding tool. Donors are also anonymous, which is useful for those in Russia and elsewhere who could face repercussions for supporting Ukraine.
✨ AROUND THE INTERNET
Who’s doing NFTs now? Dolly Parton, Bugatti, and Naomi Osaka (shoutout to Cultured reader, Scott, for calling out the second two!). Check out the full list of NFTs by celebs and big brands on Otis Mag.
Here’s a list of arts institutions that have restricted their engagement with Russia or cut ties with pro-Putin artists.
An Australian businessman and former politician may or may not have bought a Mercedes that used to belong to Adolf Hitler.
Razor is bringing back its classic 2000s style — it can be yours for just $549.
Weekend Read: A mysterious helmet worn by Amelia Earhart goes up for auction.
