Russian Yachts are Held in Harbors. What About Art in Secretive Free Ports?
Nicholas O'Donnell was quoted in the article, "Russian Yachts are Held in Harbors. What About Art in Secretive Free Ports?," published by Bloomberg.
As sanctioned Russian oligarchs’ assets are detained or frozen around the world, many free ports—vast warehouses used by the super-rich to store art and valuables, tax-free—have stayed largely below the radar, at least for now. The article discusses what might happen if sanctions continue to tighten.
"I think it’s about to emerge from being a theoretical to a tangible problem," says Nick, editor of the Art Law Report. This means that lawyers will have to be increasingly vigilant when representing clients in art deals. "We’d be foolish not to have our guard up about the counterparty and who it might be,” says Nick. “With the the landscape of sanctions changing so rapidly, that person you do a deal with now may be on a sanctions list two weeks from now."