In this week’s news, auction houses abandon Russian art, the FDCI X Lakmé Fashion Week is cancelled, and Aston Martin is retiring.
Christie’s, Sotheby’s and Bonhams have cancelled Russian art sales in London in June as retaliation to Western sanctions against Russia for its invasion of Ukraine, according to Reuters. “Following Russia’s February 24 invasion on Ukraine, Western governments have taken extraordinary measures to disrupt connections with Russia, including banning bank accounts and imposing penalties on Russian oligarchs, according to the news service.
Russian Art Week is a term used to describe the period between June and November when these houses hold sales of Russian art. Sotheby’s stated in a statement that it was “very diligent about implementing the present sanctions, and are watching closely for any modifications to the lists.”
Reuters reported that Christie’s had also cancelled its Russian art sale in June, citing concerns such as the unpredictability of the war and the complicated logistical and legal obligations associated to sanctions. As a small business in Russia, Christie’s has a responsibility to meet the demands of its customers and to react to geopolitical circumstances outside its control, the company said in a statement. This was in addition to Reuters reporting that Bonhams stated it was conducting extra due diligence on politically exposed individuals and those with ties to sanctioned states, but did not give a justification for its decision.
Despite these regulations, some dealers and advisors told Reuters that the world art market as a whole is unlikely to suffer because Russian customer numbers have plummeted since the 2008 financial meltdown and comprise a minor fraction of the market. Sotheby’s and Christie’s salerooms in London saw a total turnover of just 37.7 million pounds ($49.6 million) in Russian art in 2021, according to Sebastian Duthy, CEO of Art Market Research.
For the first time in two years, FDCI X Lakmé Fashion Week will be broadcast live.
Due to the COVID-19 pandemic, the Lakmé Fashion Week has been held in a hybrid style the last two years. This year, the show will be broadcast live from New Delhi. There will be a fashion display featuring designs from Indian designer Rahul Mishra’s ‘The Enchanted Garden’ collection on March 22 hosted by the Italian Embassy.
A partnership between Italian and Indian design began in 2021 and has brought together some of the greatest of both countries, according to Italian ambassador Vincenzo de Luca. It would include some of the most exclusive Italian products, he said, “which are the actual actors of Italian soft power around the world.
“As a nature-loving artist, I am delighted to be able to display my work at the Italian Embassy in Washington, D.C. This display is a fitting depiction of our global brand identity, including accessories from Italian heritage firms “he explained. He describes Italy as his “second home” and “special place in my heart,” and he’s not wrong. “I’ve been influenced by Italian art, fashion, and architecture since my days as a student in Milano. Furthermore, it has greatly contributed to my entire design approach and shaped my viewpoint on the modern application of Indian craft, “A “flirtation between first-hand experiences and magical imagination” is what Mishra has to say about the collection he has put together.
Sunil Sethi, the chairman of the Fashion Design Council of India, is pleased that Mishra would begin the event.
“FDCI’s main goal is to raise awareness of Indian fashion designers around the world. That Lakmé Fashion Week will have an international appeal thanks to our cooperation with the Italian Embassy and Indian designer Rahul Mishra, who continues to make inroads around the world, is something we are very pleased about this season “he stated.
V12 Vantage is Aston Martin’s’swan song’ before they go electrified
On Wednesday, Aston Martin unveiled the last of its limited-run V12 Vantage sports cars, which have already been sold out before the premium carmaker begins its transition to electric vehicles, according to Reuters. Media reports noted that sales of high-end vehicles rose across the globe in 2021, with China and the United States leading the way because of travel restrictions imposed by the Ebola virus.
Intoxicating, this latest and last edition offers an intoxicating blend of outstanding bass and mid-range muscularity with blistering top-end power, “Reuters reported a top speed of 200 miles per hour (323 kilometers per hour). Reuters quotes Aston Martin executive chairman and investor Lawrence Stroll as saying, “This V12 Vantage is essentially a farewell.” After decades of V12 Vantages at this firm, this one will be the last one before we move on to hybridization and electrification.
According to Reuters, after coming public in 2018, the vehicle brand of James Bond’s choice had a difficult time, failing to meet expectations and running through cash. Stroll, a billionaire, invested in the company in 2020. According to Reuters, the V12 Vantage and DBX707, a luxury SUV, are Aston Martin’s first new vehicles produced under Stroll. Mercedes-Benz, which raised its stake in the struggling company in 2020, has been implementing technology into its automobiles. For now, the V12 Vantage is only available in 333 units worldwide, with prices starting at roughly $300,000. That’s according to Reuters. All new car lines will be available with an electric option by 2026, Aston Martin announced today.”