NY Art Tycoon Called Out for Link to Russian Oligarchs

By: Ellen Cans

New York’s most successful art tycoon is being called the “official art dealer” for Russia’s biggest oligarchs.

As reported by the NY Post, Larry Gagosian, 76, has worked with billionaire Roman Abramovich, who has alleged close ties with Russian President Putin as well as Mikhail Fridman, the co-founder of Alfa Bank who allegedly has been funding Putin.  On Thursday, Abramovich, the owner of the Chelsea Soccer team had his assets frozen by the British government, due to the Ukrainian invasion and his alleged “pro-Kremlin” stance.  Fridman, the billionaire founder of Russia’s largest private bank and a metals magnate resigned from the bank on March 1, following sanctions from the European Union.  Gagosian is also said to have association with Russia’s most important museum, which is being run by a close associate of Putin.

As per the Post, one world art source who didn’t want to be identified referred to Gagosian as “the official art dealer to the Russian oligarchy,” and said that the “villains he consorts with are dangerous, repulsive and devalue art by their very presence.”  With the Russian war ongoing, it may lead to more sanctions in the cultural sector, which may get Gagosian more negative attention.  The Los Angeles born arts dealer owns roughly 16 galleries around the world including New York, Los Angeles, London, Geneva, and Paris.  He has long held close ties to Abramovich, helping him and his ex-wife accumulate a substantial art collection.  Analysts say if there is no peace soon, the museums may come under scrutiny.

“In my years working for the Gagosian gallery, I watched Larry’s interest move from key American collectors to mother Russia,” said a former gallery employee who also did not wish to be named. “Gagosian is no different from all the other art dealers who were circling around the money trough of the oligarchs,” added the Post’s world art source who remained nameless. “Everybody, including Christie’s and Sotheby’s were shamelessly courting the oligarchs.”

Still, it seems to some that Gagosian was more successful than others and made closer ties with Russia’s oligarchs, having amassed an estimated net worth of $600 million.  “Larry occupies a unique position that hasn’t been reached by any dealer in the history of art and will never be reached after him,” said fellow contemporary art dealer Philippe Segalot in a 2018 interview. “He is the greatest on the market. He is a true military machine.”

The Gagosian Gallery in New York did not return The Post’s calls or e-mail seeking comment.