Digital Editions
Newsletters
Subscribe
Digital Editions
Newsletters
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
Solomon R. Guggenheim Museum
news

Vladimir Potanin, one of Russia's richest men, resigns from board of the Guggenheim Museum

New York institution condemns the Russian invasion of Ukraine in its statement on the resignation

Tom Seymour
3 March 2022
Share
Vladimir Potanin © The Council of the Federation of the Federal Assembly of the Russian Federation, Creative Commons Attribution

Vladimir Potanin © The Council of the Federation of the Federal Assembly of the Russian Federation, Creative Commons Attribution

Vladimir Potanin, one of Russia's richest men and a major benefactor of the arts, who has been closely associated with President Vladimir Putin, is to step down from the board of the Solomon R. Guggenheim Museum in New York "effective immediately", the institution said in a statement on 2 March. Potanin had held the position of trustee for 20 years.

The news comes as cultural institutions across the world grapple with how to respond meaningfully to Russia's invasion of Ukraine.

Potanin funded numerous Guggenheim exhibitions of artists from Russia and beyond during his time as a trustee, including the current show of the celebrated abstract pioneer Wassily Kandinsky, who was born in Moscow but spent his childhood in Odessa, Ukraine.

In a statement thanking Potanin for his service, the New York institution also pointedly denounced Russia’s military operation in Ukraine, saying: “The Guggenheim strongly condemns the Russian invasion and unprovoked war against the government and people of Ukraine.”

Potanin's resignation came less than 24 hours after US President Joe Biden's State of the Union address on 1 March, in which he said: “Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime, no more.”

President Biden also announced that the Justice Department would “assemble a dedicated task force to go after the crimes of Russian oligarchs”.

Potanin is the second wealthiest man in Russia, according to the Bloomberg Billionaires Index. His investments span mining, metals, energy, finance, retail and real estate. Potanin briefly served as the First Deputy Prime Minister of Russia in 1996-97, under the presidency of Boris Yeltsin.

Potanin initially made his fortune via the loans-for-shares auctions programme in Russia after the collapse of the Iron Curtain, which allowed him and others in his network to buy huge numbers of shares in formerly state-owned Soviet industries.

Potanin made headlines in 2016 when companies he owned were the first to acquire a suite of assets in Iran after sanctions linked to the country’s nuclear missile programme were lifted.

In 2018, he was included on what became known as the "Putin list", a document released by the US Treasury Department listing 210 Russian oligarchs with close ties to the Kremlin, who rose to prominence under the current Russian president.

Potanin has been a long-term supporter of Russian culture in the Western sphere. In addition to supporting the Guggenheim, his foundation donated millions of dollars to the Kennedy Center for the Performing Arts in Washington, DC.

In Russia, Potanin is also chairman of the board of trustees of the State Hermitage Museum in St Petersburg, a position he has held since 2003.

Potanin is the only Russian billionaire to have signed the Giving Pledge, set up by Bill Gates and Warren Buffet, whose signatories promise to donate at least half of their wealth to charity.

He is not the only Russian oligarch to sever ties with Western cultural institutions as a result of the Russia-Ukraine war. On 1 March, Petr Aven, the chair of Alfa-Bank, Russia's largest commercial bank, stepped down as a trustee at the Royal Academy of Arts in London. The Royal Academy also announced it would return a donation from Aven which helped to fund its current exhibition, Francis Bacon: Man and Beast.

Aven has announced plans to build a museum in the centre of Riga, Latvia, where his art collection will be exhibited. It remains to be seen whether the project will go ahead after Aven was included on the EU's sanctions list related to the Russian invasion of Ukraine.

Solomon R. Guggenheim MuseumRussia-Ukraine warRussian artMuseum trusteesPhilanthropyMuseums & Heritage
Share
Subscribe to The Art Newspaper’s digital newsletter for your daily digest of essential news, views and analysis from the international art world delivered directly to your inbox.
Newsletter sign-up
Information
About
Contact
Cookie policy
Data protection
Privacy policy
Frequently Asked Questions
Subscription T&Cs
Terms and conditions
Advertise
Sister Papers
Sponsorship policy
Follow us
Instagram
Bluesky
LinkedIn
Facebook
TikTok
YouTube
© The Art Newspaper

Related content

Russianews
20 December 2022

Russian culture minister and a billionaire arts patron are included in latest lists of sanctions from the West

Olga Lyubimova has been sanctioned by the European Union and Vladimir Potanin is on the US list

Sophia Kishkovsky
Russia-Ukraine warnews
28 February 2022

Here are some of the Russian art collectors facing Western sanctions

Individuals and companies have been targeted by the UK, US and EU over the invasion of Ukraine

Anny Shaw
Conservation & Preservationnews
10 May 2019

Guggenheim launches conservation fellowship with help from Russian billionaire Vladimir Potanin

Initiative aims to boost Russian expertise in rapidly developing field of preserving contemporary art

Hannah McGivern