I was recently asked by Russian culture portal Open Space my opinion on the extent to which the Russia-Georgia war would impact the art world; I'll link when the survey is published but basically my answer was: contemporary exhibitions and market - not much; secondary market - to some degree, possibly. Anecdotally there is an effect on the cultural space in the form of censorship. In Moscow for example, Bakur Bakuradze, Georgian director of award-winning movie Shultes, has been told by a couple of publications that now is not the time to publish interviews that he gave recently. In Georgia, Vladimir Gusinsky's RTVi TV channel was summarily taken off the air after it broadcast an interview with Russian foreign minister Sergei Lavrov.
