Courtesy Phillips de Pury & Company

Ilya Kabakov became Russia's most expensive postwar artist when his “Zhuk (Beetle)” (1982) sold for a record £2.9 million in February.

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The show will feature more than 150 paintings, drawings, and objects by the artists and will take place at the Pushkin Museum of Fine Arts, the Winzavod Contemporary Art Center, and the Garage center for contemporary art, newly founded by Daria Zhukova, Abramovich's girlfriend.

The Mikhail Prokhorov Foundation, controlled by billionaire Mikhail Prokhorov, had signed on to be the exhibition's main sponsor in April but rescinded the offer on June 5.

Kabakov became Russia's most expensive postwar artist in February, when his 1982 painting Beetle sold for £2.9 million ($5.8 million) at Phillips de Pury & Co. in London.