JTA – A Nazi-looted painting by the Jewish artist Amedeo Modigliani is being sequestered in Geneva after its ownership was revealed in the Panama Papers.
The ownership of the 1918 painting “Seated Man with a Cane” was disclosed earlier this month as part of the leak of the Panama Papers, some 11.5 million documents from the Panama-based law firm Mossack Fonseca dealing with offshore accounts that has caused scandals throughout the world.
Investigators discovered the painting, which is worth as much as $25 million, during a search April 8 at the Geneva Free Ports, a storage facility for art and other valuables. The owner is a Jewish art dealer,David Nahmad, and his International Art Center, a company established by Mossack Fonseca.
The painting was stolen by the Nazis from the gallery of art dealer Oscar Stettiner, its original owner, who fled Paris in 1938 to escape the Nazis. The painting was auctioned off by the Nazis in 1944, according to Bloomberg. Stettiner, who filed a claim to the painting in 1946, died in 1948 before he could recoup the artwork.
His grandson, Philippe Maestracci, has been attempting to recover the painting through courts in the United States. He hired Mondex Corp., a Toronto-based art recovery firm, to locate the artwork in 2011.
The Nahmad family reportedly told a New York court that it did not own the painting.
The International Art Center acquired the painting in 1996 at an auction at Christie’s in London, paying $3.2 million. It was subsequently exhibited at the Helly Nahmad Gallery in New York in 2005, and later offered at auction at Sotheby’s, where it failed to sell, reportedly due to questions about its provenance.
Aaron Golub, a lawyer for David Nahmad and theInternational Art Center, told Bloomberg that the painting’s provenance had been researched by Christie’s and he does not believe Stettiner’s heir can prove it belonged to his family.