Monday, April 11th, 2016...5:49 pm
Painting looted by Nazis hidden offshore
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Modigliani, Sitting Man, 1918
Le Monde and Conaissance des arts tell the story of a Modigliani sold by Christie’s and purchased by a marchand and collector cousin of Edmond Safra. The Nazis stole the work from Jewish art dealer Oscar Stettiner. The Nahmad family, alleged owners, represented to US authorities that the painting was part of the assets of IAC, an offshore company created by Mossack Fonseca. According to a Swiss paper, David Nahmad (colossal art dealer) is the sole owner of the corporation. Mr. Nahmad is himself Jewish. The family’s impressive art collection is held, according to media reports, in the Geneva Freeports, a customs-free heavily guarded facility. Swiss prosecutors raided the storage space and seized the painting.
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