Judge Says David Nahmad May Owe Millions in Nazi-Looted Modigliani Case
A New York judge has ruled that billionaire art dealer David Nahmad may owe millions in prejudgment interest to the heirs of Jewish art dealer Oscar Stettiner in a Nazi-looted Amedeo Modigliani case involving Seated Man with a Cane. In a decision issued Tuesday, Justice Joel M. Cohen said New York law requires interest for the years the heirs were deprived of the work, even though he noted there is no evidence Nahmad knew the painting was looted when it was bought at auction in 1996. The court set an evidentiary hearing for September to determine the painting’s value, with the heirs’ appraisals putting it at about $20 million in 2014 and Nahmad’s side arguing it was worth $6.5 million. Cohen previously ordered the painting returned in June, though the Appellate Division granted an interim stay earlier this month while it considers relief pending appeal.
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This story was covered in Strikes, Seizures, and the Art World Under Siege