Close Menu
  • News
  • Stocks
  • Bonds
  • Commodities
  • Collectables
    • Art
    • Classic Cars
    • Whiskey
    • Wine
  • Trading
  • Alternative Investment
  • Markets
  • More
    • Economy
    • Money
    • Business
    • Personal Finance
    • Investing
    • Financial Planning
    • ETFs
    • Equities
    • Funds

Subscribe to Updates

Get the latest markets and assets news and updates directly to your inbox.

Trending Now

More than a lakeside sipper: Why Lugana deserves your attention this summer

August 2, 2026

In New York Court, Dealer Yves Bouvier Seeks Sotheby’s Records as Part of New French Criminal Case

August 1, 2026

Archaeologists Uncover Ancient Egyptian Grave Markers Carved with Human Figures

July 31, 2026
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
The Asset ObserverThe Asset Observer
Newsletter
LIVE MARKET DATA
  • News
  • Stocks
  • Bonds
  • Commodities
  • Collectables
    • Art
    • Classic Cars
    • Whiskey
    • Wine
  • Trading
  • Alternative Investment
  • Markets
  • More
    • Economy
    • Money
    • Business
    • Personal Finance
    • Investing
    • Financial Planning
    • ETFs
    • Equities
    • Funds
The Asset ObserverThe Asset Observer
Home»Art Market
Art Market

A New York Judge Gives Dealer David Nahmad 30 Days To Return Nazi-Looted Modigliani Painting

News RoomBy News RoomJune 18, 2026
Share
Facebook Twitter LinkedIn Pinterest Email

A legal battle that went on for 11 years over a prized painting by Italian artist Amedeo Modigliani came to a close in April, when billionaire art dealer David Nahmad and his family lost their bid to hold on to Seated Man With a Cane (1918), valued at upward of $25 million. The family had bought the painting at auction in 1996 for $3.2 million.

But the Nahmads have not returned the piece, and now, a new ruling in New York Supreme Court on Tuesday, June 16 gives Nahmad 30 days to return the canvas to its rightful owners.

A court decided in April that the painting rightfully belonged to the estate of Jewish art dealer Oscar Stettiner, who left the painting behind when he fled Paris ahead of the Nazi occupation. The Nahmads, a Lebanese art-dealing dynasty, had argued that the painting’s history of ownership, or provenance, was unclear, making it uncertain whether this is the painting owned by Stettiner. The court rejected that claim, concluding it was illegally seized and transferred. Stettiner’s grandson, Philippe Maestracci, had sought the painting’s return with the help of Mondex, a company specializing in the recovery of looted art. 

“We will be appealing the judge’s decisions,” Nahmad’s lawyers told the Art Newspaper. “We are doing so because this ruling has been made without the testimony of the only eyewitnesses who saw the Modigliani that is central to the case, and establishes that the work that was taken from Oscar Stettiner was not Seated Man with a Cane.”

The Nahmads had filed a motion in May for the case to be reviewed because, they held, two eyewitnesses—photographer Frederic Allain and his wife, film producer Odile Cartlotti-Alain—could show that the painting was not the same one. He is the godson of Jean Van der Klip, who bought the Nazi-looted painting and whose heirs sold it at Christie’s in 1996. He says his godparents would sometimes take “the Modigliani (singular)” out and display it, say Nahmad’s lawyers, who claim that one Modigliani showed a different subject, not seated, and without a cane. 

The family also referred to research by Modigliani expert Marc Restellini that, they believe, disputes Stettiner’s ownership.

Nahmad had furthermore claimed the painting belonged not to him personally but to an offshore entity, the International Art Center. That claim was rebuffed when the Panama Papers leak revealed links between the family and the company. 

A new appeal, Maestracci’s lawyer Phillip C. Landrigan told the Art Newspaper, could push back the return of the artwork by five years. All the Nahmads’ claims, he said, calling him “a liar and a con” in his words, have been denied, he pointed out. “All an appeal may do,” he said, “is further delay restitution to the Holocaust victim’s heir.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Keep Reading

In New York Court, Dealer Yves Bouvier Seeks Sotheby’s Records as Part of New French Criminal Case

Archaeologists Uncover Ancient Egyptian Grave Markers Carved with Human Figures

6 Books We’re Looking Forward to in August

Citing Censorship, Artist Emma Shapiro Launches Legal Challenge to Restore Instagram Account

Gagosian exits locations in Basel and London’s Burlington Arcade – The Art Newspaper

D.C.’s Equestrian Statues Are the Latest Targets of Trump’s ‘Beautification’

See the Trailer for the New Thomas Crown Affair Movie, Starring Michael B. Jordan as a Notorious Art Thief

‘Art world summer camp’: the Aspen Art Fair prioritises immersion over expansion – The Art Newspaper

Business School Professors Launch AI Tool to Help Identify Unclaimed Nazi-Era Looted Artworks

Recent Posts
  • More than a lakeside sipper: Why Lugana deserves your attention this summer
  • In New York Court, Dealer Yves Bouvier Seeks Sotheby’s Records as Part of New French Criminal Case
  • Archaeologists Uncover Ancient Egyptian Grave Markers Carved with Human Figures
  • 6 Books We’re Looking Forward to in August
  • Citing Censorship, Artist Emma Shapiro Launches Legal Challenge to Restore Instagram Account

Subscribe to Newsletter

Get the latest markets and assets news and updates directly to your inbox.

Editors Picks

In New York Court, Dealer Yves Bouvier Seeks Sotheby’s Records as Part of New French Criminal Case

August 1, 2026

Archaeologists Uncover Ancient Egyptian Grave Markers Carved with Human Figures

July 31, 2026

6 Books We’re Looking Forward to in August

July 31, 2026

Citing Censorship, Artist Emma Shapiro Launches Legal Challenge to Restore Instagram Account

July 31, 2026

Gagosian exits locations in Basel and London’s Burlington Arcade – The Art Newspaper

July 31, 2026
Facebook X (Twitter) Instagram
© 2026 The Asset Observer. All Rights Reserved.
  • Privacy Policy
  • Terms
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.