“Panama Papers” documents reveal the true owner of a lost Modigliani – The World

Le Monde | 04/08/2016 at 5:53 • Updated 08/04/2016 at 7:28 | By Nathaniel Herzberg

For five years a picture of Amedeo Modigliani seated man (leaning on a cane) , painted in 1918 by the Italian master, is at the heart of a judicial storm. Before the US courts, Philippe Maestracci, 71, operator agricultural Dordogne and grand-son of a Jewish antique dealer, accuses Nahmad family, one of the most famous market of world art, to hold this table, illegally sold by him in 1944 by the provisional administrator of the gallery of his grandfather. Conversely, clan Nahmad denies the reality of the theft and says it does not hold the canvas.

Read full survey edition subscribers “Panama papers”: Modigliani was well hidden

David Nahmad, the father, is an art dealer and resident of Monaco; Helly his son, a gallery in New York. According to their lawyers, the painting was purchased in 1996 at Christie’s in London by an obscure Panamanian company, International Art Center (IAC). “Nobody else in the world, including the Nahmad gallery Helly Nahmad or David nahmad owns the painting “, have they provided before the Supreme court of the State of New York .

confidential documents that Le Monde was able to consult, lift the veil on some of that mystery. Obtained by the International Consortium of investigative journalists (International Consortium of Investigative Journalists, ICIJ) and the Süddeutsche Zeitung , these pieces are part of “Panama papers.” They demonstrate that the IAC company has no other shareholder since its inception in 1995 … the Nahmad family. Since 2014, behind his ghost leaders hiding one and only one owner. David Nahmad, family patriarch

Sold 16,000 francs in 1944

novel Modigliani painting begins at Oscar Stettiner Jewish British citizen who holds antique business in Paris. When war broke out, Stettiner left Paris to La Force, Dordogne. In March 1941, the Commissioner for Jewish Affairs appoints a temporary administrator, which disperses the assets of the company. During a sale, on 3 July 1944, “a painting by Modigliani” is sold for 16,000 francs (3,600 euros). The Gazette Drouot said no more. In 1946, in a restitution request before the court of the Seine, Oscar Stettiner speaks of a “Man portrait” . Nothing more

The antiquarian know, however, that bought. A gallery named John Van der Klip. In 1947, before bailiff Van der Klip acknowledges the facts. But says that the painting was sold to an American officer he know the name. Oscar Stettiner died the following year without having regained his table. His daughter will not continue searching. “She never spoke of these things says Philippe Maestracci, the grand-son of the antiquarian. I knew he had been robbed, but had given up on it. “ Until in 2011 the Canadian company Mondex, specializing in search of looted works, not in the French National Archives track of Modigliani disappeared .

Mondex has proof that in 1930 the Venice Biennale has exposed the Man sitting with this note: “collection Stettiner” . But the antique dealer could sell the painting between 1930 and 1944 … and the sum of 16,000 francs, even in 1944, pales to such a work. therefore lack the direct link between the sale of 1944 and the purchase in 1996 for $ 3.2 million at Christie’s a painting whose provenance then just says it was acquired by a certain J. Livengood between 1940 and 1945 and then transmitted “by descent” the seller. Gold Le Monde is able to say that Van der Klip and Livengood are related. The daughter of John Van der Klip married Edwin Livengood. They had a son named John ….

The towers of sleight of family Nahmad

The New York civil court will look-t- it to this element? For five years, he did not actually examined the case from the bottom. The Nahmad family has blocked the process with an argument reiterated by his lawyer Richard Golub: “The only owner of the painting is IAC, a Panamanian company. “ Except that the documents gathered by ICIJ start down this building in telling for the first time in history in detail. The creation in 1995 of the company by Giuseppe’s older brother, through UBS and the Geneva office of the firm Mossack Fonseca. Then in 2008 the split between his two brothers, David and Ezra. Finally, in 2014, the allocation of all shares to David. IAC has no employees and its board consists of Mossack Fonseca employees. A shell intended to cover their tracks and reduce tax obligations, said James Palmer, the founder of Mondex. “Who owns IAC has no more importance than who lives on Pluto” , replica Richard Golub.

Lost Towers Nahmad-past of the family-they will eventually weary new Yorkers judges? They rather interested the IRS? For Nahmad and other major art dealers, the stakes are high.

The “Panama papers’ three-point

• Le Monde and 108 other newsrooms in 76 countries, coordinated by the International Consortium of investigative journalists (ICIJ), had access to a wealth of new information that sheds a light on the world opaque offshore finance and tax havens.
• 11.5 million files from the archives of the Panamanian firm Mossack Fonseca, specialist domiciliation of offshore companies between 1977 and 2015. This is the biggest leak of information never exploited by the media.
• “Panama papers” reveal that in addition to thousands of anonymous numerous heads of state, billionaires, big names in the sport , celebrities or personalities within the scope of international sanctions have used offshore arrangements to conceal their assets

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