Nahmad Faces Pre-Judgment Interest on Restituted Modigliani
A judge in New York has decided that David Nahmad is required to pay pre-judgment interest on Amedeo Modigliani's 'Seated Man with a Cane' (1918), thereby increasing the restitution amount. Judge Joel M. Cohen, who directed the painting's return to the heirs of Oscar Stettiner, emphasized that New York law necessitates the inclusion of interest. When Nahmad acquired the artwork in 1996, he likely was unaware of its questionable history. A hearing in September will establish the precise interest figure, with Stettiner's heirs estimating the painting's worth at approximately $20 million, in contrast to Nahmad's defense, which places it at $6.5 million. Nahmad's attorney, Luke Nikas, intends to appeal, citing concerns over liability. The artwork was seized by Nazis in 1939, and Stettiner passed away in 1948 without reclaiming it.
Key facts
- Judge Joel M. Cohen ruled that David Nahmad must pay pre-judgment interest on the Modigliani painting 'Seated Man with a Cane'.
- The interest could add millions of dollars to the restitution order.
- Judge Cohen stated that New York law requires interest in such cases, despite his personal misgivings.
- The exact interest amount will be determined at a September hearing to assess the painting's value.
- Heirs' appraisals value the painting at around $20 million as of 2014; the Nahmad defense argues $6.5 million.
- The painting was confiscated by Nazis in 1939 from Oscar Stettiner, a Jewish art dealer in Paris.
- Stettiner obtained a French court order for return in 1946 but died in 1948 without recovering it.
- The Panama Papers revealed that International Art Center, holding the painting, was controlled by the Nahmad family.
- In June 2026, Judge Cohen ordered the return of the painting to Stettiner's heirs, but an appeals court granted a stay.
- Lawyer Luke Nikas for the Nahmad family says the ruling raises serious appellate issues.
Entities
Artists
- Amedeo Modigliani
Institutions
- International Art Center
Locations
- New York
- Paris
- France
Sources
- Artslife —