$1B trove of Nazi-looted art found in closet - posted by Florida Fine Art Blog

 

Cars are parked outside the apartment building in Munich, Germany, 

Monday, Nov. 4, 2013, where 1,500 artworks were found. / AP Photo/dpa, Marc Mueller

$1B trove of Nazi-looted art found in closet 

 
A $1.35 billion treasure trove of art works apparently looted by the Nazis — including pieces by Picasso, Matisse and Chagall — have been found stashed in a storage closet of a reclusive 80-year-old Munich man, the German magazine Focus reports.

The magazine says a Matisse painting found among the hidden items once belonged to French art dealer Paul Rosenberg, who represented Picasso and Matisse and other artists. He fled France in 1940.
The magazine says investigators have valued the works at about 1 billion euros, the equivalent of $1.35 billion.
Focus reports that the works, hidden behind cans of food and cartons of juice, were discovered by chance two years ago as a result of a probe by tax authorities of Cornelius Gurlitt, whose father, Hildebrand Gurlitt, was an art collector and former museum director.

Article found here