It has been reported that the Nahmads purchased the work at Christie’s, London, in June 1996 for .2m.
In November 2008, the work was consigned by the Nahmads to Sotheby’s, where it was went unsold in a high profile sale.
Sotheby’s raised the possibility that the work was stolen by the Nazis at which time the Nahmads allegedly moved the painting to Switzerland.
Richard Golub, the Nahmads’ lawyer, called these claims “totally false”.
The Backbowl Jacket is an iconic freeride ski jacket with a clean Scandinavian design with a longer silhouette.
The billionaire New York art dealing family’s head David Nahmad recorded in court papers stating the painting was owned by the International Art Center (IAC) and that the “Helly Nahmad Gallery have never owned the painting.
However lawyers for Philippe Maestracci, are claiming Modigliani’s Seated Man with a Cane, is owned by an offshore company used by the Nahmads as a cover for their interests in works of art, most of which are kept in an art storage facility, in tax free Geneva.
A Christie’s catalogue states as provenance that the masterpiece belonged to Roger Dutilleul a Paris collector who sold it to J.
Livengood, in Paris, around 1940 to 1945, however holes in the provenance have now appeared, including the exhibiting of the picture at the Venice Biennial in the 1930.
Authorities also assert that the enterprises laundered 0 million from illegal gambling including poker games attended by celebrities and pro athletes.