estimated to be worth $25 million.
(REPRODUCTION PRIVATE
COLLECTION/BRIDGEMAN)
For fifteen years, a Canadian company has been fighting to recover a painting suspected of having been stolen in 1944 from a Jewish gallery owner, whose heir lives in the Dordogne.
Thomas Jonckeau t.jonckeau@sudouest.fr
Will a farmer in the Dordogne inherit a painting worth tens of millions of euros? It’s not a done deal, but let’s just say that the odds have never been so good. And the case could be resolved this year.
Its origins date back to 1944, when Oscar Stettiner, a Jewish gallery owner who had taken refuge in the Dordogne, was despoiled of some of his works under the Vichy regime. A painting by the famous artist Amedeo Modigliani, entitled “L’Homme assis” (The Seated Man), was among the works taken. After the war, Stettiner’s attempts to recover his missing painting proved unsuccessful, despite a court ruling in his favor.
Panama, Switzerland…
The painting reappeared in 1996 at a Christie’s auction. It was purchased by a wealthy art dealer, David Nahmad. The latter has always claimed that he did not know whether the painting had been stolen during the war.
Unfortunately for him, in 2011, a Canadian company, Mondex Corporation, took an interest in the case. Specializing in the recovery of artworks looted during the war, it is rather aggressive and proudly displays a “97% restitution rate” on its website.
However, the businessman also had more than one trick up his sleeve. When asked to return the work, he replied that it now belonged to a mysterious Panamanian company: International Art Center (IAC). Once again, the case could have ended there. But then came the revelation of the Panama Papers in 2016 and the leak of millions of confidential documents from the Panamanian law firm Mossack Fonseca.
At the time, an investigation by the newspaper “Le Monde” revealed that IAC was owned by a single man, David Nahmad. As for the painting, it was stored with thousands of others from the Nahmad clan’s collection in the warehouses of the Geneva Freeport, which allows goods to be stored there without paying customs duties.
“Stolen”
In 2025, Mondex Corporation brought the case before the New York State Supreme Court, backed by a long list of documents proving, according to the company, that “The Seated Man” was indeed stolen from Oscar Stettiner in 1944 and that his heirs are entitled to demand its return. The company is not doing this solely for the sake of justice; the commission fees to be recovered are substantial, but the arrangement is confidential, explains the founder of Mondex, reached by telephone.
James Palmer says he is confident: “Our situation is ideal. We are providing one piece of evidence after another that this painting must be returned to Oscar Stettiner’s heirs. And the other side has none. We have been working on this case for nearly fifteen years. To my knowledge, it is our oldest. And we have a document proving that David Nahmad and his lawyer have known for at least ten years that the painting was stolen.”
“My grandfather was an exceptional man who knew Modigliani. He deserved a story.”
James Palmer refers to a note from the Paris archives, dating from 1950, included in the Mondex file, which the Nahmad family was aware of. The document, a reproduction of the painting “L’Homme assis”, clearly bears the word “volé” (“stolen”).
Judgment in February
On February 10, the Supreme Court will issue a summary judgment that will determine whether the painting must be restituted. “The Court could decide on immediate restitution or refer the case to trial, which will be held in May,” James Palmer explains. He concludes: “I think we have a very good chance of recovering the painting this year.”
According to him, David Nahmad bought it for between $2.5 and $3 million in 1996. Today, it is estimated to be worth nearly $25 million (more than €21 million). The Nahmad clan is keeping quiet. Contacted by phone, their lawyer, Richard Golub, simply said, “I’ll call you back if I have anything to say,” before hanging up.
Far from New York, Oscar Stettiner’s putative heir lives in the Périgord region. Philippe Maestracci, 79, a farmer, lives with his wife in La Force, a small town in the south of the Dordogne. The discreet couple refuses to comment on the case and makes no secret of their annoyance at being regularly approached by journalists. They insist they do not read the articles about the story. Moreover, Philippe Maestracci believes that there is nothing unusual about it: “It happens to lots of people whose families have been despoiled.”
Nevertheless, they are determined to recover what they believe is rightfully theirs. At least on principle. “My grandfather was an exceptional man who knew Modigliani. He deserved a story,” says his descendant, before closing the door on his visitor with an apology.