Picasso Painting Seized: $11.5 Million ‘Fruit Bowl And Cup’ Embroiled In Italian Criminal Case

A 1909 Pablo Picasso painting titled “Compotier et tasse,” or “Fruit bowl and cup,” with an estimated worth of $11.5 million will be held by U.S. authorities for the Italian government pending the outcome of criminal proceedings against its owner in Italy, according to the terms of a judge’s order signed Monday.

 

U.S. Immigration and Customs Enforcement in Washington said in a news release that Italian authorities requested the seizure after the painting’s owner was charged with embezzlement and fraudulent bankruptcy offenses in Italy. The charges allege that the painting’s owner caused the city of Naples to lose $44 million through a variety of schemes that avoided taxes, including fraudulent service contracts, forged accounting records and inflated operational expenses.

Homeland Security agents seized the painting May 21, when it was being offered for private sale for $11.5 million.

 

http://www.huffingtonpost.com/2013/06/25/picasso-painting-seized-11-5-million-fruit-bowl-and-cup-italy_n_3495177.html

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