David Nahmad faces multi‑million liability in Nazi‑looted Modigliani case

A New York judge has ruled that the heirs of Jewish art dealer Oscar Stettiner are entitled to prejudgment interest in the dispute over the Nazi‑looted Amedeo Modigliani painting "Seated Man with a Cane," potentially adding millions of euros to the compensation owed by billionaire art dealer David Nahmad. The judge, Joel M. Cohen, said New York law requires such interest, even though Nahmad did not know the painting had been looted when he bought it at auction in 1996.

The case began when a prior ruling ordered Nahmad to return the painting to the Stettiner estate. The heirs argue the work is worth roughly $20 million, while Nahmad’s side values it at about $6.5 million. An evidentiary hearing in September will determine the painting’s value and the final interest award. The litigation underscores ongoing challenges of restituting artwork seized during World War II and may set new precedents for the art market and provenance due diligence.