Art Dealer Claims Ownership of Monet Seized in Billion-Dollar 1MDB Scandal

  • October 20, 2016 12:03

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Monet’s 1914-17 “Waterlilies With Reflections of Tall Grass” sold at Sotheby's in 2013.

The U.S. Department of Justice is seeking to seize $1-billion of assets connected to Malaysia's state-run fund 1MDB after an investigation began into corruption. Eleven luxury properties in the U.S., along with shell companies and bank accounts, allegedly connected to embezzled funds, are linked to 1MDB. A prominent art dealer is now contesting the seizure of a Monet painting that had been connected to Malaysian government aide and financier Jho Low, the Wall Street Journal reported Wednesday.

Among the artworks seized by the Justice Department are four works by Vincent van Gogh and Claude Monet. Monaco-based art dealer David Nahmad claims that Monet’s 1914-17 “Waterlilies With Reflections of Tall Grass” is owned by him and that Low had agreed to buy it, and another work, for $22.5 million before the deal fell through.

Nahmad filed an affidavit in the U.S. District Court in California on Wednesday saying he owns the Monet, which he purchased for about $13.6 million at a Sotheby’s London auction in February 2013.

The filing added that a $2.25 million deposit was wire-transferred to Nahmad’s bank account, but the deal was never completed. Nahmad will contest the seizure of the Monet in a new filing.

Read more at IBT

Tags: european art

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