perelman art insurance ruling 1234753886

A New York judge has ruled against billionaire investor and art collector Ronald O. Perelman in his attempt to collect $400 million from insurers for five paintings allegedly damaged in a 2018 fire at his East Hampton estate. Justice Joel M. Cohen of State Supreme Court in Manhattan found no visible damage to the works—two by Andy Warhol, two by Ed Ruscha, and one by Cy Twombly—and nothing traceable to the fire that would reduce their value. Perelman claimed the fire robbed the paintings of their 'spark' and 'oomph,' but insurers including Lloyd's of London, Chubb, and AIG countered that the works were unscathed and accused Perelman of filing claims under severe financial pressure after a collapse in Revlon stock.

trial ron perelman insurance claim warhol ruscha twombly 1234744105

The trial between billionaire collector Ron Perelman and a group of insurers began Monday in New York Supreme Court, nearly seven years after a 2018 fire at his Hamptons estate, the Creeks. Perelman claims the fire damaged five paintings—two by Andy Warhol, two by Ed Ruscha, and one by Cy Twombly—insured for a collective $400 million, arguing the works lost their "oomph" due to smoke, humidity, and relocation during the fire. The insurers, including Lloyd's of London, Chubb, and AIG, contend the works sustained no detectable damage and that Perelman's claim is a "money grab" filed amid serious financial difficulties, including margin calls and the sale of 71 artworks for $963 million between 2020 and 2022.

One of the Greatest Photographic Documents of the 20th Century

"Eines der größten fotografischen Dokumente des 20. Jahrhunderts"

A New York court has concluded an eleven-year legal battle by awarding Amedeo Modigliani’s 'Seated Man with a Cane' to the heirs of Jewish art dealer Oscar Stettiner. The ruling rejected the claims of the powerful Nahmad family, with the judge determining that Stettiner never voluntarily relinquished the work during the Nazi era. Additionally, a significant photographic archive belonging to darkroom technician Roland Haupt has surfaced, containing previously unseen World War II images by Lee Miller and Cecil Beaton.

Nahmad Seeks to Reopen Modigliani Restitution Case With New Witnesses

David Nahmad's lawyers are asking a New York court to reconsider its April 3 decision in the restitution case over Amedeo Modigliani's *Seated Man with a Cane* (1918), which awarded the painting to the estate of dealer Oscar Stettiner. They cite new eyewitness testimony from Frédéric Allain, who recalls a different Modigliani—smaller, darker, and without a seated man or cane—hidden by the Van der Klip family in Paris during World War II, suggesting the wrong painting may have been the focus of the case. The filing also references a 1946 report describing the missing work as a self-portrait and a new catalogue raisonné by Marc Restellini that finds no link between the painting and Stettiner. Mondex, representing Stettiner's heirs, rejects the claims, asserting that *Seated Man with a Cane* bears Stettiner's name and was in the family's possession from 1944 to 1996.

$25 Million Modigliani Goes to Jewish Heir in Landmark Restitution Case

A New York Supreme Court judge has ruled that the estate of Jewish art dealer Oscar Stettiner is the rightful owner of Amedeo Modigliani’s 1918 painting "Seated Man With a Cane." The decision concludes an 11-year legal battle led by Stettiner’s grandson, Philippe Maestracci, against billionaire art dealer David Nahmad. The court found that the painting was unlawfully seized by the Nazis after Stettiner fled Paris in 1939 and that subsequent sales, including the 1996 purchase by Nahmad at Christie’s, did not extinguish the original owner's rights.

New York Court Orders Restitution of a Modigliani to the Oscar Stettiner Estate

La justice new-yorkaise ordonne la restitution d’un Modigliani à la succession d’Oscar Stettiner

A New York court has ordered the restitution of Amedeo Modigliani’s 1918 painting 'Seated Man with a Cane' to the heirs of Oscar Stettiner, a Jewish art dealer. The work was seized during the Nazi occupation of Paris and sold at a forced auction in 1944 before eventually being purchased by the billionaire Nahmad family via an offshore company in 1996. Judge Joel M. Cohen ruled that the evidence of Stettiner’s prior ownership was "unusually strong" and dismissed the defense's claims that the painting was a different version or that the claim was filed too late.

The Nahmad family ordered to return a Nazi-looted Modigliani, valued at 21.5 million euros, to a French farmer

La famille Nahmad sommée de restituer à un agriculteur français un Modigliani spolié par les nazis, estimé à 21,5 millions d’euros

The New York State Supreme Court has ordered the restitution of Amedeo Modigliani’s 1918 painting, 'Seated Man (with a Cane)', to Philippe Maestracci, the grandson of Jewish art dealer Oscar Stettiner. The artwork, valued at approximately €21.5 million, was looted from Stettiner’s Paris gallery by the Nazis in 1944. Despite a 1946 court ruling in Stettiner's favor, the painting remained hidden for decades before being acquired in 1996 by the billionaire Nahmad family through an offshore entity.