Art collector David Nahmad has publicly denied allegations that Amedeo Modigliani’s "Seated Man with a Cane" (1918) is Nazi-looted property. Following revelations from the Panama Papers that Nahmad is the true owner of the painting via the International Art Center, he defended his provenance, claiming the work sought by the heirs of Jewish art dealer Oscar Stettiner is a different painting entirely. Nahmad asserted that if the work is definitively proven to be looted, he will return it, but he currently maintains that the historical documentation regarding a 1944 sale at Drouot refers to a self-portrait, not the work in his possession.
This case is a high-profile example of how the Panama Papers have impacted the art world by stripping away the anonymity of offshore shell companies used to hold blue-chip masterpieces. The dispute highlights the immense difficulty of proving provenance for works that changed hands during the Nazi occupation of France, especially when titles and descriptions in historical records are inconsistent. With an estimated value of $25 million, the outcome of this legal battle between the Nahmad family and the Stettiner heirs could set a significant precedent for transparency and restitution in the private secondary market.