Picasso Painting Seized by US Immigration and Customs Enforcement

It seems there is a lot of Picasso news, with yesterdays post on a record price for a ceramic and today with the US Immigration and Customs Enforcement seizing a painting for the Italian government.  The painting was seized by ICE when it was being offered in a private sale for $11.5 million. The painting seized was from 1909, in the cubist manner and entitled Compotier et tasse (see image).

It was seized because Italian officials claim the owners embezzling $44 million from the city of Naples.

The Huffington Post reports

 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.

Justice Department authorities assumed control of the painting after U.S. District Judge Victor Marrero signed the order following a formal request by the government of Italy.

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.

"We are very pleased that our investigation has led to the recovery of this painting that is so significant to the Italian people," ICE Director John Morton said.

Source: The Huffington Post