Pensioner given USD 16mn Picasso 'for act of kindness'

Image
AFP Rome
Last Updated : Mar 27 2015 | 7:42 PM IST
Italian police are trying to establish the true owner of a Picasso painting worth 15 million euros (USD 16 million) after confiscating it from a pensioner who says he was given it for free.
The Rome resident, a former frame-maker, told detectives he received the work in 1978 as a thank you gift for an act of kindness towards a recently bereaved customer.
A widower had come into his shop in a state of distress after breaking a photo frame in which he kept a picture of his lamented late wife. Touched, the frame-maker replaced the glass for free.
Two days later, the elderly customer returned to the workshop and presented him with the Picasso, without giving any indication of its value or artistic significance.
According to the frame-maker's story, it was only last year that he realised the 54 x 45cm oil on canvas could be a Picasso, police said.
The painting is a representation of a violin and a bottle of Bass beer which police experts have authenticated as a 1912 work by the Spanish artist, then at the height of his Cubist phase.
The police became interested in it last year when auction house Sotheby's, who had been instructed by the pensioner, attempted to secure a state authorisation to export it with a declared estimated value of 1.4 million euros.
That triggered an investigation during which police were able to identify the work as corresponding to one mentioned in a 1961 edition of the Zervos, a catalogue of Picasso's work which is considered the definitive guide to the Spanish artist's prodigious output.
Bottles of Bass pale ale, which carried a distinctive red triangle on their classic labels, feature in over 40 Picasso paintings, mostly from his Cubist period.
The iconic British beer, once the most widely drunk in the world, also puts in an appearance in impressionist Edouard Manet's 1882 painting A Bar at the Folies-Bergere.
The specialist police unit which deals with crimes related to art works and cultural artefacts unveiled two other significant seizures today, including a Roman sculpture dating from the second or third century which has an estimated value of eight million euros.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 27 2015 | 7:42 PM IST

Next Story