A New York judge has ruled that the heirs of a Nazi-looted Amedeo Modigliani painting may also receive prejudgment interest, a move that could significantly increase the financial outcome of the case.
Justice Joel M. Cohen said state law supports interest payments in disputes like this, recognizing the years the heirs were deprived of Seated Man with a Cane. The exact amount remains undecided, and a September evidentiary hearing will help determine the painting's value, which will shape the final award.
The ruling follows Cohen's earlier finding that the work belonged to the estate of Jewish art dealer Oscar Stettiner, who left Paris before the Nazi occupation. In June, the court ordered dealer David Nahmad to return the painting.
The judge noted that there was no evidence Nahmad knew the work had been looted when it was purchased at auction in 1996. He also acknowledged that the painting may now be worth far more than it was when the lawsuit began in 2014. Still, he said New York law leaves no discretion to remove the interest component.
The two sides remain divided on valuation: the heirs have placed the painting near $20 million, while Nahmad's team argues for $6.5 million. His attorneys are preparing an appeal and continue to argue that the case was decided without a full trial.
As the valuation hearing approaches, the case may further shape how art restitution is measured in financial terms, influencing future heritage disputes and market accountability.
