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$1B in Nazi-Looted Art Found in Munich Apartment

1,500 pieces of art found

By William White, InvestorPlace Writer

http://invstplc.com/1nuTVas

Over $1 billion worth of Nazi-looted art was discovered in a Munich apartment in 2011.

The works were discovered hidden behind cans of food and cartons of juice in the closet of 80-year-old Cornelius Gurlitt. Included in the art found were works created by Picasso, Matisse and Chagall. The pieces were discovered in 2011 after authorities conducted a routine search of passengers travelling by train from Switzerland to Munich and discovered that Gurlitt had an envelope with a large amount of cash in it. Police continued to investigate Gurlitt and discovered the paintings after searching his apartment. It’s believed that Gurlitt inherited the art from his father, who was commissioned to sell the works abroad by the Nazis. Gurlitt was careful about selling the pieces, only doing so when he was in need of money. It is estimated that the art is worth $1.35 billion, reports USA Today.

There were a total of 1,500 pieces of art that had been missing for 70 years hidden in Gurlitt’s apartment.


Article printed from InvestorPlace Media, https://investorplace.com/2013/11/1b-nazi-looted-art-found-munich-apartment/.

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