US$27M Picasso painting seized
PARIS— A Picasso worth 25 million euros ($27.4 million) and considered a cultural treasure by Spanish authorities who had barred it from being exported was seized from a boat docked at Corsica, French authorities said Tuesday.
An attempt to export the painting, "Head of a Young Woman", to Switzerland on Thursday "drew the attention of French officials", the country's customs authority said in a statement, with customs agents on the French island boarding the vessel the following day.
The ship's captain could only present two documents regarding the work of art, the statement said – one of which was a May 2015 Spanish court judgment labeling the painting a work of art and ordering that it not be taken out of the country.
The painting, which French customs said was valued at "more than 25 million euros", is owned by Jaime Botin, a well-known Spanish banker whose family was involved in the Santander banking group in 1857.
The 79-year-old, who was formerly the banking giant's vice chairman, was not aboard the vessel, which was owned by the company and flying a British flag, a customs authority spokesman said.
According to the spokesman, the export demand was also not in Botin's name.
An export demand was filed for the painting in December 2012 to move it to London, but was opposed by Spain's culture minister.