Nazi-looted painting returned to rightful owners and then purchased back

New York’s Neue Galerie announced on Tuesday (27 September) that it had returned a painting looted by the Nazis to its rightful owners before purchasing it back from them at its current fair market value.

The Museum agreed to return Karl Schmidt-Rottluff’s ‘Nude’ (1914) to the heirs of a Jewish shoe manufacturer and Expressionist art collector after they approached the Museum a little over a year ago with a potential restitution claim. The repurchase price has not been revealed but other works by Schmidt-Rottluff’s have commanded over US$1million (approximately £768,357) in recent times.  Continue reading