Argentinian authorities recovered an 18th century painting stolen by Nazis from a Dutch Jewish art collector after it appeared in a property advert, only to suddenly vanish.
Portrait of a Lady by Italian baroque painter Giuseppe Ghislandi was missing for eight decades before being photographed hanging in the home of the daughter of a senior SS officer, who fled to Argentina after the Second World War.
Prosecutors said on Wednesday that the woman's lawyer returned the work after a major hunt for it that caused intrigue around the world.
Showing off the piece, art expert Ariel Bassano said it was “in good condition for its age, as it dates from 1710”.
He was quoted by the local La Capital Mar del Plata newspaper as valuing it at about $50,000.
The painting was recognised last week by the Dutch newspaper AD in photographs of a house for sale in the seaside resort of Mar del Plata.
It was hanging above a green sofa in the living room of Patricia Kadgien, daughter of SS financial guru Friedrich Kadgien, one of several high-ranking Nazis to escape to Argentina after the war.
The painting was among over 1,000 artworks stolen from Amsterdam art dealer Jacques Goudstikker's collection after the Nazi invasion of the Netherlands in 1940.
Its discovery generated a flurry of excitement on both sides of the Atlantic.
But no sooner had it been identified than it disappeared again.
When Argentinian police went to raid the premises after being tipped off about the advert they found no trace of the artwork.
Ms Kadgien and her husband were placed under house arrest on Tuesday after several failed police searches for the portrait.
According to Argentinian daily La Nacion, the couple admitted in a court filing that they owned the artwork and said they believed any lawsuit over its ownership would fall under the statute of limitations.
Their lawyer, Carlos Murias, said that prosecutors were seeking to charge his clients with “concealing smuggling”.
If framed within the context of the genocide of Jews during the Second World War, the crime would not be bound by the statute of limitations.
A knock on the door
The investigation arose from a visit to Ms Kadgien's home by Dutch journalist Peter Schouten, who was investigating her father's past.
“We wanted to talk about her father because there were a lot of news stories about him in the Netherlands about 10 years ago,” Schouten told Argentina's Radio Rivadavia.
Schouten said he knocked on the door of the house and got no response, but noticed a for-sale sign.
After searching online property adverts, he spotted the painting in a photo of the house's interior.
“I freaked out, of course,” Schouten said. “I sent all the information to Holland, where they worked with the official institutions and confirmed that yes, it was that painting, that there was no chance it was a replica.”
He said he immediately contacted Ms Kadgien to get her version of events but received no response and that shortly afterwards, the for-sale listing was removed from the property site.
Mr Goudstikker, a leading dealer of Italian and Dutch 16th and 17th-century masters during the wars, fled the Netherlands days after the Nazi invasion.
He left behind an extensive art collection, which was divided up by top German officials, led by Gestapo founder Hermann Goering.
After the war the Dutch state retrieved about 300 works from the collection, most of which it later returned to Mr Goudstikker's heirs.
But many others remain scattered around the world.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
More coverage from the Future Forum
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A