A New York judge has ruled against billionaire art dealer David Nahmad's holding company, overturning its claim to a Modigliani painting looted by the Nazis. The decision ends a decade-and-a-half legal battle over the 1996 auction purchase of the artwork, which was originally owned by Jewish art dealer Oscar Stettiner. Nahmad's company had argued the painting was acquired legally, but the court found the sale occurred under duress during Nazi persecution.

This ruling marks a significant victory for art restitution efforts and could embolden similar claims against other Nazi-era looted artworks held in private collections. The case highlights the ongoing challenges in resolving historical injustices within the global art market, where provenance documentation is often scarce. The painting's value remains undisclosed, though experts estimate it could command tens of millions at auction. Nahmad's holding company faces potential liquidation of assets to settle the claim, impacting his extensive art empire. This outcome sets a precedent for future restitution cases, forcing collectors to scrutinize ownership histories more rigorously.