Addict (drugaddict) wrote,

1982 work, “Hannibal,” which was valued at $100 on a customs declaration form

Missing Basquiat Painting Found

An $8 million Jean-Michel Basquiat painting whose last known owner was a bankrupt Brazilian banker has been found in a Manhattan warehouse, The Associated Press reported. Federal prosecutors filed papers seeking to seize the 1982 work, “Hannibal,” which was valued at $100 on a customs declaration form when it arrived by courier from London at Kennedy Airport after apparently being smuggled out of Brazil. Prosecutors are seeking to help Brazilian authorities claim the painting, whose last known owner was Edemar Cid Ferreira, former owner of Banco Santos and one of Brazil’s foremost art collectors. The bank went bankrupt in 2005, leaving debts of more than $1 billion. Mr. Ferreira was convicted of money laundering and bank fraud, and sentenced to 21 years in prison; a Brazilian court ordered seizure of $20 million to $30 million worth of his art, saying it was bought with proceeds of illegal schemes, but “Hannibal” was missing.

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