In July, French customs agents seized a 1906 portrait painted by Picasso worth €26 million from a yacht docked in Corsica, foiling an apparent attempt to export the work to Switzerland. The Spanish government transferred the painting to Madrid, claiming the work as a national treasure. The Spanish Court declared the work a cultural treasure of Spain in May, 2015, and barred it from leaving the country by refusing an export permit. The owner of the piece, Jaime Botín, a wealthy banker and public figure in Spain, has been fighting for its return, asserting the painting as his private property. Botín had been attempting to transfer the work to London since 2012, when he made a formal request via Christie’s Iberia on behalf of Euroshipping Charter Company, Ltd., which Botín claimed is the technical owner of the work, though he is the largest shareholder. He also argued the work was under British law, as it was hanging in a yacht moored in the…
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