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$11.5M Picasso seized by U.S. authorities for Italy

By Associated Press

POSTED:
LAST UPDATED: 12:43 p.m. HST, Jun 24, 2013



NEW YORK » A New York federal judge has agreed that the U.S. government can hold a 1909 Pablo Picasso painting titled "Fruit bowl and cup" for the Italian government.

The painting estimated to be worth $11.5 million was held by Justice Department authorities after a Manhattan judge signed an order today.

U.S. Immigration and Customs Enforcement in Washington said in a release that Italian authorities requested the seizure. The agency said the request came after the painting's owner was charged with embezzlement and fraudulent bankruptcy offenses in Italy.

Authorities said Homeland Security agents seized the painting on May 21 when it was being offered for private sale for $11.5 million.






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