Spanish billionaire found guilty of attempted illegal export of Picasso painting
ARTinvestment.RU   20 января 2020

By the court, "portrait of a young woman", previously owned by Jaime Butino, now — public property Spain

last Thursday a court in Madrid has sentenced 83-летнему Jaime Butino, the largest shareholder of the Bank Bankinter S. A., whose fortune is estimated at $1.7 billion. the decision of the court banker was convicted of trying to smuggle works of art, sentenced to 18 months in prison and fined more than $58 million, "the Culprit" of the incident — work "rose period" Picasso, "Portrait of a young woman", created by the artist in 1906 and valued today at about $28 million, — became the property of the state and were transferred for permanent storage in the Reina Sofia in Madrid.

And this story began 5 years ago, in the already distant 2015-м year when the painting was discovered on a private boat banker close to the shores of Corsica. According to the materials of the case, Boutin was aware of the "travel abroad" status of the painting (the court determined it in 2012, recognizing the work of Picasso national treasure), and he knew that even if he will be able to bring the work to London for sale at public auction, he will need a special permit. This knowledge, however, has not prevented him to appeal to the captain of the yacht with a request to hide the painting from the authorities. This request, incidentally, was one of the arguments of the prosecution, refuting the version of the former owner of the painting, claimed that he had not planned to sell the painting by Picasso, but just wanted to bring her to your house in Switzerland.

be that As it may, experts believe that Jaime Butina has all chances to appeal the verdict and to mitigate it (at least partially). Given his advanced age and lack of previous offences, it is possible that the court will agree to change the sentence on probation.


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