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November 10, 2006

Disputed Picasso Withdrawn from Auction

"Portrait of Angel Fernandez de Soto," a blue-period painting by Picasso, was withdrawn from Christie's fall auction because of a claim that it had been sold under duress in Nazi Germany. The artwork, currently owned by the Andrew Lloyd Webber Art Foundation, is estimated to be worth $60 million. German historian Julius Schoeps claims that he is the lawful owner because Nazi intimidation forced his great-uncle to sell the painting at a low price in the 1930s.
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