Saturday, October 18, 2014

A real Bank robbery


It appears that the heirs supposed to benefit from an auction of Nazi looted art turned out not to be heirs after all.
When Christie’s auctioned off Edgar Degas’s “Danseuses” for nearly $11 million in 2009, the catalog noted that the masterpiece was being sold as part of a restitution agreement with the “heirs of Ludwig and Margret Kainer,” German Jews whose vast art collection was seized by the Nazis in the years leading up to World War II.

But now a dozen relatives of the Kainers are stepping forward to object. Not only did they fail to benefit from that sale, they say they were never even told about it, or any other auctions of works once owned by the couple, including pieces by Monet and Renoir.

It turns out that the Kainer “heir” that has for years collected proceeds from these sales and other restitutions, including war reparations from the German government, is not a family member but a foundation created by Swiss bank officials.

In lawsuits filed in New York and Switzerland, the Kainer relatives contend that officers of the bank — now part of the global banking giant UBS — never made a diligent effort to find them, and worse, used the family name to create a “sham” foundation ostensibly organized to support the health and education of Jewish youth but actually formed, they say, to cheat them out of their inheritance.

Both the foundation — named after Norbert Levy, Mrs. Kainer’s father — and UBS have said in court papers that they have done nothing wrong, but declined to comment. The lawsuits come as high-profile disputes over looted art focus attention on how courts and governments have handled assets stolen from Jews by the Nazis. Despite the scrutiny, this case shows just how difficult adjudicating such claims remains. The Kainer family lawsuits, for example, involve the legal systems of four countries and rest on the intentions and actions of people who have been dead for many decades. Like many families who survived the Holocaust, the Kainer descendants were not even aware that their relatives had lost or left behind valuables to which they might have a claim. As experts note, the ability to track family members has made great leaps over the years. This case only came to light when Mondex Corporation, which helps recover looted property, noticed in 2009 that hundreds of works once owned by the Kainers had been listed in an international database of art lost in the war years, and then tracked down their relatives.

Then there is the added drama that the New York lawsuit names UBS as a defendant, striking a sensitive chord. UBS, the result of a 1998 merger between Swiss Bank Corporation and the Union Bank of Switzerland, was one of several Swiss banks accused of trying to block attempts by Jewish war survivors and heirs to reclaim assets deposited in what they had thought were safe havens.
The Swiss never were as nice as their image. And the banks are probably the closest to a national criminal organization anywhere.

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