The sale of Pablo Picasso’s 1909 work Compotier et tasse has been blocked by U.S. authorities at the request of the Italian government.  The painting’s current owners, Gabriella Amati and her late husband, Angelo Maj, are being charged with embezzling $44 million from the city of Naples, and the work is suspected to have been purchased with the stolen money.  Immigration and Custons Enforcement director John Morton said: “Restraining this valuable artwork is an effort to help recover some of the estimated $44 million that this couple stole from the tax-paying citizens of Naples.” (more…)

Jean-Michel Basquiat’s Hannibal, seized by U.S. authorities during the investigation of Brazilian collector, former banker and convicted embezzler Edemar Cid Ferreira, has cast light on the use of fine art as an outlet for money laundering.  The current market for blue-chip fine art is often conducted with few questions asked, opening the door for an easy disposal of illicitly got income.  “You can have a transaction where the seller is listed as ‘private collection’ and the buyer is listed as ‘private collection,’ ” says Sharon Cohen Levin, chief of the asset forfeiture unit of the United States attorney’s office. “In any other business, no one would be able to get away with this.” (more…)