& # 39; Treasure trove & # 39; of paintings by Picasso, Monet and van Gogh go under the hammer with & # 39; £ 14m price tag & # 39; after being seized by an Italian fraudster
- 55 works of art belonged to Calisto Tanzi, whose company Parmalat went bankrupt in 2003
- Were hidden by Tanzi but recovered after a careful search by detectives
- Valued between £ 5.2 to 7 million – although experts predict twice as much
A collection of paintings by masters including Pablo Picasso, Claude Monet and Vincent van Gogh went under hammer in Milan after he was seized by a convicted fraudster who is involved in Europe's largest bankruptcy ever.
The 55 works of art once belonged to Calisto Tanzi, whose dairy company Parmalat went bankrupt in 2003 with a bill of £ 13 billion.
The paintings were hidden by Tanzi but recovered after a careful search by detectives.
The 55 works of art once belonged to Calisto Tanzi, whose dairy company Parmalat went bankrupt in 2003 with a bill of £ 13 billion. The picture shows Falaise du petit aille in Varengeville by Monet
Still life with lemon and oranges from Pablo Picasso is held up by an auctioneer at the sale
The money generated from their sales goes to creditors who have waited 16 years to get their money back.
They are valued between £ 5.2 to 7 million – although some experts predict that they could go for twice that amount.
& # 39; I have never seen such a collection of works of this interest auctioning in Italy & # 39 ;, auctioneer Pietro De Bernardi said La Stampa.
The sale at auction house Pandolfini Casa d & # 39; Aste in Milan has already started well, with one Picasso for £ 2 million.
Other paintings that are expected to yield large amounts are Van Gogh's Still Life with apples, which has a base price of £ 302,000, and the Russian painter Wassily Kandinsky & Sestri-Abends, worth £ 216,000.
A still life with a basket of apples from the Dutch master Vincent van Gogh is auctioned
Tanzi was arrested after the collapse of Parmalat in 2003 and later convicted of fraud and criminal conspiracy. Depicted is Peasants Sitting by Camille Pissarro
Other artists whose works are for sale are Pierre-Auguste Renoir, Marc Chagall and Antonio Ligabue.
Tanzi was arrested after the collapse of Parmalat in 2003 and later convicted of fraud and criminal conspiracy.
But before his 18-year prison, he hid his art in the homes of his family and friends, where it was eventually found by the police.
A van Gogh and a Monet were found in a cellar in Parma, while a Kandinsky was found from a garage, The Telegraph reported.
Four of & # 39; the world's largest banks were acquitted for not detecting the fraud.
The painting & # 39; Pollard & # 39; from van Gogh. Other artists whose works are for sale are Pierre-Auguste Renoir, Marc Chagall and Antonio Ligabue
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