A billionaire banker’s attempt to illegally export Picasso’s “Head of a Young Woman” is averted by French authorities.
Worth an estimated $27 million, Picasso’s “Head of a Young Woman” is the type of stunning original that only the financial elite can afford. Unfortunately for Spanish banker Jaime Botin, he’ll need to find another after trying to unlawfully export the painting from its home country of Spain.
Botin, who acquired the piece in 2012, has been trying to get permission to take it out of the country ever since. According to multiple reports, Spanish courts ruled the painting “unexportable” because of its significant cultural interest. Regardless, Botin attempted to move the painting to Switzerland via his yacht, which was found by French authorities docked at Corsica, a Mediterranean island between France and Italy, on July 31. The painting, which was onboard, had no documentation but was carefully packed for transport.
French authorities have taken the work to a secure location where they await the arrival of Spanish experts to retrieve the piece.
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