Tag: Richard Nagy

UPDATE—New York Court Awards Statutory Prejudgment Interest to Grünbaum Estate’s Heirs

For those who believe that one today is worth two tomorrows, prejudgment interest offers a significant judicial remedy.
In an unprecedented holding on July 12, 2021, the Commercial Division of the New York State Supreme Court, County of
New York, applied the prejudgment rule in favor of the rightful owners of two Egon Schiele paintings. In a case involving
family property, monetary interest can hardly compensate for time spent apart from a cherished heirloom. Still, the
court’s decision could bring heirs at least somewhat closer to recovering for the loss suffered.

German version below

20210813 - UPDATE—New York Court Awards Statutory Prejudgment Interest to Grünbaum Estate’s Heirs HHR Art Law_english
20210813 - UPDATE—New York Court Awards Statutory Prejudgment Interest to Grünbaum Estate’s Heirs HHR Art Law_german

 

In the News: In Nazi-Looted Art Case, Judge Rules Prejudgment Interest Owed by Wrongful Possessor Who Continued to Litigate

“This is a monumental sea change,” said Raymond Dowd, the lawyer for Jewish heirs, of the Manhattan Supreme Court-issued decision on prejudgment interest. “An art dealer or a museum refusing to stop now has a meaningful _financial downside,” he said, when they continue to litigate cases in which a trial court has already awarded possession of Nazi-looted art back to the family or heirs of a Jewish person who’d rightfully owned the artwork before Nazis took it away.

“Das ist eine dramatische Veränderung”, sagte Raymond Dowd, der Anwalt der jüdischen Erben, über die Entscheidung des Obersten Gerichtshofs von Manhattan zu den Vorfälligkeitszinsen. “Ein Kunsthändler oder ein Museum, das sich weigert, damit aufzuhören, hat jetzt einen bedeutenden finanziellen Nachteil”, sagte er, wenn sie weiterhin Fälle prozessieren, in denen ein Gericht den Besitz von NS-Raubkunst bereits der Familie oder den Erben einer jüdischen Person zugesprochen hat, die das Kunstwerk rechtmäßig besessen hatte, bevor die Nazis es wegnahmen.

In Nazi-Looted Art Case Judge Rules Prejudgment Interest Owed by Wrongful Possessor Who Continued to Litigate _ New York Law Journal_epdf
In Nazi-Looted Art Case Judge Rules Prejudgment Interest Owed by Wrongful Possessor Who Continued to Litigate _ New York Law Journal

Download the article also from: https://www.law.com/newyorklawjournal/2021/07/15/in-nazi-looted-art-case-judge-rules-prejudgment-interest-owed-by-wrongful-possessor-who-continued-to-litigate/

UPDATE – Dispute over Ownership of Nazi Victim’s Art Turns to Pre-judgment Interest

Following the New York Appellate Division’s affirmance of the New York State Supreme Court’s decision in Reif v. Nagy ordering the turnover of two works of art transferred under duress, if not stolen, following the Nazi takeover of Austria to the heirs of their original Jewish owner, Fritz Grünbaum,[1] the dispute has turned to the increasingly significant issue of pre-judgment interest.

20210115 UPDATE – Dispute over Ownership of Nazi Victim’s Art Turns to Pre-judgment Interest _ HHR Art Law

 

Finden Sie hier die deutsche Übersetzung:

20210115 - Update Blog

In the News: In Case Over Nazi-Looted Art, Dispute Over $1.4M in Prejudgment Interest Heats Up

“As long as they continue to assert title, we can’t sell the artworks,” said the lawyer for the
Jewish heirs to an Austrian 1920s art collector who had owned the Egon Schiele paintings
before the Nazis imprisoned him.

The heirs are claiming that interest on the artworks they
won possession of continues to grow as the interest amount is disputed and leave for appeal
on the merits is sought.

Law Journal
Übersetzung NYL-Joural

Here a rough german translation

Übersetzung NYL-Joural

In the News: Austrian Performer’s Heirs Found to Have Superior Right to Looted Schiele Works

…Under New York law, Nagy could only receive good title to the artworks from a seller with good title to give. Since no evidence was presented to show anyone involved in the sale of the works since Grünbaum’s death had good title, Nagy was unable to prove he held title superior to the heirs…

Die deutsche Übersetzung des Artikels befindet sich am Ende des Posts.

20190823 New York Appellate Court Upholds Purpose of HEAR Act_ Austrian Performer’s Heirs Found to Have Superior Right to Looted Schiele Works _ Institute of Art and Law
20190823New York Berufungsgericht unterstützt das Ziel des HEAR Act -de

NY Appeals Court Explains Why Nazi-Stolen Paintings Belong With Gruenbaum’s Heirs

In a deeply researched opinion that it appears could embolden legal efforts by Jewish heirs to reclaim Nazi-stolen art worldwide, a state appeals court Tuesday ruled that two highly valued early 20th century paintings looted by the Nazis belong to the heirs of the Austrian Jewish entertainer who first collected them.

https://www.law.com/newyorklawjournal/2019/07/09/ny-appeals-court-explains-why-nazi-stolen-paintings-belong-with-jewish-collectors-heirs/

NY Appeals Court Explains Why Nazi-Stolen Paintings Belong With Jewish Collector's Heirs _ New York Law Journal