Nazi-looted Ceruti portrait to be returned to heir

An 18th-century portrait looted by the Nazis during World War II is set to return to the heir of its former Jewish owner after a settlement in Argentina.

The painting, “Portrait of a Lady” by Italian artist Giacomo Antonio Melchiorre Ceruti, belonged to Amsterdam art dealer Jacques Goudstikker. His collection was plundered during the German occupation of the Netherlands. Goudstikker died while fleeing in 1940.

Argentine authorities said the daughter of former Nazi official Friedrich Kadgien and her husband, Juan Carlos Cortegoso, agreed to give up all claims to the painting in a settlement reached before a federal court in Mar del Plata.

Experts estimate the work’s market value at about €250,000. Investigators found it in Mar del Plata in 2025, at the couple’s home. They had been accused of holding and concealing the painting for decades. Kadgien had participated in the exploitation of property stolen from Jews during the Nazi era before fleeing to South America after the war.

Goudstikker’s heir wants the painting to be exhibited publicly in Argentina for now. It is then expected to return to the Netherlands.