Spanish Billionaire banker imprisoned and fined $58 million for smuggling a Picasso painting in his yacht

Picasso paintings are no less than precious gems. The artist’s works easily fetch millions on sale and are considered as the most revered pieces that the art community can ever have. Its no wonder then that countries like Spain have a strict code when it comes to exporting his paintings (and those of other respected artists) outside the country.

However, not one to listen – billionaire banker Jaime Botin recently tried to smuggle Picasso’s historic Head of a Young Woman portrait (a piece from the master artist’s pre-Cubist “Rose” period which is valued at $29 million USD) out of the country on being denied the permit to export it. The business tycoon, who was formerly the head of Spanish lender Bankinter, was however caught red-handed and found guilty of contraband in “culturally important goods” and was immediately forced to surrender the work to authorities.

READ:  A Picasso painting worth $28M stolen from a Saudi Prince's yacht two decades ago is now found and restored

Botin has been sentenced to 18 months in prison and has received a €52.4 million ($58 million) fine in regard to the offense. The 83-year old billionaire has ten days to appeal against the decision and is said to be unlikely to serve the prison time ordered owing to his age and the fact that he is a first-time offender. Well, lesson learned, shall we say?

READ:  Hitler’s paintings expected to be fetch $50,000 at auction

[Via: Hypebeast]