The Billionaire Brothers Behind the World's Largest Private Art Collection
In the shadowy corridors of the art world, few names command as much intrigue as David and Ezra Nahmad. These billionaire brothers have amassed a staggering collection of over 4,500 masterpieces, including an unparalleled 300 works by Pablo Picasso, all housed within a duty-free warehouse in Geneva, Switzerland. Their collection, valued at an estimated $3.5 billion, is considered the largest private art trove globally.
From Aleppo to Art Empire: The Nahmad Brothers' Journey
The Nahmad family's story begins in Aleppo, Syria, where their father, Hillel Nahmad, was a prominent banker. Following anti-Jewish violence in 1947, the family relocated to Beirut, Lebanon, and later to Milan, Italy. It was in Milan during the 1960s that brothers David and Ezra, along with their elder brother Giuseppe, began dealing in art. They started by purchasing works from renowned dealers like Daniel-Henry Kahnweiler, acquiring pieces by Picasso, Braque, and Gris. Their keen eye for undervalued art and strategic acquisitions laid the foundation for their future empire.
David Nahmad
The Art of the Deal: Building a Billion-Dollar Collection
The Nahmad brothers revolutionized art dealing by treating it akin to stock trading. They capitalized on market downturns to acquire masterpieces at lower prices, holding onto them until their value appreciated significantly. For instance, a Picasso painting purchased for $2.6 million in 1995 was later sold for $30.8 million. Their collection boasts works by Monet, Matisse, Renoir, Rothko, and many others, reflecting a strategic focus on blue-chip artists.
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A Vault of Treasures: The Geneva Freeport
The brothers' vast collection is securely stored in a 15,000-square-foot facility within the Geneva Freeport, a duty-free zone known for its discretion and security. This location allows them to manage their assets efficiently, free from certain taxes and regulations. The warehouse's contents remain largely unseen by the public, adding an aura of mystery to their holdings.
Legacy and Influence: The Nahmad Dynasty
Today, the Nahmad family's influence extends beyond David and Ezra. Their sons, both named Helly, operate galleries in New York and London, continuing the family's art dealing legacy. Despite controversies, including associations with offshore companies revealed in the Panama Papers, the Nahmads remain pivotal figures in the art market.
