CTV News | Missing Basquiat art reappears in New York City

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Missing Basquiat art reappears in New York City

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The Associated Press

Date: Thursday Feb. 14, 2008 8:45 AM ET

NEW YORK — An $8 million painting by Jean-Michel Basquiat has been located in a Manhattan warehouse after apparently being smuggled out of Brazil, federal prosecutors said.

Prosecutors filed papers Wednesday seeking to seize the 1982 painting, called "Hannibal," in an effort to help Brazilian authorities claim it.

U.S. authorities said Wednesday they found the painting in an Upper East Side warehouse in November. It wasn't clear who brought it into the U.S., but prosecutors said it arrived via John F. Kennedy International Airport.

Its last known owner was Edemar Cid Ferreira, the former owner of Banco Santos and one of Brazil's largest art collectors. The bank went bankrupt in September 2005, leaving behind debts of over $1 billion.

Ferreira was convicted in Brazil on charges including money laundering and bank fraud. He was ordered to begin serving a 21-year sentence in December 2006. A Brazilian court seized his art collection to help pay his debts, but "Hannibal" was missing.

Basquiat rocketed to art-world prominence in the 1980s, lauded for his strong use of color and the social commentary in his work. He died of a heroin overdose in 1988, at 27.

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