Basquiat's "Hannibal" Found in NYC Warehouse

In something resembling a plot straight out of fiction, authorities have recovered a painting created by the late Jean-Michel Basquiat hidden in a New York City warehouse. Allegedly tucked away there by order of its Brazilian owner who has been accused of "illegal schemes" to make the money to purchase his fantastic collection, the painting is valued at over $8 million dollars.

The last known owner of "Hannibal" was Edemar Cid Ferreira, the former owner of the Banco Santos. He also happens to be one of the countries biggest art collectors. His bank went bankrupt in September 2005, leaving behind debts over $1 BILLION dollars. Ferreira has been convicted in Brazil on charges including money laundering and bank fraud. He was ordered to begin serving a 21-year sentence in December 2006, but was released while his appeal winds through the courts. Recently a Brazilian court ordered the seizure of $20 to $30 million dollars worth of art saying that it had been bought with ill-gotten gains. But, when they made the seizure "Hannibal" was nowhere to be found.

In August of 2006 a courier brought the painting from London into the U. S. via John F. Kennedy International Airport. There was no mention made of the contents of the package, and was valued at a mere $100 on customs declaration forms. Prosecutors filed papers on Wednesday to seize the 1982 painting in an effort to help Brazilian authories claim the work after its seizure in November.

So-what will become of the painting? Don't expect to see it anytime soon. Just like Ferreira himself, it will probably spend quite a bit of time behind closed doors. If we're lucky, maybe someday the Brazilian government will loan it to a U.S. museum (along with the rest of Ferreira's collection) for a tour. But, I wouldn't hold your breath.