Mondex investigates works of art that may have been seized by Nazis or sold under duress during the Second World War. It searches for potential heirs and helps them make restitution claims on the works in exchange for a cut from their eventual sale.
In the deal struck by Mondex, the heirs would pay $4m to the museum in exchange for the work. The cash would be used to create the Franz Matthiesen Fund, dedicated to Nazi-era provenance research for the next 25 years.
You have a case which is not black and white, Mondex founder James Palmer told The New York Times earlier this year, of the heirs paying the museum for the painting to be returned.
Matthiesen, an art dealer with a gallery in London, referred to Mondex's fees in a November 2022 affidavit as 'exorbitant'. In a counterclaim, Matthiesen accused the firm of breaching contract, negotiating with other parties behind the scenes.
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