David Nahmad

David Nahmad
Born	1947 Beirut, Lebanon
Occupation	Art dealer
Known for	Art dealing, billionaire status
Notable work	Owner of the Nahmad Collection including Picasso's Young Girl with a Flower Basket
Spouse	Colette Nahmad
Children	Helly Nahmad, Joe Nahmad, Marielle Safra

David Nahmad (born 1947) is a Lebanese billionaire and former dealer specializing in fine art. He hails from a Syrian Jewish family engaged in the art world, originally established in Monaco.

Origin

The Nahmad lineage originates from Aleppo, Syria, where Sephardic Jewish banker Hillel Nahmad managed a prosperous enterprise until the period following World War II. In response to anti-Jewish unrest in Syria during 1947, Hillel relocated his family to Beirut, Lebanon. As circumstances deteriorated there, he moved with his three sons—Joseph (Giuseppe), Ezra, and David—to Milan in the early 1960s.

Art dealing

During the 1960s, Ezra and David Nahmad ventured into art trading alongside their activities in the stock market. At a Juan Gris exhibition in Rome, they purchased the only two pieces sold and subsequently developed a connection with dealer Daniel-Henry Kahnweiler, who provided them with works by Pablo Picasso, Georges Braque, and Gris. Due to escalating threats from the Red Brigades in Milan during the 1970s, the family divided their residences: Joseph and Ezra settled in Monaco, while David moved to New York City.

David’s son Hillel "Helly" Nahmad manages the Helly Nahmad Gallery situated within the Carlyle Hotel on Madison Avenue. Helly assumed control of his father’s Davlyn Gallery in 2000. In 2013, the gallery became subject to an FBI raid connected to investigations into Russian Mafia-related gambling and money laundering.

Art dealer Jeffrey Deitch has compared the Nahmads to "a major brokerage firm in the stock market," highlighting their pivotal influence within the art market ecosystem. Sarah Thornton underscores their substantial presence at auctions in her work Seven Days in the Art World.

The Nahmad Collection includes Picasso’s Young Girl with a Flower Basket (1905), acquired for $115 million at Christie's Rockefeller auction in 2018, demonstrating their leading role in acquiring high-value artworks.

Seated Man with a Cane

In 2011, Philippe Maestracci initiated legal proceedings in the U.S. District Court for the Southern District of New York seeking ownership of the 1918 Amedeo Modigliani painting Seated Man with a Cane, estimated to be worth over $25 million. Maestracci asserted that the artwork was confiscated from his grandfather, Jewish art dealer Oscar Stettiner, during World War II. After withdrawing his initial complaint in 2012, the Estate of Oscar Stettiner refiled suit in New York State court in 2015.

The defendants contended that they had acquired the painting lawfully at a public Christie’s auction in London and challenged Stettiner’s claim of ownership. Conversely, plaintiff’s attorneys argue that the painting was sold under duress by an administrator appointed during Nazi occupation. In April 2016, Swiss officials seized the artwork from Geneva Freeport amid ongoing investigations. A court decision in 2017 affirmed Maestracci’s legal standing to pursue the claim.

In January 2020, additional evidence surfaced: a 1950 document containing a photograph of the painting marked as "stolen" and referencing the Stettiner family, further substantiating assertions that this is indeed the piece taken from Oscar Stettiner.

Personal life

Nahmad is wedded to Colette Nahmad, and together they have three offspring: Helly Nahmad, Joe Nahmad, and Marielle Safra. Marielle is united in marriage with Edmond M. Safra, who is the son of the late Moise Safra, a prominent Brazilian banker.

In 1996, he secured the title at the Backgammon World Championship and is recognized for engaging in high-stakes wagering on the game.