Giuseppe Nahmad
Giuseppe Nahmad | |
|---|---|
| Born | 1932 Aleppo, Syria |
| Died | 2012-11-23 Monte Carlo |
| Occupation | Art dealer |
| Known for | Expertise in Impressionist, Post-Impressionist, and modern art; major art collector and dealer |
Giuseppe (“Joe”) Nahmad (1932 – 23 November 2012) was a prominent art dealer known for his expertise in Impressionist, Post-Impressionist, and modern art. He amassed a vast fortune worth billions by trading, acquiring, and curating artworks from the 19th and 20th centuries.
Family
Giuseppe was born in 1932 in Aleppo, Syria, to Hillel Nahmad, a banker who established Nahmad & Beyda. The family, of Sephardic Jewish descent, communicated in French, Arabic, and several other languages. In 1948, Hillel and his wife Mathilde relocated to Beirut, Lebanon, where they raised eight children: four sons—Albert, Giuseppe, Ezra, and David—and four daughters. Albert extended the family’s banking operations to Rio de Janeiro but tragically died in a plane crash in 1958.
In 1957, Giuseppe moved to Milan to launch his art dealership; his parents and siblings followed two years later. By 1963, his younger brothers David and Ezra had joined the business during their teenage years. Currently, the next generation—David and Ezra’s sons, both named Hillel—oversee galleries located in New York and London.
Giuseppe Nahmad remained unmarried throughout his life and left no descendants.
Career
Nahmad played a key role in discovering Lucio Fontana and commissioned works by Wifredo Lam. While art prices were depressed in Paris, he achieved resale profits between 50% and 100% in Milan.
In 1995, Giuseppe and his brothers acquired Picasso’s 1955 portrait of his second wife Jacqueline for $2.6 million. They retained the piece for twelve years before selling it for $30.8 million. During the 1970s, Nahmad purchased multiple Picasso paintings at prices ranging from $40,000 to $50,000 apiece. The 1980s saw him expand into the Japanese market and continue acquisitions despite the economic downturn of 1989.
Meanwhile, Ezra and David Nahmad established galleries in New York City and London during this era.
Controversy and media coverage
A 2007 Forbes feature highlighted accusations that the younger Nahmad brothers often altered deal conditions at the final moment—a claim denied by David Nahmad. The article also credited the family with helping to stabilize the auction market by buying large quantities of art during slumps. Jeffrey Deitch, a dealer based in New York, compared them to a major brokerage firm vital for market operations.
In 2011, an exhibition of selections from the Nahmad collection at Kunsthaus Zürich sparked debate due to perceived conflicts with the family’s commercial interests.
Death
Giuseppe Nahmad passed away in Monte Carlo on 23 November 2012. He was interred on 26 November in Jerusalem alongside his parents and brother Albert. Most of his surviving siblings and nearly all nieces and nephews attended the funeral; however, the family chose not to disclose news of his passing to the press.