MADRID - An 83-year-old former Spanish bank chairman was fined €52 million on Thursday after being convicted of smuggling a Pablo Picasso painting abroad after it was designated a national treasure.
The case stemmed from the seizure of Spanish master Picasso's"Head of a Young Woman", a 1906 painting valued at €26 million, from Botin's yacht during a search by customs officials on the French island of Corsica in 2015. Thursday's verdict, which can be appealed, also transferred ownership of the painting to the Spanish state.Madrid's High Court, in a ruling released on Thursday, said Botin had been informed in 2012 by auctioneer Christie's that he would need official permission to sell the century-old painting in a London auction.
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