19 February 2020,   10:24
Spanish billionaire fined €52 million for smuggling Picasso painting

A billionaire art collector was handed an 18-month jail sentence and fined €52 million for attempting to smuggle a Pablo Picasso painting abroad without official permission.

A Spanish court found 83-year-old Jaime Botin, the ex-chairman of Spanish bank Bankinter, had tried to take the painting “Head of a Young Woman” out of the country illegally.
Botin is unlikely to serve his prison sentence due to his old age and because he is a first-time offender.
The painting, designated by Spain as “unexportable” on the grounds of “cultural interest”, was produced in 1906 and is valued at €26 million - putting the fine at twice the painting"s estimated value.