Who are Ezra and David Nahmad?
Ezra and David Nahmad are brothers who were born in Beirut, Lebanon, into a Sephardic Jewish family with ancestral ties to Aleppo. Ezra Nahmad was born on October 2, 1945, and David Nahmad was born on November 17, 1947. Their father, Hillel Nahmad, was a banker who originally resided in Aleppo but relocated to Beirut following the anti-Jewish violence in Syria in 1949. In the early 1960s, due to concerns about the Israeli threat to Lebanon, their father decided to move the family, including Ezra, David, and their third brother Joseph (also known as Giuseppe), to Milan, Italy.
During their teenage years in the 1960s, Ezra and David Nahmad ventured into the world of art dealing. They utilized their free time after school to engage in trading on the Italian stock market. A pivotal moment occurred when they attended a Juan Gris exhibition in Rome, which was organized by the renowned cubist dealer Daniel-Henry Kahnweiler. At this exhibition, Ezra and David acquired two artworks, which happened to be the only pieces sold. This transaction led to a friendship with Kahnweiler, who subsequently sold them artworks by celebrated artists like Pablo Picasso, Georges Braque, and Juan Gris.
As the 1970s brought about the emergence of the Red Brigades terrorist group and heightened security concerns, Milan was considered too perilous. Consequently, the Nahmad family made another move. Joseph and Ezra relocated to Monaco, while David ventured to New York City.
Throughout the years, Ezra and David Nahmad, along with other family members, have gathered an extensive array of artworks created by world-famous artists like Pablo Picasso, Vincent van Gogh, Claude Monet, and numerous others. Their collection is considered one of the most significant globally, and notably, it includes one of the largest gatherings of Picasso's artworks in existence.
The Nahmad family is known for their discrete nature and often operates through various art galleries and dealerships around the world. Their collection is a subject of interest and intrigue in the art world, and they have been involved in numerous high-profile art transactions over the years.
Ezra and David Nahmad’s art collection
The tale of the Nahmad brothers commences in Italy. Their elder sibling, Joseph, a Milan-based entrepreneur, devoted his entire earnings to the world of art. His collection encompassed pieces by Italian artists like Lucio Fontana, Arnaldo Pomodoro, Marino Marini, and Giorgio de Chirico. Additionally, it featured works by international artists such as the Belgian Magritte and the Cuban painter Wifredo Lam. Joseph's fervor and deep appreciation for visual art were so infectious that he instilled it in his brothers, Ezra and David.
David swiftly established a network of collectors who placed their trust in him. Prominent Parisian gallery owners of that era confided their masterpieces to him: Aimé Maeght entrusted him with paintings by Braques and Mirós, while Daniel-Henry Kahnweiler sent him Picasso artworks, which were subsequently sold in Italy. In the 1960s, when art enthusiasts were predominantly focused on cubist art, David was among the earliest to show interest in Picasso's later works, which spanned the last two decades of the painter's career. This particular artistic phase proved to be exceptionally rich and ultimately became a cornerstone of the Nahmad collection. It was heavily influenced by Picasso's profound connection with his wife and sole model, Jacqueline Roque.
For them, art represented both a passion and a secure financial investment. The two brothers capitalized on the downturns in the art market during the early 1970s and early 1990s, acquiring artworks in large quantities. During a Kandinsky auction organized by Sotheby’s Parke-Bernet in 1971, the Nahmad brothers acquired half of the paintings on offer.
As of 2013, Ezra and his brother David Nahmad have gained recognition as influential "mega-dealers" in the realm of modern and impressionist art, dealing in works by some of the most renowned artists, spanning from Monet and Matisse to Renoir and Rothko.
According to Forbes, the chairman of Christie’s New York has claimed that the Nahmad brothers have achieved the distinction of "selling more art than anyone alive." They primarily conduct their art transactions through auctions. In 2007, Forbes magazine estimated the combined value of Ezra and David's art collection to be in the range of $7 to 8 billion. The brothers split their art assets 50/50.
They frequently loan their remarkable masterpieces to museums worldwide. In Paris, the public had the opportunity to view selections from their collection at renowned institutions such as the Louvre, the Center Pompidou, the Grand Palais, and the Musée d'Orsay. Notably, they exhibited Pablo Picasso's "La fillette à la corbeille fleurie" (1905), which they acquired for $115 million.
In 2011, a portion of their impressive collection, featuring works by Picasso, Matisse, Léger, Miró, Mondrian, and Kandinsky, was showcased at the Kunsthaus in Zurich. In 2013, they presented a selection of their collection at museums in Sète, including works by Corot, Courbet, Gustave Moreau, Odilon Redon, and approximately sixty impressionist pieces. During the same year, the gallery of Grimaldi Forum in Monaco exhibited 116 paintings and drawings by Picasso from their collection.
To gain insight into the Nahmad family's path to wealth, "The Art of the Deal" - Forbes magazine offered an illuminating perspective. For instance, during a Christie's auction held at the Rockefeller Center, a Picasso oil painting from 1955, initially acquired by David Nahmad in May 1995 for $2.6 million at Sotheby's, fetched an impressive $30.8 million when sold. A Modigliani, previously purchased for $18 million, was resold for over $30 million.
Another vital aspect of their strategy is their penchant for buying and retaining artworks. Unlike many other art dealers who can only manage a small inventory of paintings at any given time before selling them, the Nahmad family has established an expansive art warehouse. This facility, occupying 15,000 square feet in a duty-free building near Geneva Airport, houses a staggering 4,500 to 5,000 artworks. Notably, the collection features pieces by renowned artists like Monet, Renoir, and Matisse. These pieces hold a collective value estimated between three and four billion dollars. Among these treasures, there are 300 Picasso works, constituting an estimated value of approximately one billion dollars. The Nahmad brothers possess the most extensive private collection of Picasso's paintings, surpassing all other private collectors outside the Picasso family. This art warehouse ranks as the largest private art collection globally.
Selena Mattei
