Giuseppe Nahmad
| Giuseppe "Joe" Nahmad | |
|---|---|
| Born |
Giuseppe Nahmad 1932 (age 84–85) Aleppo, Syria |
| Died | 23 November 2012 Monte Carlo, Monaco |
| Resting place | Jerusalem, Israel |
| Residence | Monaco |
| Occupation | art dealer |
| Parent(s) | Hillel Nahmad Mathilde Safra |
| Relatives |
David (brother) Ezra (brother) Edmond Safra (cousin) |
Giuseppe (“Joe”) Nahmad (1932 – 23 November 2012) was an art dealer who specialized in impressionist, post-impressionist, and modern art. He amassed a multi-billion fortune in buying, selling, and collecting works of arts of 19th- and 20th-century artists.
Giuseppe Nahmad was born in 1932 in Aleppo,in Syria. His father Hillel Nahmad was a banker who founded Nahmad & Beyda in Syria. The Nahmads were citizens of Italy and Sephardic Jews who spoke French, Arabic and several other languages. Hillel Nahmad opened a branch of Nahmad & Beyda in Beirut, Lebanon, after he and his wife, Mathilde Safra, moved there in 1945. They had eight children: four boys (Albert, Giuseppe, Ezra, David) and four girls (Denise, Jacqueline, Nadia, Evelyne). In 1958, Albert, having expanded the family banking business to Rio de Janeiro, died in an airplane crash.
In 1957, Giuseppe Nahmad settled in Milan where he started his art dealership. Two years later his parents and his younger siblings resettled in Milan. Giuseppe’s younger brothers, David and Ezra, joined the enterprise while still being teenagers in 1963. David and Ezra's own sons, both named Hillel, run galleries in New York and London currently.
Giueseppe Nahmad never married and had no children.
Nahmad discovered Lucio Fontana and commissioned paintings by Wifredo Lam. When prices were especially low in Paris and, for Nahmad, resale margins in Milan ranged from 50% to 100%.
Nahmad and his brothers bought Picasso's 1955 portrait of his second wife Jacqueline in 1995 for $2.6 million. They held it for twelve years and sold it for $30.8 million.In the 1970s, Nahmad bought several Picassos at prices from $40,000 to $50,000 apiece.In the 1980s, Nahmad moved into the Japan market and continued buying art through 1989 downturn.
It was during this period that Ezra and David Nahmad opened galleries in New York City and London.
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