People stand outside the Nazi-curated travelling exhibition, 'Degenerate Art,' (Entartete Kunst), at its second stop after Munich at the Haus der Kunst in Berlin February 4 1938. A vast collection of ... more 
People stand outside the Nazi-curated travelling exhibition, 'Degenerate Art,' (Entartete Kunst), at its second stop after Munich at the Haus der Kunst in Berlin February 4 1938. A vast collection of modern art branded 'degenerate' and seized by the Nazis which includes works by Picasso, Matisse and Chagall has been discovered in a Munich flat amongst stacks of rotting groceries, German magazine Focus reported on Monday. The 1,500 art works, missing for more than 70 years, and discovered by chance by customs authorites in the southern German state of Bavaria, could be worth well over one billion euros. Customs investigators made the sensational find in the spring of 2011. Picture taken February 4, 1938. REUTERS/Ullstainbild (GERMANY - ENTERTAINMENT CITYSPACE POLITICS CRIME LAW SOCIETY) ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. NO ARCHIVES. NO SALES. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. MANDATORY CREDIT. AUSTRIA OUT. NO COMMERCIAL OR EDITORIAL SALES IN AUSTRIA. GERMANY OUT. NO COMMERCIAL OR EDITORIAL SALES IN GERMANY. SWITZERLAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN SWITZERLAND less 
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Reuters | Photo By STRINGER/GERMANY / REUTERS
Mon, Nov 4, 2013 12:04 PM EST