(CNN) — A cache of 1,500 works of art — including masterpieces by Picasso, Matisse and Chagall — confiscated by the Nazis and missing for more than 70 years has been found in Germany, according to German media reports.
The huge haul of paintings, estimated to be worth more than $1 billion, was discovered in an apartment in Munich in the spring of 2011 during a raid by Bavarian tax authorities, but its existence has only just come to light with an article in the German news magazine Focus.