German dealer compromises on Schwabing Art Trove

An announcement made Monday confirmed that art collector Cornelius Gurlitt will cooperate with German officials over his stockpile of over 1,000 pieces of artwork assumedly taken by the Nazi’s during World War II.
According to BBC, the two parties agreed to determine the origin the “Schwabing Art Trove” through an investigate effort made by a government assigned Task Force. Gurlitt originally denied any inquest into his collection through an appeal filed in February, but the 81 year old German has had a change of heart. Accordingly, any paintings found not to be affiliated with Nazi looting will be returned to him in a year’s time.
The press release reports, "Mr Gurlitt will allow the Task Force to continue researching the provenance of those works in the trove suspected of having been confiscated from their owners by the Nazis or of being works the Nazis considered 'degenerate art'."
Los Angeles Times notes that the collection includes the work of artists like Pablo Picasso, Henri Matisse, and Gustave Courbet. The Trove is thought to have been partially collected by Gurlitt’s father Hildebrand, an art expert employed by the Nazis during World War II.
The collection’s estimated worth is over $1 billion.