The Geneva papers say local prosecutors entered the storage facility to determine the location of the disputed Modigliani. At present, no one is saying whether the authorities seized the work or even located it:

The Geneva public prosecutor wasted no time. Two days after opening unsolicited inquiries  for “to audit” in relation to the revelations of Panama papers , prosecutors went to action. The prosecutor Claudio Mascotto conducted Friday morning a search on the site francs Ports Geneva, in the premises of the works of art storage company Rodolphe Haller.

According to our information, the prosecution is interested in a painting by Modigliani, The man sitting leaning on a cane. A painting valued at $ 25 million, including Panama papers have revealed the true owner, art collector David Nahmad. When contacted, the Public Ministry has not wished to make any comment.

Update: This morning Bloomberg confirmed with the prosecutors that the painting had been confiscated:

As part of the case, investigators on Friday searched facilities at the Geneva Free Ports, and confiscated the painting, “Seated Man with a Cane,” the Geneva Prosecutor’s Office said in a statement Monday.

Ports francs search to Geneva (Le Temps)