This report deals with a claim by the granddaughter of the late Franz W. Koenigs of the Netherlands in respect of three paintings now in the possession of the Courtauld Institute of Art. The claimant contended that the family lost possession in 1940 when the paintings, which had been loaned to a Museum, and had been used as collateral to secure a loan from a bank, were called in when the bank went into liquidation. The paintings were sold to a collector, Count Antione Seilern, who subsequently bequeathed them to the the Home House Society (the predecessor of the Samuel Courtauld Trust) in 1978. The claimant submitted that the paintings were undervalued when sold, as a result of a conspiracy by two persons connected with the museum, and that the sale must have been made under duress. The Panel, echoing a decision by the Dutch Restitution Committee, finds that the family were deprived of the paintings neither by theft, nor by forced sale or by sale at an undervalue. The Panel recommends that the claim be rejected.