KEY POINTS:
A Colin McCahon sculpture worth $23,000 has been impounded by police after a raid on the Wellington house of a high profile businessman.
Police have said the buyer, thought to be Infratil's chief executive Lloyd Morrison, was blameless, Radio New Zealand reported today.
The sculpture of an Iron Cross was bought at an auction in 2006.
Auctioneer Dunbar Sloan said he was contacted by police last week.
"A Colin McCahon, Iron Cross, came in for sale and sold for about $23,000," he said.
"But about a week ago (police) came and asked us who the purchaser was as it was suspected the McCahon may be stolen - may be."
It is believed that the sculpture is at the centre of an ownership dispute from proceeds of an estate, rather than a case of theft.
The work has been impounded pending a court case in Wanganui where the rightful owner would be decided.
- NZPA
