But art historians say the works could mainly consist of what the Nazis considered "degenerate art" that did not necessarily belong to Jews.
These were largely modern or abstract works by artists that the regime of Adolf Hitler believed to be a corrupting influence on the German people. Their "deviant" characteristics were often attributed to Jewish corruption, and thousands of such works were seized.
"We don't know how many of the 1,500 works are 'degenerate' works or looted by the Nazis," said Christoph Zuschlag, an expert on "degenerate art" at the University of Koblenz. "So we need to examine each piece individually."
He cautioned against overestimating the value of the collection before it had been thoroughly assessed. "We need to see whether these were originals or prints," he told The Associated Press.
He noted that of the 21,000 pieces of "degenerate art" seized from German museums in or shortly after 1937, two-thirds were prints while only one-third were originals.