German authorities say the trove of Nazi looted artwork recovered in 2011 from an apartment in Munich includes works by Picasso and Toulouse-Lautrec and others greats that date back to the 16th century.

Officials said they can't put a price value on the discovered items.

(SOUNDBITE) (German) AUGSBURG STATE PROSECUTOR, REINHARD NEMETZ, SAYING:

"Regarding these artworks with an ideal value so high that it cannot be estimated, there are concrete indications that this is so called 'degenerate art' or stolen art."

A German magazine said 1,500 art works, missing for more than 70 years, were discovered by chance by customs officials.

There was no word on why the find had taken so long to come to light.