Let’s start with the legal issue here…
The statutory limitation period has run out, so there is no basis in law to prosecute him for whatever reason.
On moral grounds, there may be a case, if the owner, or one of his direct descendents are still living, but I have seen some great grand nephew who wants to have ‘his painting’ back.
Legally the paintings belong to the collector, morally I would appreciate it if they would be shown in an art gallery maybe with a history attached to each painting that was bought under shady (but lawful at the time) circumstances.