Revisiting Art Theft Reporting

It’s time to circle back on a subject of some consternation for the art market, namely the timely reporting of a theft and sufficient use of the media to broadcast an incident. As has always been the case and will continue to be, collectors and institutions are hesitant to report a theft for a variety of reasons. Privacy and unwanted attention are the two primary drivers of inaction. Unless a trophy piece is in play for the highest bidder and public admiration avoiding publicity resulting from a theft is somehow more important than increasing the chances of recovery. Some collectors go to great lengths to have the market only speculate on ownership of a valuable work. Museums have not yet figured out how to cross the line of appeal for fear of exposing their irresponsibility. So they quietly take the losses. Many people are also not aware of the alarmingly low percentage of recovery – only 3 to 5% – and the critical time period for action within the first 48 hrs. of a theft. The longer the wait the greater the chances of a work being sold, spirited out of the area, state or country or secured in hiding until an advantageous moment presents itself. This may be never.

Since the last time I talked about this the world has further shrunk and the network for communication has only become more far reaching. Beyond the normal suspects for recovery – FBI, Interpol, Europol, the Italian Carabinieri, the Art Recovery International or local police forces – the ease of posting immediately within a targeted community of auction houses, galleries and other outlets for sales or a local community more likely to hear someone talking or have seen something has multiplied.

A genuine risk evaluation to determine week points of security, protective solutions and adequate insurance with up-to-date coverage are threshold measures. Having an object-specific art protection system for anything of monetary, historical or sentimental value is surprisingly inexpensive and unobtrusive. Knowing who to contact in case of an event should be on a refrigerator magnet.