Attn, Hit & Run Readers: Those Bargain-Priced-To-Sell Monets May Be Stolen!

If anyone is suddenly pushing a cut-rate Monet or Van Gogh on you, be wary:

Armed robbers have stolen art worth $100 million, including works by Claude Monet and Vincent van Gogh, from a Zurich museum, police said Monday.

Zurich police said the robbery took place Sunday. Also among the works stolen were oil paintings by Paul Cezanne and Edgar Degas.

Police called the heist a "spectacular art robbery," but did not identify the museum, saying only that it is in the city's eighth district.

The prosperous and peaceful outer district on the eastern shore of Lake Zurich is home to several notable art collections.

The FBI estimates the market for stolen art at $6 billion annually, and Interpol has about 30,000 pieces of stolen art in its database. While only a fraction of pieces are ever found, the theft of iconic objects is rare because of the intense police work that follows and because the works are so difficult to sell.

More here.

Other questions of art's value raised here and here.

Comments

[technomist]

I am always puzzled about where thee valuations come from when there are big art thefts (I saw $91m in a UK report). Given that the art is only worth what someone will pay for it, and in this case it is unsaleable on the open market, there has to be a major discount available for someone.

[Jim Bob]

One BILLION dollars!

[Leondro]

Nothing gets me pissed off more than seeing a Rothko sell for millions.

Well, maybe people telling me that I don't get why it's such great art.

[Episiarch]

Eyewitnesses saw Peter O'Toole and Audrey Hepburn at the scene.

[technomist]

I've got to invest in stolen art futures. The BBC is now putting the value at $160m.

http://news.bbc.co.uk/1/hi/world/europe/7238470.stm

They must be looking on ebay.

[technomist]

Christ, this is a great market. Its gone up to $163m.

http://www.cbsnews.com/stories/2008/02/11/world/main3815033.shtml

[technomist]

Reuters have it up to $164m

http://www.reuters.com/article/lifestyleMolt/idUSL118887720080211?feedType=RSS&feedName=lifestyleMolt

Is this stolen art going up is the dollar taking a pounding today?

[Al Federber]

@ Leondro -

At least Rothko's most famous paintings tend to be low-key; sort of visual background music.

What really bumfuzzles me is what people see in Cy Twombly's art, especially his sculptures.

Tip for curators: You can you tell if a sculpture is really by Cy Twombley by leaving it on the curb. If nobody takes it, it's genuine.

[R C Dean]

Given that the art is only worth what someone will pay for it, and in this case it is unsaleable on the open market, there has to be a major discount available for someone.

I wonder if this isn't basically a kidnapping, with the thieves setting up some kind of backchannel deal to allow the art to be "recovered" if a ransom is paid.

[technomist]

Looks to me as if its the truth that's been kidnapped. They are worth ?47m according to the Telegraph in London, ?82m in the Daily Mirror and ?84m in the Daily Mail.

The man in the spot for the Wichita Eagle won't pay a penny less for this stuff than $163.2million, and TV New Zealand quotes a very reasonable NZ$115.30 million, which is a steal at US$90,986,303.93

[Chico]

I'd argue that Google's stock, since they'll never get bought out that this price and never intend to pay a dividend is basically a piece of art with not much inherent value.

Unless they have big plans to buy back their own stock that is.

[J sub D]

Eyewitnesses saw Peter O'Toole and Audrey Hepburn at the scene.

Are they sure it wasn't Robert Wagner and Fred Astaire?

[NP]

While only a fraction of pieces are ever found, the theft of iconic objects is rare because of the intense police work that follows and because the works are so difficult to sell.

And that tells me and others like-minded that it's probably not worth much to worry about the stolen works of art 'cause they were likely not worth much in themselves to begin with. Despite what the elites say, popular recognition is more often than not a good barometer of artistic worth.