$27 Million Worth of Art Stolen From Pebble Beach Home

The Herald newspaper from Monteray CA is reporting of a private home which was burglarized and where art was stolen worht $27 million.  It is reported 13 pieces of art are missing. There is a $1 million reward being offered for the recovery.  The art includes paintings by Rembrandt, Pollock, Matisse, Renoir and Van Gogh. The $27 million figure is considered rather fluid, and perhaps suspect, either up or down, as one of the owners says the Pollock alone could be worth $40 million (stating it has never been shown in the market).

Just a short while ago a series of Andy Warhol paintings were also stolen.  I dont know if it is the economic times, or just more coverage, but there seems to be more and more stories of art crime from forgeries and fakes to outright theft.  As appraisers, this is worth knowing as it is important that these collections are properly insured.

One of the owners comments the collection was not insured, stating it would have cost too much, within the range of $20 - $30 million, which I find as a rather unusual statement.   Because of the high cost to insure, they owners decided to self-insure the works.  They may increase the reward to $5 million.

The Hearlad reports

The artwork was uninsured, Amadio said. Their collection was so extensive that it would have cost $20 million to $30 million to insure it, he said.

"Nobody can afford that. It was a calculated risk," he said.

Amadio said the thieves apparently entered through a guesthouse and garage and took computer records pertaining to the stolen pieces.

He said whoever took the pieces probably had a buyer lined up in the black market for artwork. Their value on the black market could be $3 million to $4 million, Amadio said.

He said the reward may be increased to $5 million if information they receive leads to the arrest and conviction of the thieves.

He said he and Kennaugh are working with security companies to safeguard their large collection. He said they called in professional investigators Monday who specialize in tracking stolen artwork.

Amadio said they have never before lost anything in their collection to thieves.

He said the two Rembrandt pieces are widely known, identifying them as "Woman Making Water" and "St. Jude Praying."

He said the stolen piece by American abstract artist Jackson Pollock has never been shown on the open market. The 3-by-7-foot painting could be worth more than $40 million, Amadio said in an e-mail.

In a follow-up e-mail, He said they were still completing an inventory to determine exactly what was taken.

To read the full Herald article, click HERE.