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Art Title Advisors helps protect your ownership rights. In the art world, theft and smuggling have become very big business. So big, in fact, that worldwide trade in stolen and smuggled art, estimated at $6 billion per year, is on par with drug trafficking, illegal arms trade, and money laundering. That means that a lot of stolen art is making its way into the legitimate market, and has been for years. From 1933 to 1945 alone, hundreds of thousands of art objects, worth billions of dollars, was looted or sold under duress. Once art has been stolen, its title is spoiled. This exposes a subsequent owner to the risk that his or her ownership rights could be challenged at any time, even decades after the theft. The current owner could be forced to return the piece and lose the investment made or may be required to pay restitution to the previous owners or heirs.
Art Title Advisors can help collectors successfully manage this risk.
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According to a recent article, England’s stately homes are being targeted for their important porcelain pieces.In the past three years, there have been 21 major cases and, since 2007, there have been 15 attempted robberies.From the location of the thefts, it would appear that these homes are being targeted for their proximity to major shipping ports so that the thieves can more easily smuggle the pieces out of the country.
One day after five paintings worth an estimated $123 million were stolen from a Paris museum, five different paintings were stolen from a collector’s home in Marseille.No estimation of value has been given, but the most significant of the works is a Picasso lithograph of a woman’s face.Reportedly, the burglars knocked on the man’s door, beat him up, and then took the paintings.