The Problem of Stolen Art

Art theft/smuggling has become a booming industry, estimated to be as high as $6 billion annually according to FBI statistics. With the theft of millions of art objects in the last century, stolen art has the potential for making its way into the most renowned galleries and auction houses and eventually into the possession of even the best-intentioned private collectors.

A few key industry initiatives have greatly improved the potential to reunite a victim of stolen art with the lost piece. As a result, court cases are on the rise. A standardized system for identifying art, ObjectID, makes it easier for authorities to describe lost pieces, while the development of lost art databases on the Internet simplifies the process for victims who want to publicize their loss.

Stolen art essentially creates two victims: the one whose piece is stolen and the one who unknowingly purchases it. The implications of possessing stolen art are serious. The current owner could be forced to return the piece and lose the investment made or might be required to pay restitution to the original owner or heirs. This could mean thousands, if not millions of dollars lost, along with ruined financial and estate planning — not to mention the potential for negative publicity and significant personal stress.