Sept. 24 (Bloomberg) -- Jeffrey Gundlach, the chief executive officer of DoubleLine Capital LP whose home was burglarized this month, offered as much as $1.7 million for information leading to the recovery of stolen artwork.
The reward includes $1 million for the recovery of a painting by Piet Mondrian, provided it isn’t damaged, and $500,000 for a Jasper Johns work and two pieces by Joseph Cornell, Gundlach said today at a news conference. The rewards are on top of the $200,000 Gundlach had offered last week for information leading to the recovery of various items.
The name of Gundlach’s firm, DoubleLine, partly stems from his love for artwork by Mondrian, whose paintings feature a grid of vertical and horizontal lines and three primary colors. At least 10 paintings, a red 2010 Porsche Carrera 4S and five watches, including one Breitling, were taken from Gundlach’s Santa Monica home, with the total loss estimated at more than $10 million, according to police.
“I think he’s doing the right thing by making it very public,” Anthony Amore, co-author of “Stealing Rembrandts” and president of Boston Security Associates, a firm that focuses on art security and recovery, said in a telephone interview. “You have to make these things so recognizable that everyone knows it’s a hot item.”
The largest private reward ever offered is $5 million by the Isabella Stewart Gardner Museum in Boston for 13 paintings stolen in 1990, Amore said. Rewards offered should be phrased in a way that makes it clear the thieves aren’t eligible for the money because it sets a bad precedent, he said.
Gundlach today declined to comment on how the crime occurred and whether his art is insured.
The painting by Dutch artist Mondrian is titled “Composition (A) en Rouge et Blanc” and the piece by American artist Johns is called “Green Target.”
High value artwork such as the Mondrian or Johns generally are either recovered within months or after a generation, Amore said. If the thieves can’t sell them because they’re too recognizable, they’ll hide them and won’t be discovered until after they die, he said.
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