As recently reported by the LA Times, Jeffrey Gundlach, regarded as one of the world’s preeminent fund managers, will receive his nearly $10-million contemporary art collection back that was stolen from his Santa Monica, California home in mid-September. A record $1.7-million reward was offered by Gundlach for the safe return of his prized collection.
After a key tip to the police, two suspects were arrested last Wednesday and at least one of the paintings was in the process of being sold. Police were able to recover most of the stolen art collection at an automobile stereo shop in Pasadena, California and the final painting at a nearby Glendale, California home. Gundlach later commented to the LA Times that “[t]he thieves had worked on moving the property, but we were able to get a good lead and apprehend them. It’s a great day for the art world.”
It was unclear whether Gundlach would pay the reward money to the person who tipped off the police that led to the eventual arrests of the thieves. In particular, Gundlach did not know if anybody would receive the seven-figure reward. Gundlach’s Mondrian painting entitled “Composition (A) En Rouge Et Blanc” was the painting that the thieves had been trying to sell or otherwise unload. The $1-million offered for the return of the valuable painting is believed to be the highest reward ever for a painting.