In an article published in Tatler Address Book, associate Jade Preston and Kati Cramp from art recovery specialists Art Loss Register examine the strategies art collectors can employ to protect their art collections and the steps they should take if an artwork is stolen.
The article, titled ‘Art Theft: Protecting Your Collection’, says that the first line of defence begins the moment an artwork is acquired. It advises collectors to retain all documentation relating to the piece’s acquisition, such as invoices, receipts and certificates of authenticity. This paper trail proving ownership is the foundation of a successful recovery.
Next, owners should record key details about the artwork, including the artist, title, edition number and high-quality photographs of the front and back, as well as any distinguishing marks. Even smartphone photos may be sufficient if they are of adequate quality.
As well as ownership documentation and identification, owners should protect themselves financially by taking out appropriate insurance. Usually, this means specialist insurance beyond that provided by a standard home policy.
What you should do if an artwork goes missing
If an artwork is stolen, the article recommends that owners inform the police immediately. Insurers should also be notified as soon as possible, as otherwise the ability to claim on the policy may be lost. Finally, the loss should be registered with the Art Loss Register. This is the world’s leading database of stolen artwork and acts as a global detection network across auction houses, galleries and private sales.
How can you recover stolen artwork?
While criminal proceedings can prove effective given the police’s wide powers, art thefts are not necessarily a top priority for law enforcement. Also, the police’s effectiveness diminishes once time passes and/or an artwork is moved overseas.
Civil litigation is another option, and claims can be brought to recover a lost artwork or seek financial compensation from wrongdoers, including cross-border where relevant. It may also be possible to compel related parties to disclose where an artwork is located.
Due to the art world’s sensitivity to reputational damage, negotiated settlements can often prove more effective than lengthy litigation.
You can read the full article in Tatler Address Book here.
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