Star bond trader Jeffrey Gundlach will announce a new, potentially momentous reward for the safe recovery of a trove of art stolen earlier this month from his Santa Monica residence, a person familiar with the matter said.
The founder of DoubleLine Capital is currently offering $200,000 for the return of art that includes works by Mondrian, Joseph Cornell, Jasper Johns and Richard Diebenkorn. The new reward, which will be announced at a 1 p.m. news conference on Monday, is expected to be among the highest paid for stolen art, the person said.
The record for a proposed reward is $5 million, offered by the Gardner Museum in Boston for information leading to the recovery of 13 artworks, with an estimated value of more than $300 million, stolen in 1990. Other major art rewards can be seen here, along with the FBI's list of the top 10 art heists.
Gundlach will make the award for tips that lead to the safe return of his pieces, said the person who was not authorized to speak publicly. The investing titan is not seeking the conviction or arrest of anyone, the person said.