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Art heist victim Jeffrey Gundlach says works are safe, arrests made

September 27, 2012|By Joe Bel Bruno and Mike Boehm
  • Bond trader Jeffrey Gundlach says that art stolen from his Santa Monica home has been safely recovered and two arrests made.
Bond trader Jeffrey Gundlach says that art stolen from his Santa Monica… (Jin Lee/Bloomberg )

Jeffrey Gundlach said Thursday that an estimated $10 million in 20th century art that was burglarized from his Santa Monica home has now been safely returned, and that police told him they have arrested two suspects.

The wealthy bond trader, who's considered one of the world's most prominent investment fund managers, had posted a $1.7-million reward for the return of works by Piet Mondrian, Jasper Johns, Richard Diebenkorn, Joseph Cornell and others.

He had discovered Sept. 14 that they were missing, after returning from a short business trip. Thieves also had made off with a 2010 Porsche Carrera, rare wines and expensive watches.

PHOTOS: Art stolen in $10-million burglary

“The focus was on recovering the artwork, and it was all recovered,” Gundlach told The Times. “The 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.”

Gundlach said that thieves were in the midst of selling Mondrian's "Composition (A) En Rouge Et Blanc" when the arrests were made. He had offered a $1 million reward for that painting alone.

He did not know at this point whether anybody would get the reward. Gundlach said the Porsche remains missing, and that he has taken measures to make sure his art will be safe from now on.

“There have been many upgrades to security and armed guards that are now on the property.”

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