Good Friday for Gundlach as police recover stolen art

Treasures include paintings by Mondrian, Jasper Johns and Frank Stella; 'great day for the art world'

Sep 28, 2012 @ 10:00 am

Gundlach
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Frank Stella's '4 picavia' back where it belongs

Jeffrey Gundlach, the chief executive officer of DoubleLine Capital LP who had about $10 million in art stolen from his home in Santa Monica, California, two weeks ago, said all the works were recovered.

Suspects were apprehended and the investigation is continuing, Gundlach said late yesterday in an e-mailed statement thanking local police led by Detective David Haro.

“This is a great day for the art world and all those who seek order and justice in our society,” said Gundlach, who runs the top-rated DoubleLine Total Return Bond Fund. (DBLTX)

Most of the paintings were found at Al & Ed's Autosound in Pasadena, California, after Pasadena police received a tip, according to a statement from the Santa Monica Police Department. Four more were recovered from a residence in San Gabriel and the final painting was found at a home in Glendale. Two suspects were charged with possessing stolen property. A third person has been interviewed and is cooperating with investigators, according to the statement.

Gundlach offered $1.7 million in rewards, including $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. He also offered $200,000 for several paintings, including Frank Stella's "4 pacavia."

After returning from a trip, the owner of a Santa Monica residence realized that several paintings, a red 2010 Porsche Carrera 4S, watches, wine and a small amount of cash had been stolen, the city's police said last week in a statement. At least 10 paintings and five watches, including one Breitling, were taken. Police estimated the loss at more than $10 million.

--Bloomberg News--

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