UPDATE 2: Over $10 Million in Stolen Artwork Recovered After Offer of $1.7 Million Reward

Bullet Shih Sep, 2012 0
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Money talks!  Several days ago we wrote that financier Jeffrey Gundlach had upped the ante for the safe recovery of his art collection to $1.7 million which included the highest ever reward offered for a single painting.  Gundalach offered $1 million for information leading to the safe recovery of his Mondrian.

The eye popping reward certainly had the desired effect as the LA Times has reported that Santa Monica police have arrested two suspects in connection with the burglary and all the works are safe.  The prompt arrest most likely as a result of the high reward occured just in the nick of time as the Mondrian painting Composition (A) En Rouge Et Blanc was in the process of being sold.  The Times reports,

The big break in the case came Wednesday when Pasadena police officers received a tip that the stolen art was held at an automobile stereo shop, Santa Monica police said in a news release. Officers raided the Al & Ed’s Autosound store on South Rosemead Boulevard, recovered all but one of the stolen paintings and arrested the store’s manager — Jay Jeffrey Nieto, 45, of Canyon Country — on suspicion of possessing stolen property.

A second suspect, Wilmer Cadiz, 40, was arrested at his home in Rosemead, also on suspicion of possessing stolen property.

The final painting was recovered at a residence in Glendale. The person who was in possession of that painting has not been arrested and is cooperating with investigators, police said…

One lesson Gundlach learned from the burglary was to beef up protection for his collection: “I will continue to take good care of it,” he said. “There have been many upgrades to security, and armed guards are now on the property.”

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