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Reward Bumped to $1 Million for Stolen Artwork

Big reward offered for the return of a Piet Mondrian painting, which owner Jeffrey Gundlach has called "extraordinarily rare" and "elegant." A burglar reportedly stole $10 million in pricey property from the Santa Monica resident.

Santa Monica resident and bond-fund manager Jeffrey Gundlach today announced additional rewards of $1 million and $500,000, respectively, for the return of two of more than a dozen artworks nabbed from his North of Montana home. 

Rewards of $1 million and $500,000, respectively, were offered for the safe return—or information leading to the safe return—of a Piet Mondrian painting, "Composition (A) en Rouge et Blanc," and the Jasper Johns painting, "Green Target."

Gundlach previously had announced a reward of $200,000 for information leading to the safe return of his stolen property, which also included 40 bottles of rare wine, currency, a red 2010 Porsche Carrera 4S that had been parked in the garage, and watches. That reward remains in effect.

The loot was valued at $10 million, according to Santa Monica Police Department spokesman Sgt. Richard Lewis.

The home in the 500 block of 12th Street was burglarized over a two-day period in mid-September while the Doubleline Capital CEO was on a trip to New York, according to Santa Monica police.

Gundlach has told the Los Angeles Times the Mondrian 1969 oil-on-canvas was "extraordinarily rare to begin with, but very few are as elegant and in the type of condition [as this one is]. You can wait years before any Mondrian comes to sale."

Anyone with information on the crime was asked to call Detective David Haro at (310) 458-8432, Sgt. Henry Ramirez at (310) 458-8453, or the Santa Monica Police Department's 24-hour line at (310) 458-8495.

Glenn E Grab September 25, 2012 at 02:21 PM
his money, or the insurance company's?.....the stuff's worth nothing to anyone except the insurance company at this point....just curious, had the paintings been up for sale at any point?...
mimi September 25, 2012 at 05:33 PM
glenn- you are a clever armchair detective.. if the paintings were up for sale recently, it certainly narrows the field of suspects. I agree that the insurance company increased the reward, not the owner. BTW, Angela Lansbury, in the tv series,,solved murders. Bloody crimes are not my cup of tea. Give me a good art theft, and I'm on the case.
Dan Charney September 25, 2012 at 07:53 PM
These are very rare paintings- and they are worth plenty on the high end illegal market- there is a very active group of international buyers who buy these rare pieces- and in fact, follow auctions and private sales to find out where they are- the insurance premiums would have been in the stratosphere since this was considered fairly easy access for a pro- so many who own these important and rare pieces have them sitting in vaults as investment. I applaud that he chose to live with them. it changes you to walk around a great architectural space amidst great art. How good that he chose to do this with his earnings. Hope he gets them back. The car and the watches are easily replaced. These are not.
Dan Charney September 25, 2012 at 08:08 PM
This sort of heist is usually done by pros and ordered by the buyer. Most rare art theft is set up this way- the rest of it is just gravy.
Dan Charney September 25, 2012 at 11:29 PM
It is the smallest world of all who buys this level of art- it's not exactly on CL and it's carefully controlled by a handful of people- they rarely deal with criminal elements and are so secretive that very few ever know of their availability- most of them are fully aware of who the criminals in the world of art heists are-
Glenn E Grab December 05, 2012 at 07:47 PM
they're not worth much of the illegal market, and nowhere near what the owner thinks they are...but the insurance company's not too happy about the "theft", I'll wager..if they insured the paintings for an inflated price that's what they'll have to pay out.....too late to bargain now....

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