The Art Theft Register: A Crucial Resource

Johannesburg – Art theft is not solely driven by profit.

Stolen artworks continue to vanish from residences, galleries, and institutions globally, motivated by various factors such as personal admiration for an artist, the intention to repurpose valuable materials, or the temptation of a black-market resale.

To tackle this issue, iTOO Special Risks has launched a publicly accessible Art Theft Register, aimed at preventing stolen artworks from re-entering the market through unofficial channels.

This Register acts as a public resource for collectors, dealers, auction houses, and insurers, providing a transparent system to identify and track stolen art.

“The reasons behind art theft are diverse and often quite personal,” states Gail Bosch, Artinsure Product Head at iTOO Special Risks.

“Regardless of the motive for the theft, our primary goal is to ensure that stolen pieces do not re-emerge in the legitimate market unnoticed.

“The register is instrumental in achieving that goal.”

The register is free and open to everyone, not just iTOO clients.

It includes critical information such as artist, medium, dimensions, and theft location, while sensitive details like ownership and value are kept confidential.

Notably, recovered artworks are clearly marked, and even pieces missing for extended periods remain listed in hopes of eventual recovery.

“The register is not confined to traditional artworks; it encompasses any appreciating asset, including rare collectibles, high-value items like whiskey or wine, and even classic cars,” says Bosch.

“Given the value and collectibility of certain vehicles, it’s crucial to have them recorded publicly if they go missing.”

The register serves multiple functions:

• Curbing art theft: To prevent individuals from unknowingly purchasing or insuring stolen items, especially from sellers who may not possess legitimate ownership.
• Public interest and industry service: It serves as a public service within the insurance sector, contributing to a safer and more transparent art ecosystem.
• Recovery mechanism: One of its primary purposes is to create a system to help recover stolen artworks for clients who have experienced a loss.

“Many appreciating asset classes are stolen every year, yet we haven’t seen a significant increase in listings on the register,” notes Bosch.

“That’s why we’re working to educate the public and raise awareness about this platform, encouraging participation.

“The more traffic the site receives, the better it is for everyone. It is freely accessible to all.

“Unlike some other registers, we do not charge for access or for listing items.

“If anyone has had an artwork or collectible stolen, they should reach out to us.”

Currently, 469 items are listed on the register, with recent data indicating that oil on canvas pieces are the most commonly reported, followed by bronze sculptures and prints.

This trend serves as a subtle warning to collectors that certain asset types are more vulnerable and may require additional protection or insurance.

To list an item on the register, owners need to present proof of ownership, a police case number, and a clear image.

Providing additional details such as edition numbers and dimensions significantly enhances the likelihood of recovery.

Moreover, art owners should consider an optional insurance cover that applies when someone unknowingly buys a stolen item.

Typically, the police would return the item to its rightful owner, leaving the buyer without compensation due to their defective title.

However, if they have secured Defective Title cover, they would be reimbursed.

“It’s something every collector should take into account,” asserts Bosch.

“That said, the item must have been acquired from a reputable dealer or gallery, not from an informal setting.

“If it’s subsequently discovered to be stolen, the policy would provide compensation to the buyer.”

Bosch adds, “Even if someone checks the register before making a purchase, we still advise procuring the cover.

“The register isn’t exhaustive, as some thefts may remain unreported until the item appears at auction.

“That’s when the original owner could spot it and assert their ownership. Therefore, it’s wise to do both.

“While the register is a valuable tool, it is not entirely foolproof.”

To view the register or list a stolen item, visit: www.itooartinsure.co.za/art-theft-register