Displaying items by tag: insurers

Four Romanians behind a spectacular art heist in the Netherlands were ordered Monday to pay 18 million euros, with the fate of the stolen masterpieces by Picasso, Monet, Gauguin and Lucien Freud still a mystery.

Seven paintings that were temporarily on display at the Kunsthal Museum in Rotterdam were stolen in 2012 in a raid that lasted only three minutes, in what the Dutch media called "the theft of the century."

A court in the Romanian capital ordered the heist's mastermind Radu Dogaru, his mother Olga, Eugen Darie and Adrian Procop to reimburse the paintings' insurers.

As legal jockeying continues in Detroit’s bankruptcy, the city and the Detroit Institute of Arts have jointly hired a New York art investment firm whose personnel could be called as expert witnesses to push back against creditors trying to force a sale of art in court.

Artvest Partners, a well-known company that advises attorneys, dealers, insurers, other art world professionals and collectors, has been engaged to provide a price range for the entire 66,000-piece collection at the city-owned DIA and assess the viability and practicality of selling art or otherwise monetizing the collection, said Bill Nowling, spokesperson for Detroit emergency manager Kevyn Orr.