How can collectors ensure they do not purchase stolen or counterfeit treasures? The British Museum is currently facing a scandal involving the theft of 2,000 historic artifacts, including ancient jewelry. These stolen items, some of which are treasures from Cleopatra’s reign, have been sold on auction websites like eBay for as little as £40, despite their actual value being up to £50,000. However, this is just one instance of theft in the art market. The global criminal industry surrounding theft, fakes, and looted valuables is estimated to be worth as much as £4 billion per year, according to the US Federal Bureau of Investigation’s art unit.
So, how can collectors ensure they don’t unintentionally purchase stolen or fake treasures? Christopher Marinello, a lawyer and expert in recovering stolen art, suggests taking precautions. Marinello has successfully retrieved approximately £475 million worth of stolen art over the years, working on behalf of museums, collectors, and dealers to find plundered treasures including works by Henri Matisse and El Greco stolen by the Nazis.
Marinello points out that the practice of selling stolen smaller jewelry and antiquities for a fraction of their value is a common tactic employed by criminals. They know that auctioning these items at low prices attracts numerous buyers. Marinello questions why individuals wouldn’t exercise the same level of caution when purchasing art or valuables as they would when buying an electric toaster. He emphasizes the potential consequences of buying stolen goods, including arrest or wasting money on something that doesn’t legally belong to the buyer.
While Marinello acknowledges that checking the authenticity of an item can be time-consuming and challenging, there are ways to minimize the risk. He highlights the importance of questioning sellers about provenance and seeking advice from reputable dealers or historians before making a purchase. The Antiques Trade Gazette offers a list of dealers in the buyer’s area.
Julian Radcliffe, founder of the Art Loss Register, provides another resource for buyers. The Art Loss Register contains information on over 700,000 lost, stolen, and looted art, antiques, and collectibles from around the world. Although the register cannot guarantee provenance, it can be searched to determine if an item of interest is listed. The search service typically costs £70 and can also connect buyers with academic experts in specific fields who may provide advice for free or a small fee. This assistance can be invaluable in verifying the authenticity and legitimacy of a piece.
Buyers should be cautious of bargain prices on auction websites, as items listed well below their actual value could potentially be stolen. Thieves purposely list stolen items at low prices to deter suspicion. Examples of stolen British Museum artifacts found on eBay include Roman onyx jewelry worth up to £50,000 being sold for £40, and an Egyptian ring valued at £10,000 or more priced at £150. Stolen items from household burglaries can also surface on platforms like Facebook Marketplace and Gumtree, with popular targets being antique rings, necklaces, and watches.
It’s crucial for buyers to obtain as much information about an item’s previous owners or traders as possible before making a purchase. Contacting these individuals for verification can help ensure the item’s authenticity. Photocopies and unverifiable signatures should raise red flags. Engaging an independent expert for a second opinion before finalizing the transaction is advisable. The British Antique Dealers’ Association provides a list of local members who often offer free advice.
When purchasing from a reputable auction house, buyers may need to pay a commission of at least 25% of the hammer price. Although this increases the overall cost, it provides a physical point of contact in case of issues, and most auction houses offer full refunds if the purchased item is later discovered to be stolen or fake.
If a buyer unintentionally acquires stolen valuables, there may still be a chance for compensation. Julian Radcliffe explains that stolen pieces can resurface many years after the original theft when the most recent owner decides to sell or have the treasures evaluated. In such cases, proceeds from the subsequent sale can be split between the most recent owner and the original victim or their surviving family members. This division of funds rewards the discovery of stolen goods and ensures that unknowing buyers are not left empty-handed.
When using a credit card to purchase valuables with a value ranging from £100 to £30,000, buyers are protected under Section 75 of the Consumer Credit Act if the item turns out to be stolen or counterfeit. In the event that the seller cannot be located or fails to refund the money, buyers can contact their credit card company for compensation. It’s crucial to obtain a crime reference number from the police when reporting stolen goods to initiate an official claim.
In conclusion, collectors can safeguard themselves against purchasing stolen or fake treasures by exercising due diligence and seeking advice from experts throughout the buying process. By questioning sellers, checking provenance, and consulting resources like the Art Loss Register, buyers can minimize the risks associated with the art market’s criminal industry. Additionally, buyers should be cautious of bargain prices and consider purchases from reputable auction houses to ensure recourse in case of issues.
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