FOUND MONEY
Those two words
have a
pleasant
ring to them,
especially in
these troubled
times. Along
those lines of
thought
there
may be a chance
at receiving
revenue from a
most
unexpected
sector.
Alexander Boyle
& Associates
dedicated to the
recovery of
stolen art
recently
retained the
services of senior
insurance
executive B.Grant
Fraser regarding
how to navigate
the corporate
maze regarding
salvage and art
theft recovery.
The two first
met when they
jointly
recovered a
stolen painting
for the Union
League Club of
New York. Mr.
Boyle was able
to determine
through his
connections in
the trade that
the missing
work, complete
with police
report and
insurance claim,
had gone through
not only
Christies then
Sotheby's as
well, but not
for Mr. Fraser,
there might
things have
remained as Sothebys
remained tight
lipped about
where the
painting had
gone. Mr. Fraser used
his insurance
industry
contacts to put
the squeeze on
them and through
his own network
discovered where
the painting had
gone. Within a
few days an FBI
agent visited
the new
"owners," who in
their defense
purchased the
work in good
faith so they
were justly
immune from any
prosecution, but
once informed of
being in
possession of a
stolen painting
by an Federal
law enforcement
agent they were
legally
obligated to
return the
painting to the
last known legal
owner, which is
exactly
happened, and
after the Union
League Club of
NY repaid the
original
insurance
settlement,
the painting
returned for
good to its old
home. At the
time we were
told by the
insurance
companies
salvage expert
that this was
the only case of
an active
art salvage for that
company.
Sometimes somebody doesn't want a stolen painting back, if it was
stolen in the
1970's today it
is worth far
more than what
was paid for it,
so post recovery
sale might be
what they want,
especially if
they reimbursed the
insurance
company the settlement amount
that the company
that paid on the
initial claim. Also
if death and
divorce are a
factor, there may be
multiple heirs
to an object of
art, and one
thing
is certain,
single paintings
can
not be torn into
two, three or
even four parts,
but the
financial
proceeds from a
painting sold are
very easy to
divide equitably.
On a more
serious note,
Alexander Boyle
& Associates has
been founded to
help those that
have been
victimized from
art theft.
Unlike the
better known Art
Loss Register
we are not owned Sothebys and
Christies,
thereby removing
a huge
conflict of
interest, as
our experience
with the
Ulysses Grant
painting showed
how quickly
problems with
such ownership
can
become apparent. Our
services and
lack of conflict
of interest
should prove to
be a huge boon
to the
insurance
companies who
paid out on
claims long ago
and by having
done so, they
own title to
works that may
have
significantly
appreciated in
value. Were they
to plumb the
depths of their
claims paid
file, they might
have enough
(photos,
dimensions and
police reports)
to help us, help
them pursue the
recovery of the
art. If
successful they
can
sell at market
prices and thus
turn a liability
into an asset.
We are not law
enforcement and
we will only
handle claims
where the
ownership of the
painting is
fully documented
with the proper
paperwork
consisting of an
insurance claim,
police report
and a quality
photograph. We
would not want
to initiate
action against a
lawful owner
based upon
incomplete or
incorrect data.
For "Claim
forms" click
here
