Art theft can be big business for thieves and a big headache for insurers. The Art Loss Register registers over 10,000 losses from insurers, owners and law enforcement agencies on its database each year. The database is searched against over 300,000 items each year, which has led to the recovery of over 1,000 items. Some recent discoveries are:
Item: All Saved
Artist: Thomas Miles
Item: St Michael's Mount
Artist: James Webb
Item: Farm Scene (below)
Artist: George Lara
Item: A Norfolk Farm
Artist: Kenneth Denton
Total value: £20,000
Insurers: London Market
Background: These four paintings were stolen from a house in East Sussex in October 2000. Kent police arrested an antiques dealer in January 2001 and the Art Loss Register (ALR) team were asked to identify a number of items recovered.
They identified them as the stolen works. The paintings were insured on the London Market and recovered prior to settlement of the claim.
Item: Rosewood card table (left) and bachelor chest
Value: Not disclosed
Insurer: Not disclosed
Background: Kent police recovered both items of furniture within hours of this burglary. The ALR team examined items seized by police. They were not on the database, so digital images were taken.
Six weeks later the organisation informed police that both items were identical with those lost. The insured confirmed identification. Those in possession of the items were charged with handling stolen goods.
Item: Bracket clock
Artist: Gerrans of Wortley
Value: Not disclosed
Insurer: London market
Background: This clock was stolen from a house in Oxford in March 1993. The loss was insured on the London Market.
In June 2001 it was identified during a pro-active search of a provincial auction in Taunton. Fortunately the clock had been post-coded with an ultraviolet pen and there were excellent photographs prior to theft.
The clock was returned to the insured following settlement. R&SA warns of profits fall
Insurer Royal & SunAlliance (R&SA) has warned its operating profit for 2001 will be close to nil after it was forced to increase reserves for asbestos claims by £371m and reserves for discontinued operations by £145m.
The insurer, which has set aside £215m to cover losses from the World Trade Centre attacks, said all three provisions would mean its operating results before tax would be break-even for 2001.
Analysts had been expecting R&SA to report operating profits of £487m on 28 February. It reported operating profits of £476m in 2000.
R&SA said the increase in asbestos provisions was prompted by a flood of claims in the US. Of the £371m, £200m will be set aside for policies written by UK subsidiaries and £171m for policies underwritten by US subsidiaries.
