Gundlach Gets His Art Back!
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Thursday, September 27, 2012

Gundlach Gets His Art Back!

Jeff Gundlach's stolen art has been found! Yet it's not clear who, if anyone, will get the reward.

Today the DoubleLine Capital [profile] chief and fixed income guru issued a statement thanking the Santa Monica Police Department, and Detective David Haro in particular, "for their skillful, tireless and respectful attention to apprehending the criminals and recovering all of the artwork stolen."

"This is a great day for the art world and all those who seek order and justice in our society," Gundlach stated.

Gundlach did not identify the suspect(s) in the case, and he referred further inquiries on the details to the Santa Monica PD, "as the investigation is continuing." MFWire could not immediately reach Detective Haro for comment on the resolution of the case.

The Associated Press reports that police have arrested 45-year-old car stereo store owner Jay Jeffrey Nieto in Pasadena and 40-year-old Wilmer Cadiz in San Gabriel.

Gundlach's brief statement also makes no mention of the combined $1.7 million reward he publicly offered just three days ago for the return of the artwork.

Gundlach told the Los Angeles Times today that the Porsche has not been recovered and that the arrests were made when the thieves were trying to sell a Piet Mondrian painting featuring the painter's "double line" style, the style that inspired Gundlach when naming his mutual fund company.

"Maybe whoever has it will drive to a Ralphs parking lot and just drop it off and end this," Gundlach said to the paper. "The focus was on recovering the artwork and it was all recovered ... The thieves had worked on moving the property, but we were able to get a good lead and apprehend them."

Gundlach told the Times that he doesn't know who, if any one, will get the $1.7-million reward. He also confirmed that he's boosting his home security.

"There have been many upgrades to security and armed guards that are now on the property," Gundlach said.

Bloomberg and Business Insider also reported on the recovery of the art.

According to the Santa Monica PD, the burglary occurred at Gundlach's Santa Monica home between 3pm Pacific Time on September 12 and 8pm Pacific Time on September 14, when Gundlach was in New York on business. The burglar(s) stole five watches, some wine and cash, and 13 pieces of modern art worth a total of about $10 million, then drove off in Gundlach's red 2010 Porsche Carrera 4S. The artwork stolen included a Piet Mondrian painting featuring his "double line" style, the style that inspired Gundlach when naming his mutual fund company. In addition to the Mondrian, nine other paintings and three art boxes were also stolen. They included pieces by Joseph Cornell, Richard Diebenkorn, Philip Guston, Jasper Johns, Franz Kline, Hanson Duvall Puthuff, Guy Rose, Frank Stella, Bradley Walker Tomlin, Cy Twombly and William Wendt.

The burglary has also been covered by the Financial Times, Gallerist NY, New York Magazine and the Reformed Broker.

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