{"id":43408,"date":"2021-12-09T17:07:42","date_gmt":"2021-12-09T22:07:42","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=43408"},"modified":"2024-03-06T01:06:39","modified_gmt":"2024-03-06T06:06:39","slug":"billionaire-michael-steinhardt-forced-to-give-them-up","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2021\/12\/billionaire-michael-steinhardt-forced-to-give-them-up\/","title":{"rendered":"Billionaire Michael Steinhardt Forced To Give Up Prized Possessions"},"content":{"rendered":"\r\n
\r\n
\"silver<\/a>\r\n
Stag\u2019s Head Rhyton<\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

Buying and selling stolen artifacts is a crime, but it seems that some people (especially the rich ones) do not care; that is until they get caught. News broke this week of 80-year-old retired hedge-fund billionaire Michael Steinhardt\u2019s veracious appetite for ancient artifacts, and it does not seem that he cared if they were legally exported.<\/p>\r\n\r\n\r\n\r\n

After a three-year grand jury investigation by the Manhattan District Attorney\u2019s Antiquities Trafficking Unit into his collecting practices, Steinhardt will surrender 180 stolen artifacts (valued at about $70 million). According to the D.A., all of the items \u201clacked verifiable provenance\u2026\u201d and he has been banned from buying cultural antiquities for the remainder of his life \u2026 poor baby!\u00a0 It will be interesting to see how they plan on enforcing that ban.<\/p>\r\n\r\n\r\n\r\n

Michael Steinhardt\u2019s attorneys stated that \u201cMr. Steinhardt is pleased that the District Attorney\u2019s years-long investigation has concluded without any charges, and that items wrongfully taken by others will be returned to their native countries.\u201d So, will he now go after the dealers who sold him the stolen items? Only time will tell.<\/p>\r\n\r\n\r\n\r\n

\r\n
\"Larnax<\/a>\r\n
Larnax<\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

In case you are wondering, among the items recovered were: the Stag\u2019s Head Rhyton, which was looted from Turkey and dates to 400BCE (valued at $3.5m); the Ercolano Fresco, purchased in 1995 for $650,000; and a Larnax (small closed coffin) estimated to be worth $1 million.<\/p>\r\n\r\n\r\n\r\n

Now you might be wondering how they uncovered his illegal purchases. In 2014, Professor Christos Tsirogiannis, a top archeologist, alerted the D.A.\u2019s office that a rare prehistoric Sardinian idol from Steinhardt\u2019s collection was once in the hands of convicted antiquities dealer Giacomo Medici. It was being offered at Christie\u2019s with an estimate of $800-1.2M.\u00a0 Of course, the item was pulled from the sale and eventually returned to Italy. This discovery led to a more in-depth investigation into his collection. Steinhardt began collecting in the late 1980s and owns more than 1000 cultural artifacts.<\/p>\r\n\r\n\r\n\r\n

Source: US billionaire surrenders $70m of stolen art<\/a><\/p>\r\n\r\n\r\n\r\n

Source: New York Billionaire Michael Steinhardt Surrenders $70 Million in Looted Ancient Art<\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"

Buying and selling stolen artifacts is a crime, but it seems that some people (especially the rich ones) do not care; that is until they get caught. News broke this week of 80-year-old retired hedge-fund billionaire Michael Steinhardt\u2019s veracious appetite … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":43409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[111,367,32],"class_list":["post-43408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","tag-antiquities","tag-crime-and-punishment","tag-the-dark-side"],"yoast_head":"\nBillionaire Michael Steinhardt Forced To Give Up Prized Possessions<\/title>\n<meta name=\"description\" content=\"80-year-old retired hedge-fund billionaire Michael Steinhardt forced to return over $70 million in looted antiquities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2021\/12\/billionaire-michael-steinhardt-forced-to-give-them-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Michael Steinhardt Forced To Give Up Prized Possessions\" \/>\n<meta property=\"og:description\" content=\"80-year-old retired hedge-fund billionaire Michael Steinhardt forced to return over $70 million in looted antiquities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2021\/12\/billionaire-michael-steinhardt-forced-to-give-them-up\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/howard.rehs\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-09T22:07:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-06T06:06:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2021\/12\/michael-steinhardt-antiquities-14.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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