By Laura Murphy, fine art specialist, Chubb Personal Insurance
Every year, more than $6 billion in art is stolen worldwide. Major works of art are being carried out of museums and being pilfered during times of political upheaval. In addition, forgeries are being passed off as original artworks by well-known artists.
With so many works of art being looted, it can be difficult to know if the piece your client is insuring has a checkered past. That's because the art black market, according to Interpol, is the fourth largest criminal network in the world. Within such a thriving, intricate web of crime, art can disappear quickly. Once underground, a piece can be sold and resold, often for decades, without detection. Once a piece changes hands a few times, its origins are lost, making it easy to purchase a stolen work of art without knowing.
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