Gundlach Offers $1.7 Million For Stolen Paintings

Sep 25 2012 | 1:54am ET

A week-and-a-half after a $10 million heist at his California home, hedge fund manager Jeffrey Gundlach is increasing the stakes in the search for his lost art.

The DoubleLine Capital founder said he would pay an additional $1.5 million in rewards for information leading to the recovery of four of the artworks stolen from his home earlier this month. The new offer, made during a press conference in Los Angeles yesterday, is on top of the $200,000 reward he offered last week for information leading to the return of the stolen items.

At the press conference, Gundlach said he would pay $1 million for the retrieval undamaged of a painting by Piet Mondrian, "Composition (A) en Rouge et Blanc." The $500,000 reward is for Jasper Johns' "Green Target" and two works by Joseph Cornell.

The thief or thieves, who broke into Gundlach's Santa Monica home between Sept. 12 and Sept. 14, while Gundlach was away, also took works by Philip Guston and Franz Kline, among others, as well as five luxury watches, wine, cash and the bond expert's 2010 red Porsche Carrera 4S. At least 10 paintings were stolen.

Gundlach would not say whether his art collection is insured.

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