EconTalk Anja Shortland on Lost Art
Jun 21, 2021
Anja Shortland, an economist and author from King's College London, dives into the captivating world of art theft and recovery. She discusses how stolen artworks re-enter the legitimate market, revealing the unseen complexities of provenance and ownership. Shortland highlights the critical role of the Art Loss Register in enhancing transparency and trust within the art market. Plus, she shares dramatic stories behind high-stakes negotiations and the evolving standards of authenticity that shape art valuation today.
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Art Market's Private Governance
- The art market developed private governance solutions, mostly reputational, to address trust and property rights issues.
- Collectors pay for these services due to high art prices, valuing reliable provenance and authenticity verification.
Evolving Meaning of Provenance
- Provenance, originally meaning "place of origin", now signifies "root of title" in the art world.
- It involves tracing every step of ownership, searching for gaps that raise red flags about an artwork's history.
Art Loss Register's Role
- The Art Loss Register (ALR) is a database of lost, stolen, and looted art, backed by auction houses, art dealers, and insurers.
- Julian Radcliffe, ALR's founder, changed art market norms by making ALR checks essential for due diligence.
