Stolen Tate Turners recovered

Two of the Tate's Turners, stolen eight years ago while on loan in Frankfurt, have been recovered intact but without their original frames.

Tate bosses were reluctant to talk about the recovery as it could hamper the chances of finding a third artwork, from a German collection, which was stolen at the same time.

The works are now back in the UK

German artist Caspar David Friedrich's Nebelschwaden is still missing.

Shade and Darkness was actually recovered in July 2000, but the discovery was kept secret while investigations continued.

Light and Colour was recovered on Monday and both paintings were brought back to the UK on Wednesday.

Tate director Sir Nicholas Serota said: "These two paintings are among Turner's most important works and, in their references to Goethe's colour theories, show him to be at the forefront of European intellectual inquiry."

The two Turners were stolen from the Schim Kunsthalle in Frankfurt while on loan to the exhibition Goethe and the Visual Arts.

UPDATE: The Tate apparently made a profit of £15M on the theft.

Insurers paid out £24 million in 1995 and the title to the works passed to the insurers. By 1998 Tate chiefs were concerned that with the paintings still not recovered, a large amount of cash was lying dormant in the insurance fund, rather than being used for any purpose. So a deal was struck where the Tate bought back the insurers' title for £8 million. . .

With interest added to the insurance cash, the Tate is now around £15 million up on the deal, even after taking a gamble on paying for the title and the recovery costs.

May we all be so fortunate in dealing with insurers.

Posted by David on December 20, 2002 11:40 AM