Billionaire Forced to Surrender $70 Million of Stolen Art

Michael Steinhardt, a US billionaire, has surrendered as many as 180 stolen relics worth approximately $70 million and has given consent to a lifetime ban on procuring antiquities. It is informed by the investigators that this aforementioned person who happens to be amongst the biggest art collectors on the planet, was possessing stolen artifacts that had been smuggled out of 11 nations by 12 criminal networks.

This lifetime ban indicates the dramatic conclusion of a global investigation that started officially in the year 2017. These antiquities had been stolen from 11 nations and a minimum of 171 antiquities passed through traffickers before Steinhardt ended up purchasing them.

Authorities started investigating a Bull’s Head statue which had been stolen from Lebanon at the time of the Civil War of the country, concluding that Steinhardt also had other stolen artifacts at his office and residence.

The investigation had been expanded for covering his possession, acquisition, as well as the sale of over 1,000 antiquities since 1987. The investigation encompassed cooperation with authorities in Egypt, Bulgaria, Iraq, Greece, Italy, Jordan, Israel, Libya, Lebanon, Turkey, and Syria.

The seized items consist of the Stag’s Head Rhyton which showcases the head of a stag dating back to 400 BCE. It arrived at the market after robbing in Turkey, and its value is approximately $3.5 million right now.

One more item happens to be the Larnax, which happens to be a chest from Greece used for holding human remains. Its value is approximately $1 million right now and it dates from 1400-1200 BCE.