Two paintings by French Impressionist Pierre-Auguste Renoir remain missing after thieves raided the Renoir Museum in Cagnes-sur-Mer on the French Riviera.
The thieves broke into the museum on Sept 8 and stole four Renoir works in an operation that lasted less than three minutes. Two paintings were abandoned in the museum garden as the suspects fled, but “Portrait of Madame Colonna Romano” and “Young Woman at the Well” remain missing. The works have a combined estimated value of about €9 million (US$10.5 million).
Despite their huge value, art experts say the stolen paintings are extremely difficult to sell. Unlike jewellery or other valuable objects that can be broken down and sold separately, famous paintings are highly recognisable and difficult to move through the legitimate art market without attracting attention.
Their value also largely disappears once they are known to be stolen. Experts say potential buyers, auction houses and museums can identify the works through records and provenance checks, making it risky for criminals to try to cash in on them.
The theft has nevertheless raised fresh concerns about security at smaller museums in France, which have increasingly become targets for criminals. Authorities are continuing to search for the suspects and recover the two missing Renoirs.
The incident is a reminder of the strange economics of art theft: a painting can be worth millions on the legitimate market, yet become almost impossible to sell once it is stolen.
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