It's been all over the news this week that there have been two multi-million dollar art thefts in Switzerland in the last few days. Two Picassos (estimated value $4.4 million) were stolen from a cultural center in Pfäffikon and a Cezanne, a Monet, a Degas and a Van Gogh were stolen from the E.G. Bührle Collection in Zurich. The second operation has been estimated to be the greatest art loss (approx. $163 million) in Europe since two Edvard Munch paintings were stolen from a museum in Norway in 2004. The Munch paintings were recovered in 2006.

"Boy in the Red Waistcoat" (1888), by Paul Cezanne. (Getty Images)The theft of well-known, high-value artworks is a somewhat odd exercise, as it is practically impossible for perpetrators to realize any true monetary profit unless the theft is organized by a covetous collector who never intends to display the work publicly. This type of situation is actually so rare that most investigators never seriously consider it as a motive. (It does make for a great movie though, The Thomas Crown Affair, 1968 and 1999 are both awesomely good.)

In the case of the Bührle thefts, it is suspected that the works were stolen by East European operatives working for Balkan organized crime groups who can use the artworks as collateral to finance underground deals with other syndicates. This rationale is supported by the fact that the theives removed the first four paintings they encountered, rather than moving to much more valuable paintings further into the museum. It seems there was little research or knowledge of the museums collection and it's individual pieces values prior to the heist.

The Collection was remarkably unprotected with no metal detectors at the doors, which allowed the theives to overtake the security guards with a handgun, remove the paintings from the walls and make their escape in a white van. Very low-tech and uncomfortably easy.

Art theft recovery is a fascinating science and because of a lack of outlets for sale of stolen items, most pieces are eventually recovered when, after passing through various hands, an attempt is made to return the artwork to the rightful owner for a ransom. Scottish police were recently able to recover Leonardo da Vinci's Madonna of the Yarnwinder (estimated value $60 million) stolen from the Earl of Becculeuch in 2003, by arresting a lawyer and three others who had become involved in an attempt to extort both the Duke's estate (who passed away in Sept 2007) and his insurance firm for the return of the painting. 

Let's hope this recent rash of thefts will be solved quickly, as police believe that stolen artworks not recovered within four years will most likely go underground for generations to come.