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Johannesburg - Art theft is on the rise worldwide, an art insurer said on Tuesday after another artwork was stolen from a Johannesburg auctioneer.
"The frequency of art thefts in South Africa and worldwide is rising and the public needs to be cautious if they are offered art at values that seem too good to be true," Artinsure's managing director Gordon Massie said in a statement.
Artinsure is a specialist underwriting manager, focused on art and antiques, and is majority owned by Hollard. The company insures art works across South Africa.
Thirty-two art works had been placed on Artinsure's theft register for South Africa in the last three months.
"The legal ownership of stolen art remains with the original owner and represents a loss to the purchaser of stolen art when it is recovered."
A Sydney Carter watercolour portrait of a young woman, valued between R4 000 and R6 000, was stolen from 5th Avenue Auctioneers in Craighall Park, northern Johannesburg, on Monday night.
According to the FBI, art theft is a lucrative criminal enterprise, with estimated losses running as high as $6bn (about R40bn) annually worldwide.