Billionaire Michael Steinhardt Surrenders $70 Million In Stolen Art, Receives First-Ever Lifetime Ban From Acquiring Antiquities

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Manhattan District Attorney Cy Vance Jr. called the lifetime ban “unprecedented,” and said 180 antiquities will be returned to their rightful owners in 11 countries.

his office began investigating Steinhardt’s role in the acquisition, possession and sale of more than 1,000 antiquities in 2017, and found compelling evidence that 180 pieces were stolen from their country of origin.

The 180 antiquities that were deemed to be stolen will be returned to their rightful owners in 11 different countries, and Steinhardt agreed to a “first-of-its-kind” lifetime ban from acquiring more antiquities, according to the district attorney’s office. Vance said Steinhardt’s pursuit of obtaining new pieces of art “knew no geographic or moral boundaries,” which he said was reflected in the “crime bosses, money launderers and tomb raiders” Steinhardt relied upon to expand his collection.that Steinhardt was pleased the investigation “concluded without any charges, and that items wrongfully taken by others will be returned to their native countries.

Steinhardt and the District Attorney’s office reached an agreement that will end the grand jury investigation, meaning Steinhardt will not be criminally prosecuted in the case. Vance said the agreement will avoid a trial so that the pieces could be returned “expeditiously” to their owners, rather than be held as evidence for years, and to avoid “over-burdening resource-scarce” nations who would have been called as witnesses to the trial.

 

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