UPDATE: Actually, it's $500,000 for the Jasper Johns PLUS several works by Joseph Cornell. No questions asked! Just give me back my art, says Jeff Gundlach. Some very nice works, I must say.
At a press conference today, DoubleLine Capital CEO Jeffrey Gundlach announced a substantially increased reward for information related to stolen two paintings from a recent $10-million heist at his home in Santa Monica.
Gundlach had already offered a $200,000 reward, but today he added to that, offering $1 million for information related to or the intact return of "Composition (A) en Rouge et Blanc," painted in 1936 by Dutch modernist master Piet Mondrian; and $500,000 for a work by Jasper Johns from 1956 titled "Green Target."
Both paintings can be seen here.
Gundlach may very well be concerned that, as highly collectable fine art is a difficult thing to sell when stolen, the theives may destroy the paintings they made off with.
The theft comes at a time when Gundlach has been on a roll, building up L.A.-based DoubleLine from nothing to more than $40 in two years. Southern California has become an important region in the bond world, with DoubleLine, Newport Beach-based PIMCO, and TCW collectively managing nearly $2 trillion in assets.