The Breakdown

Explaining Southern California's economy

L.A. bond king Jeff Gundlach ups reward for stolen art to $1.7 million

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47600 full

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.

Follow Matthew DeBord and the DeBord Report on Twitter. And ask Matt questions at Quora.

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