The Met May Have Millions in Stolen Art. It’s Not Waiting to Be Asked to Return It.
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The Met May Have Millions in Stolen Art. It’s Not Waiting to Be Asked to Return It.

The museum is taking the lead on re-evaluating its art and artifacts to determine where these works came from in the first place.

By Ted Loos
Mon, Mar 17, 2025 8:56amGrey Clock 4 min

At the Metropolitan Museum of Art in late February, an increasingly familiar scene played out: A museum was restituting a work of art, giving back something from its collection to the place where it originated—in this case, Greece. The announcement, however, was more celebratory than sheepish. It was being done with the fanfare more often associated with acquiring a great object rather than returning one. That’s because, in this case, the Met itself launched the inquiry into the sculpture’s origin.

The work in question was a small bronze sculpture of the head of a griffin, a mythological creature, made in the 7th century B.C. It had been on display at the Met since 1972. Max Hollein, the Met’s director and CEO, spoke to the assembled crowd. The piece, he said, “could not have legitimately left” Greece.

Over the last few years, museums have had to respond to inquiries—sometimes as part of legal claims that can come from countries or former owners, or are initiated by U.S. law enforcement—about works that were stolen, illegally excavated, exported or traded improperly.

But with the griffin head, the Met didn’t wait to be asked. Greek authorities weren’t attempting to reclaim it. Instead, in a turn that shows how the process of repatriation and restitution has changed, the Met took the initiative to investigate how the griffin head got into its collection. The museum found it had disappeared from the Archaeological Museum of Olympia in the 1930s.

Last year the Met appointed Lucian Simmons, a lawyer and former Sotheby’s executive, to be its first-ever head of provenance. He leads a team of 10 full-time researchers, which the Met says is the biggest staff dedicated to this task at any museum.

Simmons acts as “air-traffic control,” he said, providing support, supervision and coordination to the provenance research specialists, who are embedded within the museum’s departments.

Simmons’s broader philosophy is that more sunlight is better when it comes to determining pieces’ back stories. “We need to know the truth,” he said. “Sometimes it’s uncomfortable.”

With these claims, the stakes are often high: In 2022, local and federal authorities seized 27 objects worth a reported $13 million from the Met and returned them to Italy and Egypt, their countries of origin.

Provenance research, or finding a comprehensive record of an art object’s previous ownership and history, is “core museum work” these days, said Hollein, certainly when it comes to vetting new acquisitions. But now, more museums are examining the back story of objects they’ve had for decades and then taking action based on what they find.

“Museums used to take a wait-and-see approach,” said William M. Griswold, the director of the Cleveland Museum of Art and the chair of the cultural property task force of the Association of Art Museum Directors. “Now, they are much more proactive about investigating and finding ways to resolve issues that pertain to provenance.”

Hollein noted how much the landscape of looking into a work’s provenance had changed. “Forty, fifty years ago, nobody cared about documents. It’s not because everything was illegal. That’s just not how it worked.”

The Met has more than 1.5 million objects in its collection, six million visitors a year and an endowment of $4.5 billion.

With the griffin head, Met staffers flagged in 2018 that there were issues, and Hollein then reached out to the Directorate of Antiquities and Cultural Heritage of Greece. The mystery was never solved definitively, and hence the museum could not be sure the piece met its standards.

But it’s not gone for good. The bronze is coming back to the Met as a loan next year.

When the billionaire Leonard N. Stern, a real-estate developer and heir of the pet-product company Hartz Mountain, wanted to give the Met a collection of Bronze Age sculptures from the Cycladic Islands, which are now part of Greece, the Met couldn’t determine the art’s origin.

“Ninety percent of Cycladic art comes from unknown contexts, and a lot of it probably comes out of tombs,” said Seán Hemingway, the Met’s chief curator of Greek and Roman art.

Instead of turning down the gift, the Met worked with the Greek government and the Museum of Cycladic Art to establish a long-term partnership. The works will be owned by Greece, but most will be on display at the Met for the next 25 years, and the country will loan other Cycladic art to the museum. Separately, Stern is supporting extensive joint research and conservation projects.

Hollein said the reaction to such an offer had changed completely. “Maybe like 40 years ago, it would have been, ‘We’ll take it,’” he said. “Then maybe 10 years ago, it would have been, ‘It’s impossible for us to get right.’

Sometimes, the outcomes of provenance research don’t result in a piece being returned, as with Jean-Louis Lemoyne’s “La Crainte des Traits de l’Amour” (1739-40), a Rococo marble sculpture in the Met’s Petrie Court depicting a woman startled by a tiny Cupid.

Last year, an associate curator in the European Sculpture and Decorative Arts department flagged a gap in its ownership records. Upon further investigation, the museum confirmed that the sculpture, once owned by a branch of the Rothschild banking family, had been seized during World War II, a fact previously unknown to the museum. After being taken from the family, “it was put on a truck by Nazis in Paris,” Simmons said. “It was taken to the Jeu de Paume and then shipped to Berlin.”

Somehow, the work found its way back to the Rothschilds, who later sold it, and the Met bought it from a dealer, so it didn’t clearly call for restitution. Instead, new information explaining this history will be added to the placard describing the work, part of a new New York state legal requirement that requires New York museums to publicize when an artwork was stolen by the German Army.



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A property portfolio can look comfortable until several small pressures arrive together: a rate increase, a vacancy, higher insurance and an unexpected repair. The correct time to model that combination is before it occurs.

Start by recalculating every loan at 0.25, 0.50 and one percentage point above its current rate. Include principal-and-interest repayments even where a loan is temporarily interest-only, because the eventual step-up may be larger than the next RBA move.

Then calculate true net rent. Deduct management, council and water charges, strata, insurance, maintenance, land tax where applicable and a vacancy allowance. A property advertised with an attractive gross yield can produce a very different result after these costs.

Third, review the portfolio’s liquidity. An offset account can reduce interest while keeping cash accessible, but investors should obtain tax advice before moving funds between loans. The distinction between investment and private debt affects deductibility, and poorly structured redraws can create lasting complexity.

Fourth, examine refinancing risk rather than just today’s rate. A highly leveraged investor may be unable to refinance on the same terms because the new lender tests total debt at a higher assessment rate. Credit-card limits, owner-occupied debt and shaded rental income can all reduce capacity.

Fifth, rank properties by resilience. Consider net yield, vacancy risk, near-term capital expenditure, tenant demand, debt attached and the cost of selling. This is not an instruction to sell the weakest performer automatically; transaction costs and tax consequences matter. It is a way to identify where pressure would emerge first.

Investors should also review fixed-rate and interest-only expiry dates. A portfolio with several facilities resetting in the same quarter carries concentration risk even when each loan appears manageable individually.

The goal is not to predict the RBA perfectly. It is to ensure that one policy decision does not force a rushed refinancing, sale or reduction in essential maintenance. A portfolio that can absorb higher rates and temporary income interruptions gives its owner time to make deliberate decisions.

Read more: What mortgage holders should do before the next RBA decision

Portfolio checklist

Stress test: Current rate plus 0.25, 0.50 and one percentage point.

Model: Net rent after every recurring cost and vacancy.

Check: Fixed-rate expiries, interest-only expiries and loan maturity.

Preserve: An accessible emergency buffer.

Review: Insurance, land tax, strata works and major maintenance.

Seek advice: Licensed credit, financial and tax advice before restructuring.

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