LONDON.- The Art Loss Register (ALR) announced the acquisition of the register of stolen art and antiques from Trace, a subsidiary by MyThings which will become a minority shareholder in the ALR. This merger will consolidate the two databases into one, and reinforce the need for one database recognised internationally as the centre for due diligence searching by the art trade and for registration by insurers and victims of theft.
"The Art Trade cannot be expected to search a multitude of databases with different content which do not provide an authoritative check on whether the item is stolen, missing or has some other defect to its title. Likewise victims of theft need to register in one location providing support to the police to assist them and increasing the chances of recovery," said Julian Radcliffe the Chairman of the Art Loss Register.
"We look forward to developing our additional services in relation to fakes, pre loss registration and searching for lower value items particularly for auction houses," he added.
"We believe that this merger with the Art Loss Register will provide Trace auction house clients the best future service," said Benny Arbel the CEO of MyThings which has just raised new funds to develop its core business in behavioural targeting.
Recent Court cases in the UK and USA have highlighted the need for art and antique dealers and auction houses to search before they buy or sell to avoid criminal or civil action against them.
The ALR is the world's largest private international database of lost and stolen art, antiques and collectibles providing recovery and search services to private individuals, collectors, the art trade, insurers and law enforcement through technology and professionally trained staff of art historians.
The ALR was formed in 1991 through a partnership between leading auction houses and art trade associations, the insurance industry and the International Foundation of Art Research. The ALR has been involved in the recovery of over 1,000 works of art worth with an estimated value of £100,000,000. With over 210,000 items on its database of lost and stolen art and antiques, it undertakes over 300,000 searches a year. The ALR is recognised as the leader in art recovery, due diligence and the resolution of title disputes.
