‘Unprecedented’

Billionaire Michael Steinhardt Gets Lifetime Antiquities Ban Over Alleged Art Crimes

“For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions,” District Attorney Cy Vance, Jr. said.

The Manhattan District Attorney announced on Monday that billionaire Michael Steinhardt will surrender 180 stolen antiquities collectively worth $70 million, following “a multi-year, multi-national investigation into his criminal conduct.” Steinhardt, 80, has also been hit with an “unprecedented” lifetime ban on purchasing additional antiquities. The hedge fund tycoon—and cofounder of the Birthright Israel trip—allegedly purchased art pieces that had been “looted and illegally smuggled out of 11 countries, trafficked by 12 criminal smuggling networks, and lacked verifiable provenance,” the announcement said. District Attorney Cy Vance, Jr. assailed Steinhardt for his “indifference to the rights of peoples to their own sacred treasures,” which he called “appalling.”

In a statement, a lawyer for Steinhardt said that the billionaire is “pleased that the District Attorney’s years-long investigation has concluded without any charges, and that items wrongfully taken by others will be returned to their native countries. Many of the dealers from whom Mr. Steinhardt bought these items made specific representations as to the dealers’ lawful title to the items, and to their alleged provenance. To the extent these representations were false, Mr. Steinhardt has reserved his rights to seek recompense from the dealers involved.”

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Noah KirschWealth and Power Reporter

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