Guys' Point of View

Life and business perspectives told from a Guy's point of view!


Showing posts with label History. Show all posts

The Wall Street Journal has proven to be the
required daily textbook for the business and investing elite

For nearly 120 years, the Wall Street Journal (WSJ) has been regarded as a crown jewel in the field of U.S. journalism and a newspaper that is required reading among the business and power elite. On this day in 1889, the WSJ is first published by Dow Jones & Company, a financial information service established in 1882 by Charles Henry Dow and Edward D. Jones.

Recently on December 13, 2007, WSJ shareholders representing more than 60 percent of Dow Jones's voting stock approved the company's acquisition for $5 billion by News Corp headed by media mogul Rupert Murdoch. The acquisition by Murdoch had many mixed reviews, especially among WSJ employees and its staff of journalists, who thought the integrity of the paper would be severely tarnished under the leadership of their new boss.

In 1891 Marcellas Berry an employee of American Express
invented the Travelers Cheque. American Express set the
standard for Travelers Cheques and Gift Cheques.
Above is a reproduction of the first Travelers Cheque issued in 1891.

Since 1975, American Express has been synonymous with its classic advertising slogan "Don't Leave Home Without It" when it was devised by David Ogilvy of Ogilvy & Mather, a preeminent New York City advertising agency. Today, many people are only familiar with American Express as an issuer of a variety of credit and charge cards. However, before American Express issued the first charge card in 1959 (they were the first company to issue the embossed plastic cards that we still use today), it was known for decades as a financial services company. In fact, American Express started out in 1850 and in its early history they enjoyed a virtual monopoly on the movement of express shipments such as goods, securities, currency, etc.) throughout New York State. Over the years, American Express has been in the pulse of many businesses and corporate ventures; and without a doubt the company has a very interesting and colorful history in financial services.

On this day in 1891, American Express copyrights its Travelers Cheque, which will be a boon to globe-trotting customers as a protection against theft and other loss of cash. The cheque business began quietly; in its first year of sales only 248 cheques (worth $9,120) were sold, but by 1909, annual sales were $23 million. During 2000, sales of American Express Travelers Cheques increased to $24.6 billion.

In regards to the creation and patent of American Express Travelers Cheques, inventor and company employee Marcellus F. Berry wrote, "There’s one thing every person does in a distinctive way. That is writing his signature. Therefore the foolproof device for taking money to strange places must carry the signature of the bearer. It must declare that it will be cashed only when a second, and matching, signature is added before witnesses." Berry was granted four copyrights for "the travelers cheque" which he himself named.

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Many decades before You Tube and the handheld
digital camcorder made stars out of almost anyone,
the Kodak Model A camera (pictured above) started America's
passion for making home movies in an easy to use and portable unit

Home movie lovers and You Tube addicts of the world unite! On this day in 1923, the 16-mm Kodak Model A camera and projector are introduced in America for the first time. Although home movie equipment had been available in Britain since 1896, the Kodak equipment was cheap and infinitely easier to use, and therefore accessible to a much wider audience. Thanks to this type of technology, the movie world has benefited greatly from the aspiring efforts of such contemporary and famous filmmakers as Steven Spielberg and George Lucas. Both Spielberg and Lucas played around with home movie cameras in their youth which inspired them to be filmmakers (and rich beyond their wildest dreams as a result).

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While Henrietta Green (above) was the richest woman in America during the first decade of the 20th century, she was legendary for being extremely tight with her fortune. It was well noted that Henrietta's son lost a leg because she refused to pay for proper medical treatment until it was too late.

It takes many, many years in order to properly build wealth. Watching your pennies, cutting corners on expenses, and spending and investing wisely is a great start to propelling wealth over the long haul. While the secret to building wealth is not such a mystery, one woman over a century ago became legendary for being way too tight with her money. On this day in 1916, Henrietta Howland Green (a.k.a. the "Witch of Wall Street") dies in New York City as the richest woman in America with an estate worth over $100 million. She was 80 years old and miserly to the very end. Despite her enormous wealth, she lived the last two decades of her life in a tiny apartment in Hoboken, dressed shabbily, haggled with shopkeepers, and avoided medical treatment other than what she got at charity clinics. Her practice of maintaining a large pool of liquid assets for lending allowed her not only to survive the panic of 1907 but to thrive. Many investors at the time of the panic were highly grateful to Green and found themselves in debt to her.

To read more about the highly unusual but fascinating story of Henrietta Green and the fortune she built, click here.


On this day in 1819, the Bank for Savings in the City of New York - the first savings bank in America - opens for business. The first day's receipts were $2,807 from 80 depositors. The statement for the first six months showed a loss of $27, suffered as a result of accepting counterfeit money and a short change loss of nearly $24.

Television sets such as this Philco receiver (built before 1942)
aired the first commercial for Bulova Watches

Since the beginning of television, the bread and butter for any broadcast station is the revenue that comes from advertising. If you have seen nostalgic TV commercials from the 1940s, 50s, and 60s, (check out You Tube for a good sampler of vintage commercials) then you know that television advertising and design has come a long way since the first commercial aired in 1941. Today, the commercials that interrupt our viewing pleasure run the gamut of being funny, glossy, provocative, entertaining, and just downright annoying (think "Head On" rub on aspirin that looks more like the paste we used to bind construction paper pieces together in kindergarten - Head On commercials are annoying but very effective).

If you noticed recently, the commercials for LG's new line of Scarlet TV sets are made to be more of a high-end Hollywood movie premiere and its hard to tell that they are trying to sell you a product - very clever and sexy marketing!

On this day in 1941, for-profit commercial television is first broadcast legally in the United States, as the licenses issued by the Federal Communications Commission becomes effective. Ten stations have received licenses a few months earlier on May 2. License number one was issued to W2XBS, NBC, which telecast from the Empire State Building over Channel 1.

At 2:29 p.m. New York City NBC affiliate WNBT aired a 10 second spot before a baseball game between the Brooklyn Dodgers and Philadelphia Phillies, displaying a Bulova watch over a map of the U.S., with a voice over of the company's slogan "America runs on Bulova time!" The advertisement cost a whopping $9 for 20 seconds.

American Genius: Thomas Edison harbored a big grudge when the
newly formed General Electric Company was not named after him

Founded in 1892, the General Electric Company (GE) was an early innovator in electric lighting and power and set out to dominate the American electrical industry. On this day in that same year, GE is traded on the New York Stock Exchange for the first time - about two months after the Edison-Houston merger that created it and arranged by financier J. P. Morgan. World headquarters for the company were established in Schenectady, New York.

Miffed that his name did not adorn the new company, Thomas Edison attended his first, last, and only board meeting in August 1892. "I will not go on the board of a company that I don't control," he growled before selling all his GE shares. Edison did remain as a consultant to the company so that he could continue to collect royalties on his patents which remained. Four years later in 1896, GE was one of the original 12 companies listed on the newly-formed Dow Jones Industrial Average. GE is the only one that still remains today.

The barcode changed the face of inventory control and retail
shopping sales (and almost everything else in our lives) everywhere

It goes without saying that almost every facet of our lives involves the use of a bar code in some way for the purpose of identification and tracking control. From the goods and services we buy in a store, electronic records, mail, membership cards, and even the driver's license, the barcode has proliferated the global landscape. Since its commercial debut 34 years ago, the bar code has earned its place as an essential tool for business and communication as much as the personal computer and the telephone are.

Besides such things as shopping and personal identification, most people seem to be aware that bar codes have other handy and essential uses as well. Rental car companies keep track of their fleet by means of bar codes on the car bumper. Airlines track passenger luggage, reducing the chance of loss (believe it or not). Researchers have placed tiny bar codes on individual bees to track the insects' mating habits. NASA relies on bar codes to monitor the thousands of heat tiles that need to be replaced after every space shuttle trip, and the movement of nuclear waste is tracked with a bar-code inventory system. Bar codes even appear on humans and animals!

So with those facts in place, it's time for a celebration! On this day in 1974 at 8:01 in the morning, a barcode reader made by the National Cash Register Company is used for the first time at a supermarket checkout. A 10-pack of Wrigley's Juicy Fruit chewing gum is passed through a scanning machine in Marsh Supermarket in Troy, Ohio. The pack of gum wasn't specially designated to be the first scanned product. It just happened to be the first item lifted from the cart by a shopper whose name is long since lost to history. Today, the pack of gum is on display at the Smithsonian Institution's National Museum of American History.

Be advised that barcode technology wasn't a new idea in the 1970s when that pack of Wrigley's chewing gum went through the scanner at Marsh Supermarket. In 1932, some students at Harvard University came up with a system that utilized punch cards as a way to track and manage the sale of merchandise. This ambitious project was the beginning that paved the way for advances that we now know as UPC in bar code history. To read more about the first commercial scan of Wrigley's gum, click here.

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An iconic image: Martha trying "to focus on my salad"
on national TV in the midst of her insider trading allegations

Remember the wave of business scandal the plagued many of the powerful and well-known American companies only a few years ago? Yes, as everyone knows, this wave of scandal even touched an iconic person that caught many people by surprise and caused a national sensation in the process: Martha Stewart. If anyone has leaped into the annals of global culture by making the largest impact on the way people live, cook, decorate, and entertain, then Martha Stewart is certainly somewhere toward the very top of the list. But do you remember that on this day in 2002, Martha made that famous clenched-face appearance on the cooking segment of CBS's The Early Morning Show? Martha grimly chopped cabbage with an enormous knife during that segment while host Jane Clayson ambushed and angered her with questions about her alleged insider trading of ImClone stock. It was very apparent that Martha did have a sour side and showed it in front of the camera (all the rumors about Martha's nasty iron side that had circulated for years before was now confirmed). To read more about that memorable TV event, click here.

Yes - as many people predicted - Martha made a quick and highly successful comeback after her prison sentence ended in early 2005. However, only three years after the fact, it is rumored by many experts that Martha and the lifestyle she advocates is past prime and seems to be slowly fading toward black. A good clue to this is the stock in her company. Have you looked at shares of Martha Stewart Living Omnimedia lately? The price per share has significantly dropped over the past year. Could this be the beginning of possibly another end for Martha? Can she survive another comeback? I guess the jury is still out on that one!

As a business student, the Martha Stewart company is a fascinating study in how one woman became a modern day alchemist by turning cookies and decorating into serious cash - all from the comforts of her own home. Martha is definitely the legendary and iconic entrepreneur. As a Guy, however, when it comes to decorating and cooking, I can find better deals by stopping by my local Big Lots and Wal-Mart stores. Sorry Martha!

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Andrew Johnson, our 17th President, signs the first
legislation for the eight hour workday benefiting all federal employees


For the working men and women of our nation - especially in the halls of government - this is a memorable day in the history of work and human resources! Did you know that on this day in 1868 the first federal law relating to an eight hour workday is enacted by Congress and was signed soon after by President Andrew Johnson? This law was highly beneficial to people such as postal employees when the United States Post Office was then a cabinet level government agency. The United States Post Office became an independent agency beginning in 1971 when Nixon signed the Postal Reorganization Act of 1970.

In the new work law that President Andrew Johnson signed, it stated in part that, "eight hours shall constitute a day's work for all laborers, workmen, and mechanics who may be employed by or on behalf of the Government of the United States."

Hundreds of eight-hour leagues formed coast to coast during and after the Civil War pressuring eight states to pass eight-hour day’s legislation and helping to persuade the U.S. Congress to create a law for federal employees in 1868. This worker formation inspired the NALC (National Association of Letter Carriers) in 1889. It’s easy to forget that not so long ago, workers had no protection to stop employers from enforcing 12 hour shifts, sometimes 7 days a week. If you could not keep up, you were fired. When the law passed, the Post Office interpreted it to mean 8 hours a day for 7 days a week- or 56 hours a week. The NALC sued the federal government and the Supreme Court ruled in favor of the union. It awarded the letter carriers a total of $3.5 million, settling thousands of overtime claims.

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Irvin S. Cobb relaxing with his trademark cigar

I would like to take some time to remember a great American author and humorist who also happens to be a native of my hometown. Today is the 132nd birthday of Kentucky writer and author Irvin Shrewsbury Cobb. In case you are not from the American South or are not versed well in classic American literature, then you may have never heard of Irvin Cobb (unless you grew up in western Kentucky as I did). Cobb was an author, humorist, and newspaper columnist who was born in Paducah, Kentucky and lived most of his life in New York. Today, it seems that most people are not familiar with Irvin Cobb; and while his literary works are written in a style from another time, his writings (sadly) are largely forgotten by today's mainstream reader.

During his lifetime, Cobb wrote over 60 books and 300 short stories. Cobb's writings are steeped in the tradition of local color and his writing style is paralleled with that of another famous American humorist, Mark Twain. Aside from his writing, part of Cobb's iconic image was that he always had a cigar in his mouth (as you will see from the picture posted above). To learn more about Cobb and his place in popular American culture, download this nifty PDF article from the Federation of Historic Bottle Collectors.

To celebrate Cobb's birthday, I would like to present 10 facts that you may (or may not) know about this great American humorist. If you are a lover of good literature or cigars, take a moment today to pay tribute to one of America's great treasures!

Ten Facts You May Not Know About
Irvin Shrewsbury Cobb
(June 23, 1876 – March 11, 1944)

Fact One: Cobb was born and lived his early life in Paducah, Kentucky. Paducah is home to another famous man, Alban W. Barkley, who was Vice President under Harry S. Truman.

Fact Two: Cobb was the second of four children and the town of Paducah was a central place where the events and people of his childhood became the basis for much of his later written works.

Fact Three: Cobb's grandfather was Dr. Reuben Saunders who is credited with discovering the hypodermic use of morphine-atropine halted cholera in 1873. Like Cobb, Saunders is buried in Paducah.

Fact Four: Cobb started his writing career as a journalist with the Paducah Daily News (now The Paducah Sun) at age seventeen, becoming the nation's youngest managing news editor at nineteen. He later worked at the Louisville Evening Post for a year and a half.

Fact Five: Cobb was hired by the New York Evening Sun in 1904 who sent him to Portsmouth, New Hampshire to cover the Russian-Japanese peace conference. His dispatches from the negotiations, focusing on the personalities involved (including President Theodore Roosevelt) were published across the country. This reporting earned Cobb a job offer from Joseph Pulitzer's New York World that made him the highest-paid staff reporter in the United States.

Fact Six: Several of Cobb's stories were made into silent films, and he wrote titles for a couple more, including the Jackie Coogan vehicle Peck's Bad Boy (1921). When sound in movies came in, a few more of his stories were adapted into films, including The Woman Accused (1933), starring a young Cary Grant.

Fact Seven: Cobb hosted the seventh annual Academy Award celebration (1935) at the Biltmore Bowl of the Biltmore Hotel in Hollywood. The movie It Happened One Night starring Clark Gable and Claudette Colbert won several of the top awards at the celebration.

Fact Eight: Cobb has been described as "having a round shape, bushy eyebrows, full lips, and a triple chin. He always had a cigar in his mouth."

Fact Nine: When Cobb died in New York City in 1944, his body was sent to Paducah for cremation and his ashes placed under a dogwood tree. The granite boulder marking his remains is inscribed "Irvin Shrewsbury Cobb 1876-1944 Back Home."

Fact Ten: Cobb's granddaughter is Patricia "Buff Cobb" Chapman who was a famous television personality of the early 1950s as well as being the second wife to the famous CBS TV journalist Mike Wallace.



Finally, as a bonus to this special tribute to Cobb, let me provide you with a few of his greatest lines:


Quotes by Irvin S. Cobb

"Middle age: when you begin to exchange your emotions for symptoms"

"A good storyteller is a person with a good memory and hopes other people haven't"

"I've just learned about his illness. Let's hope it's nothing trivial"

"You couldn't tell if she was dressed for an opera or an operation"

"A funeral eulogy is a belated plea for the defense delivered after the evidence is all in"
"Humor is merely tragedy standing on its head with its pants torn"

"An epitaph is a belated advertisement for a line of goods that has been discontinued"

In its heyday, Woolworth stores paved main street America
and were the Wal-Mart of its time.

In recent months you probably have heard the news reports that discount chain stores such as Dollar General Store, Dollar Tree, Wal-Mart, and Big Lots have seen a surge in sales due to the fragile American economy. Wal-Mart, of course, is the biggest chain store in the country that famously toots its own horn on "low prices." But did you know that the concept of low prices started with a man named Frank Winfield Woolworth toward the last quarter of the 19th century? He was 26 years old at the time!

On this day in 1879, Frank Woolworth - with a $300 investment - opens "the Great Five Cent Store" in Utica, New York. It was the forerunner of Woolworth's hugely successful five-and-dime chain store that eventually dotted the globe. The Utica store, his first, closed after a few weeks of daily receipts as low as $2.50! However, a second store he opened in Lancaster, Pennsylvania, became a success. Frank Woolworth brought his brother Charles Sumner Woolworth into the business, and together they opened more stores, often in partnership with other business associates. The Woolworth brothers also entered into partnerships with “friendly rivals” to maximize inventory purchasing power for both parties.

By the middle of the 20th century, the Woolworth's concept was widely copied (think Kmart, Target, and Wal-Mart), and five-and-ten-cent stores (also known as five-and-dime stores) were a fixture in American downtowns through the 1960s, and became anchors for strip malls by the mid-1970s. At Woolworth's 100th anniversary in 1979, it was the largest department store chain store in the world.

Woolworth's power and decline started in the late 1980s and on July 17, 1997, the chain store closed its remaining department stores in the U.S. and changed its corporate name to Venator. By 2001, the company focused exclusively on the sporting goods market, changing its name to the present Foot Locker that is a fixture at many malls and shopping centers everywhere.

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General Dwight Eisenhower at his desk in 1945

For those of you who are die hard Coca Cola and military history fans, then this post is for you! On this day in 1945, then General Dwight Eisenhower was being honored in a feast at the Statler Hotel in Washington. With the nation's press looking on, General Eisenhower is asked if he wishes anything else. "Could somebody get me a Coke?" he asked. After polishing off the soft drink, he was again asked if he had any requests, to which he replied, "Another Coke!"

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Remember when Prodigy was "the bomb!?"

The history of the creation of the Internet is still relatively young (less than 50 years) but quantum leaps have happened to transform the information superhighway into what it is today. The Internet is as transportable as we are with cell phones, laptops, and even our iPod's.This was hard to imagine for many people only a decade ago.

Does anyone still remember Prodigy, one of the earliest commercial online services that started as a concept around 1980? As a kid, I remember the TV and print advertisements that ran for this service. Did you know that on this day in 1992, Prodigy announces that it will provide subscribers with access to the Internet, thus becoming the first major online service to let users surf the Web? With the introduction and rapid spread of web browsing programs in 1993, services like Prodigy began to see memberships drop, which forced it and others to become full-service ISPs.

Sadly, Prodigy classic was discontinued in late 1999 because its aging software was not Y2K compliant. In perspective, do we still remember all the Y2K hype that started around a decade ago? Man, the Internet has come a long way since the start of the 21st century!

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Charles Revson
Pioneering cosmetics industry executive

Now late us take a brief moment to absorb some cutthroat words of wisdom from a pioneering industry giant. On this date in 1958, the founder of Revlon, Inc., Charles Revson, stated in an article for Time that, "I don't meet competition. I crush it."

We'll, at least by Revson's quote he wasn't getting personal. Just remember, it's all about business, isn't it?

Al Capone
Patron Saint of American Crime

Now here is an unforgettable moment in the annals of American crime and business history. On this day in 1931, notorious and legendary mobster Al Capone was indicted on 5,000 counts of prohibition and perjury - only 32 years old at the time. "I own the police" was Capone's frequent boast, and up until his conviction it seemed true. In October of the same year, Capone was found guilty of evading $231,000 in income taxes, sentenced to 11 years in prison, and thus his career as a mobster was over.

Capone's sentence was shortened to six and a half years (for being on his "best" behavior). When he finally got out of Alcatraz, Capone was too sick to carry on his life of crime like he did for many years before his conviction and returned to Miami in 1939. Public Enemy Number One, ravaged by syphilis, died of cardiac arrest on January 25, 1947, just a week after his 48th birthday. In the end, it tool federal, state, and local authorities to end Capone's reign as America's foremost underworld boss.

Al Capone, who was also known as “Scarface,” led a crime scene that was dedicated to the smuggling and stealing of liquor and other illegal activities during the Prohibition Era of the 1920s and 1930s. Born in Brooklyn, New York, Capone moved to Chicago and became the boss of the criminal organization known as the Chicago Outfit.

Now for a neat fact....did you know that Capone had business cards that read, "Alphonse Capone, Second Hand Furniture Dealer, 2222 S. Wabash?" Not that is publicity in disguise!


If you like to read more about the subject, here is a nifty website that I came across regarding the recent unveiling of Capone's income tax invasion investigation. Regardless of his tax and other personal troubles, Al Capone was a shrewd businessman. He will always be remembered for both the business success of his criminal operation as well as for the violent way it was built. Not the best legacy to leave history, but a legacy nonetheless.

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Art theft is an ancient and complicated crime. When you look at some of the most famous cases of art thefts in history, you see thoroughly planned operations that involve art dealers, art fakers, mobsters, ransoms, and millions of dollars. As you may remember from my first post, I talked about the theft of Munch’s “The Scream” and “Madonna” paintings in 2004. Fortunately, the Oslo Police Force recovered these paintings in excellent condition in May 2006. Like the theft of Munch’s paintings, individual art thefts tend to be even more daring and spectacular.

Another story – probably the most famous case of art theft – involves one of the most famous paintings in the world and one of the most famous artists in history as a suspect. The Mona Lisa was stolen from the Louvre in 1911. Created in 1503, Leonardo da Vinci's oil-on-poplar-wood masterpiece of a woman with an "enigmatic smile" continues to be hailed as one of the greatest works of art ever produced. The painting was known only to a few art buffs in 1911 and lay almost hidden in an obscure corner in the Louvre.

On Monday, August 21, 1911, the Mona Lisa was stolen from the Louvre museum in Paris. Vincenzo Peruggio (left), an Italian tradesman, hid out in a small room in the Louvre, France, waiting for people to leave and the museum to close. The Italian stayed there all Sunday night, and on Monday morning crept out, took the Mona Lisa off the wall, removed it from its frame and calmly walked outside with the world’s most famous painting (the museum was closed on Monday). He later told police he just wanted to restore the masterpiece to its rightful home – Italy – where Leonardo da Vinci painted it.

Museum staff took a day to even notice the painting was missing. Many thought the museum’s photographer had taken it up to his studio to record. When it was noticed missing, police closed the Louvre for a week to investigate. Many people were questioned about the theft – from museum employees to people who worked or lived nearby. Perhaps somebody might have seen someone acting "suspiciously?" The police even questioned the great artist Pablo Picasso, who was 29 years old at the time. Picasso had previously bought two stone sculptures from a friend named Pieret. Pieret had actually stolen these pieces from the Louvre months before the Mona Lisa was stolen. Picasso thought that perhaps his friend might have also stolen the Mona Lisa.

Fearful of the implications and bad publicity, Picasso had the sculptures given to a local newspaper in order for their return to the museum. Picasso wished to remain anonymous, but someone gave his name to the police. After an interrogation, the police concluded that Picasso knew nothing about the theft of the Mona Lisa. Interestingly enough, the police also called in Peruggio. He had worked at the Louvre 10 months prior to the theft, placing the museum’s masterpieces behind glass. However, police released him, allegedly because he’d appeared too calm to have anything to do with the crime.

In the Autumn of 1913, two years after the Mona Lisa was stolen, a well-known antique dealer, Alfredo Geri, innocently placed an ad in several Italian newspapers which stated that he was "a buyer at good prices of art objects of every sort." Soon after he placed the ad, Geri received a letter dated November 29, 1913, that stated the writer was in possession of the stolen Mona Lisa. The letter had a post office box in Paris as a return address and had been signed only as "Leonardo." Though Geri thought he was dealing with someone who had a copy rather than the real Mona Lisa, he contacted Commendatore Giovanni Poggi, museum director of the Uffizi Museum in Florence, Italy. Together, they decided that Geri would write a letter in return saying that he would need to see the painting before he could offer a price.

Another letter came almost immediately asking Geri to go to Paris to see the painting. Geri replied, stating that he could not go to Paris, but, instead, arranged for "Leonardo" to meet him in Milan on December 22. On December 10, 1913, an Italian man with a mustache appeared at Geri's sales office in Florence. After waiting for other customers to leave, the stranger told Geri that he was Leonardo Vincenzo and that he had the Mona Lisa back in his hotel room. Leonardo stated that he wanted a half million lire for the painting (around $100,000 at that time). Leonardo explained that he had stolen the painting in order to restore to Italy what had been stolen from it by Napoleon. Thus, Leonardo made the stipulation that the Mona Lisa was to be hung at the Uffizi and never given back to France. However, this point was wrong because, in fact, Leonardo himself had sold the portrait to the French king Francis I in 1516 for 4,000 gold thalers, a top price even back then.

With some quick, clear thinking, Geri agreed to the price but said the director of the Uffizi would want to see the painting before agreeing to hang it in the museum. Leonardo then suggested they meet in his hotel room the next day. Upon his leaving, Geri contacted the police and the Uffizi. The following day, Geri and Poggi appeared at Leonardo's hotel room. Leonardo pulled out a wooden trunk. After opening the trunk, Leonardo pulled out a pair of underwear, some old shoes, and a shirt. Then Leonardo removed a false bottom -- and there lay the Mona Lisa. Geri and the museum director noticed and recognized the Louvre seal on the back of the painting. This was obviously the real Mona Lisa. The museum director said that he would need to compare the painting with other works by Leonardo da Vinci. They then walked out with the painting. Leonardo Vincenzo, whose real name was Vincenzo Peruggio, was arrested.

Allegedly, an Argentinean con artist named Eduardo de Valfierno convinced Vincenzo to steal the Mona Lisa. Valfierno "commissioned the French art forger Yves Chaudron to make copies of the painting so he could sell them as the missing original," leaving the real Mona Lisa in Vincenzo's care because it wasn't needed for the con. Vincenzo, however, claimed that he stole the painting so he could restore it to its proper home, Italy.

The story of the caper was actually much simpler than many had theorized. Vincenzo Peruggio, born in Italy, had worked in Paris at the Louvre in 1908. Still known by many of the guards, Peruggio had walked into the museum, noticed the Salon Carré empty, grabbed the Mona Lisa, went to the staircase, removed the painting from its frame, and walked out of the museum with the Mona Lisa under his painters smock. Peruggio hadn't had a plan to dispose of the painting; his only goal was to return it to Italy.

The public went wild at the news of finding the Mona Lisa. The painting was displayed throughout Italy before it was returned to France on December 30, 1913. Police and museum curators were less interested in why the painting was stolen and were relieved just to have found it in reasonable condition. Peruggio was sentenced to a year and two weeks in prison for the theft, a surprisingly brief term considering the magnitude of the crime. Since its theft, great effort has been made to ensure the masterpiece is never stolen again.

Great Moments in Art Theft History - Part One

Art theft is a looming criminal enterprise and has been so for centuries – particularly with antiquities. Art is indisputably a sacrosanct form of communication and expression to many people and when great works of art are stolen, it is a significant loss on both a financial as well as a cultural and historical level. Art theft is no longer just an elitist crime funded by unscrupulous collectors, but has become a billion dollar industry linked to drugs cartels and illicit arms dealing, but has become one of the largest criminal activities in the world. Although, thieves have often targeted famous paintings, an increasing trend of brazen thefts sees paintings stolen not just for profit but also as a type of trophy robbery to impress others. Stolen art can also be used as a bargaining chip between crime syndicates. In the world of art crime, there are two basic types of thefts. First, there is theft with intent to sell on the open market and typically, these stolen artworks are recovered a decade or so after its disappearance. Secondly, there is theft commissioned by wealthy private individuals who want to keep them in their secret vaults – and these types of thefts are much harder to solve.


In the news as recently as August 2004, a great art heist occurred in the country of Norway when Edvard Munch's famous 1893 work, The Scream (at left), was stolen by masked and armed robbers from the Munch Museum while terrified tourists watched in broad daylight. Edvard Munch, who was Norway’s best-known artist, is credited as a pioneer in the 20th century Expressionist movement in art, died at the age of 81 in 1944. In case you are not familiar with this famous painting, The Scream, in which there are four versions of this well-known work, depicts an anguished and ghostly figure who appears to be screaming or shielding his ears from a scream against the background of a red sunset – a symbol of despair and alienation. After World War II, perhaps no other artwork mirrored the alienation and isolation of modern-day life than Munch’s The Scream.


In this famous crime heist, two masked thieves pulled The Scream as well as another painting, Madonna (at left), off the wall as stunned visitors watched. The stolen Madonna, perhaps the second best known image by Munch, was painted between 1893-1894, and depicts an erotic Madonna with a blood-red halo in a dark, swirling aura. Munch later produced woodcut lithographs with a similar depiction. Although security cameras were in place at the museum, the art thieves wore black hoods like bank robbers – thus disguising them thoroughly from identification. Representatives from the Munch Museum said that both The Scream and Madonna paintings were among its most valuable art assets – and selling figures for both paintings at auction range anywhere between $20 -100 million dollars. The getaway car and picture frames were found by Oslo police hours later after the heist. It’s the second time that a version of Munch’s painting had been stolen. Another version of The Scream was taken from Oslo’s National Gallery in February 1994, but was successfully recovered three months later.

Fortunately, this great art heist turned out to have a happy conclusion. As of August of this year, Oslo Police officials recovered both The Scream and Madonna paintings in better-than-expected condition. The paintings were recovered following the conviction of three suspects in the case in May 2006, an international police hunt and the offer of a nearly $300,000 reward by the City of Oslo, which owns the artworks. Since the 2004 thefts, the Munch Museum has undergone a huge security upgrade.

Thefts of art or artifacts from museums, while not exactly commonplace, are common enough to warrant rather high level security for museum collections including bulletproof glass display cases, fingerprint I.D. access for behind the scene storage rooms, and, of course, on-site security guards. Museums not only keep track of objects that have been stolen from their exhibits and store rooms, they have started to report art thefts to international databases, such as the Art Loss Register - which has offices in the United Kingdom, the United States, and Germany. Databases like the Art Loss Register allow auction houses and museums to explore whether or not an object has been reported as stolen before they send it to auction or attempt to purchase it or accept it for donation.

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