The term grand theft refers to the theft of objects that are valued at over $400 - this can include televisions, cars, stereo equipment, art, and computers, or anything else with a relatively high monetary value.
Grand theft, which is either considered a felony or a misdemeanor, is typically dealt with using harsher punishment than is petty theft, which refers to the theft of objects that are deemed to be of lesser monetary worth.
Even when insured, such large acts of robbery can cost a business or household thousands of dollars, and as such require that certain measures be taken to ensure the highest possible level of home security to protect your possessions.
Theft of major works of art is almost always considered grand theft due to the high monetary value of the pieces.
The robbery of artworks is typically committed for resale at auction or on the black market or for the purpose of holding the pieces for ransom.
A less common reason for stealing valuable works of art is under the circumstances of 'theft for hire' in which burglars are hired by private collectors to rob the works.
In such cases the works are stolen primarily for the purpose of having the piece as a secret part of the private collection, though the work cannot be displayed publicly, essentially defeating the purpose of owning an artwork.
Another scheme involving art theft relates to insurance money, such as in the case of Steven Cooperman's arranged robbery of two of his valuable paintings with a combined worth of nearly $18 million.
Famous art thefts include the theft of Da Vinci's Mona Lisa from the Louvre in 1911 by a museum employee who was apprehended two years later, and two of the panels of the Ghent Altarpiece by the Van Eyck brothers in 1934, of which only one of the panels was ever recovered, while the other remains hidden away.
In 1946, several Georgia O'Keeffe paintings were taken from the Alfred Stieglitz Gallery and were discovered 20 years later when purchased by the Princeton Gallery of Fine Arts.
Probably the most famous art theft was the Gardner Museum heist of 1990.
Thieves apprehended 13 pieces from the Boston museum, worth more than $500 million altogether.
The pieces, which include Vermeer's The Concert, some Rembrandt paintings, and several Degas drawings, are still missing.
Works of art, particularly paintings, are relatively easy and quick to steal and can be stored and transported easily and without recognition by authorities.
In terms of art thefts from private collections, the issue at hand is more of a home security problem, and, given that the works are not equipped with an alarm system, can be handily done by experienced burglars.
A well-known case of home art theft is Ireland's Russborough House, which has been robbed 4 times in 30 years.
All of the pieces, which were stolen by gang members and thugs, were subsequently recovered.