Countless dollars of art are stolen or looted every year, yet governments often consider art theft a luxury problem. With limited public law enforcement, what prevents thieves, looters, and organized criminal gangs from flooding the market with stolen art? On this episode of the Hayek Program Podcast, Peter Boettke and Anja Shortland explore this question and many others as they discuss volume one of Shortland's Lost Art: The Art Loss Register Casebook [1]. As part of the conversation, we'll also hear how Shortland's career in studying illicit markets has developed and how private governance institutions arise when public governance measures fall short.