Spot on. A thief's title to stolen goods is void. This means that the thief cannot transfer good title to any subsequent purchaser, regardless of whether the subsequent purchaser was acting in good faith. The original (true) owner still owns title to the goods.
The subsequent purchasers have a claim against their immediately preceding sellers all the way back to the thief for selling goods without good title. They do not have a claim against the true owner.
By that logic, there are quite a number of exhibits in museums that are stolen property, according to the governments of the countries of origin.