Spielberg brought to the FBI's attention:
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/03/03/entertainment/e015130S73.DTL
Spielberg purchased the painting in 1989 from a legitimate dealer and didn't know it was stolen until his staff spotted its image last week on an FBI Web site listing stolen works of art, the bureau said in a statement.
After Spielberg's staff brought it to the attention of authorities, an FBI agent and an art expert from the Huntington Library, Art Collections and Botanical Gardens in San Marino inspected the painting at one of Spielberg's offices and confirmed its authenticity Friday morning. Early FBI estimates put the painting's value at $700,000, officials said.
Spielberg is cooperating with the FBI and will retain possession of the Russian Schoolroom until its "disposition can be determined," the bureau said.
"The second anybody said, 'I think we have that painting,' (our) office got a hold of the FBI," said Spielberg's spokesman, Marvin Levy.
Yeah...I read that. BURN 'IM ANYWAY!!!!! [he's a witch!]
Let me know if you find out if this was insured. $700,000 should be insured even if you are Spielberg.