In September 2024, it announced that it would be winding down operations [2] Its first president was Houston industrialist John de Ménil.
[3] Founding members of the privately funded foundation were:[3] The first Advisory council members were:[3] In 1989, IFAR had become "a very grand-sounding name for what is really just three smart, dedicated, underpaid women who are among the nation's leading experts on stolen and forged art."
Constance Lowenthal, Margaret I. O'Brien and Virgilia H. Pancoast work in an Upper East Side office which contains 30,000 files documenting stolen art cases.
In response to the growth and development of IFAR, museum officials have revised some policies based on an assumption that discussing theft would scare away potential donors.
The change from policies of secrecy to ones which emphasize openness was gradual, mirroring an expectation that publicizing theft is likely to promote recovery.