The two victims, Dr. Ralph Kennaugh and Angelo Amadio, who reported the theft at their Pebble Beach home more than a week ago, are now suspects.

The possible charges against the two?

"At the very least, making a false report to law enforcement," said Sheriff's Commander Mike Richards at a press conference at Department headquarters in Salinas Tuesday afternoon.  "We are still trying to determine what criminal enterprise they may be involved in," Richards said.

Sheriff's investigators have their doubts about whether the art in question --a $20 million Jackson Pollock along with work by Miro, Rembrandt, and Renoir -- ever existed.  However, Richards said that his department, in consultation with art experts at the FBI and Interpol, is continuing to investigate the heist itself.

Attorney Vicki St. John, who represents Amadio and Kennaugh, was not immediately available for comment.