What happens to stolen bikes?

From the blog Priceonomics,
What happens to stolen bikes?

In summary, bike theft happens because people are assholes, and for all practical purposes bike theft is risk-free. Your stolen bike is either being sold on the street by a bum, or online (in an other city) by a ‘professional’ thief.

For a fair & balanced analysis on this topic http://bikesnobnyc.blogspot.ca/2012/09/weather-vain-one-mans-man-boobs-are.html

Now thats quality journalism.