In Europe, a bike is stolen every five minutes. So the people at We Love Cycling set up the first European bike stealing championships. Bait bikes were set up in three cities: Rome, of course the home of the bicycle thief, Prague, where 7 out of 8 bikes are never recovered, thanks to an extensive network of second hand bike shops, and Amsterdam, because Dutch bikes are in demand all over Europe.
They rigged the bikes with a powder bomb for drama, had a band hidden in a truck, and got a sports commentator to report on the whole event as if it was a real race. And it's hilarious. Amsterdam won in 22 minutes with Rome getting the silver medal, but the Roman thief was so audacious that even after the powder bomb, the band and the confetti, he just kept going!
The We Love Cycling people have 10 Serious Tips How to Protect Your Bike from Thieves and a good infographic on bike theft as well. Found on Core77.