The theft of a $150,000 pearl-covered gown worn by Lupita Nyong’o at the Oscars doesn’t surprise Hollywood stylists who have personally experienced the seedy side of red carpet fashion.

Style expert and fashion commentator Mary Alice Stephenson has for years heard stories about similar stolen celebrity items.

“It’s not shocking to me that this would be taken out of her hotel room,” said Stephenson, who once had a nabbed Fendi bag held for ransom.

A dress like the custom ivory one designed by Francisco Costa for the Calvin Klein Collection could fetch a lot of money on the black market, Stephenson said.

“There are a lot of collectors out there who are very private and have private collections of stolen merchandise,” she said. “Some of these dresses have global fame as big as any Van Gogh.”

Sheriff’s deputies responded to call late Wednesday from a West Hollywood hotel after the custom dress was reported missing from the hotel room of the actress, sheriff’s Sgt. Richard Bowman said.

Nyong’o was present when deputies took the report, but she wasn’t in her room when the elaborate gown was taken, Bowman said. Her publicists said they would not comment on the theft.

Representatives for the actress reported the theft. Detectives suspect the garment was taken sometime between 8 and 9 p.m. Wednesday, sheriff’s Lt. William Nash said.

Detectives were at the hotel Thursday looking for clues, including surveillance video that might reveal what happened.

Nyong’o won an Oscar in 2014 for her role in “Twelve Years a Slave” and was a presenter at Sunday’s ceremony.