While it could be construed as theft, the local police department may refer you to a local lawyer to begin small claims procedings. You'd need to demonstrate obvious efforts to get your item back before the lawyer would even file the paperwork.
I don't think the cops will get involved unless a lawyer approached them with a law suit against the guy that he has failed to respond to. Then they could get a warrant for his arrest. Until that time, they aren't going to act as a collection agent for you.
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I USED TO HAVE an 85 Camaro 305 4bbl, 90 Firebird V6, 97 Firebird V6 (10 speakers!). Despite the two family vehicles, 3 kids, wife and mortgage, I can finally realize the dream - 88 TA almost all stock... for now.
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