I love the love and logic way to parent. www.loveandlogic.com. It teaches the kids responsibility by us, as parents, not yelling, etc., and throwing a bunch of empathy and sadness their way and asking *them* how *they* are going to handle it. This is what I would do:
(With great empathy) "Oh, this is so sad, my favorite teapot, how are you going to pay for it?"
(son, no clue) "I don't know."
(mom) "Well, let me know as soon as you can and if you need any suggestions, just come to me and I'll be glad to offer some." (then walk away)
This won't work if it's done in sarcastically, etc. Now, what if he doesn't come to you later on? You can 'remind' him by taking something of his away and getting rid of it. Nintendo DS, bike, etc. When he comes to you and says 'mom, someone stole my bike!" You can say with GREAT empathy and sadness, "Oh, this is so sad for you. Do you remember when you broke my teapot? Well, I needed to fix it, replace the value, etc., (whatever you decide to say) and your bike was able to pay for it.
Will he be angry? Sure! But don't get sucked into an argument. If he keeps trying to argue with you about it, excuses, etc., just keep saying, like a broken record with love, "I love you too much to argue with you about it." It might take 5 or so times before he walks off.
Anyway, there are many other ways to handle it, but this is just one way. I love Love and Logic!