Masked thieves stole jewels once belonging to Emperor Napoleon III and Empress Eugenie in broad daylight at the Louvre on Sunday in what is becoming a major embarrassment for the museum. With French officials already blushing at the seemingly easy heist and a leaked audit showing the Louvre’s security system was “outdated and inadequate”, Emmanuel Macron’s government has now revealed the loot was not privately insured.
Paris prosecutors said on Tuesday the news was particularly painful for the museum because the jewels were worth $102 million. Previously, French authorities claimed they were of “inestimable” value.
The criminal, who is still on the run, used a furniture lift to gain access to the first floor and break into the Louvre. They then cut open the display case and took out a diamond-encrusted brooch that belonged to Eugenie, as well as a crown and necklace. The thieves also got their hands on the Queen’s crown, but dropped it while escaping.
The French Culture Ministry said France would not receive any compensation for losses related to the stolen items if police did not recover them. Officials are continuing to investigate but have few leads.
a spokesman for the culture ministry said in a statement first reported by French newspapers parisian: “The state acts as its own insurer while the works in national museums are in their typical conservation locations.”
The French government is generally responsible for the art and objects in its national collections, but museums almost always purchase insurance when transporting works or lending them to other institutions. The culture ministry said the insurance value was “usually higher than the value of the work acquired”.
For example, private institutions such as the Pinault Collection or the Louis Vuitton Foundation often purchase commercial insurance for their collections.
Charlie Horrell, head of art at international insurance broker Marsh, told financial times “For an institution like the Louvre, it is almost impossible to insure the entire collection.” According to the newspaper, art insurance in London’s specialist insurance market totals about $4 billion.
Several insurance market executives told reporters financial times The Louvre’s collection alone will “overwhelm the market…from Leonardo da Vinci’s Mona Lisa arrive Great Sphinx of Tanis Almost impossible to value or appraise. ”
