Jewellery stolen in Louvre heist was not insured because premiums were too expensive
Experts say time is running out to recover the stolen Louvre jewels, with fears they’ll be dismantled and sold off in parts.
None of the crown jewels stolen from the Louvre were covered by insurance because the premiums on the 'priceless goods' were too high.
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The eight items, worth an estimated €88m (£76m), were stolen from cabinets in the Paris museum on Sunday by a gang of power-tool wielding thieves.
French police are racing to track down the gang behind the audacious heist, but experts fear the stolen crown jewels, once worn by Napoleon’s wife, may already be lost forever.
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It has now been revealed that France will not receive any payout from the heist, as the precious jewels were nearly impossible for insurers to appraise.
Similar to many public museums, the Louvre is self-insured and absorbs any costs related to loss, theft and damage.
A spokesman for the museum said: “The state acts as its own insurer when national museums’ works are in their typical place of conservation.”
The ministry of culture added that the insurance premiums for the pieces would be astronomical, as the Lourve holds tens of thousands of works and is unlikely to sell its masterpieces.
Insurance is normally only acquired for these items when they are being transported between other museums.
The Crown Jewels of the UK – which include “priceless” artefacts such as the Coronation Regalia, sceptres, swords and rings – are also not insured.
The theft has sparked anger and soul-searching over how France protects its most prized treasures.
As a result, the Louvre’s president Laurence des Cars submitted her resignation, which was rejected by Emmanuel Macron.
The heist has raised fresh questions about how well France protects its cultural treasures.
The Louvre is the world’s most-visited museum, welcoming more than eight million people a year – yet experts say its defences lag behind newer institutions.
But culture minister Rachida Dati said there were no faults in the museum's security during the multi-million-pound heist.
"The Louvre museum’s security apparatus did not fail, that is a fact,” she told France’s National Assembly on Tuesday.
Ms Dati said questions should now turn to the policing of the nearby roads and how the thieves were able to enter through a window using an extendable ladder mounted on a truck.
"Perhaps we should be asking ourselves questions, and this is something we are discussing with the minister of the interior, but also with the Paris City Hall, about public highway security, which did not exist at this stage,” she said.
Experts have warned the items have likely already been broken down and sold off piece by piece on the black market.
If the jewels are broke up or melted down for gold, they will not be worth the equivalent of the original valuation put on them by the museum’s curator.
Thieves smashed their way into the Galerie d’Apollon, home to France’s crown jewels, on Sunday morning and escaped within eight minutes with the pieces.
The stolen items included a tiara, necklace and earring from the sapphire set of Queen Marie-Amelie and Queen Hortense.
The robbers also stole an emerald necklace, a pair of emerald earrings and a brooch known as the "reliquary brooch" from the Empress Marie Louise set, as well as the tiara and a large corsage bow of Empress Eugenie.
A ninth piece, the crown of Empress Eugénie, was broken during their escape and has now been retrieved.
Experts say the treasures’ historical value is beyond measure, and their fame makes them almost impossible to sell intact.
Crime-heritage Professor Marc Balcells said: “If I steal a Van Gogh, it’s a Van Gogh … But when I am stealing … jewellery, I can move it through an illicit market as precious stones.”
The museum re-opened on Wednesday, three days after the brazen robbery, with visitors welcomed back on the premises at 9am.
But the Apollo Gallery - where the heist took place - remains closed.
Police are still analysing CCTV footage and mobile data from around the museum and neighbouring streets. Interpol has been alerted in case the jewels are moved abroad.
But veteran investigators say even if arrests are made, the chances of finding the original pieces are slim.
Christopher Marinello, founder of Art Recovery International, which tracks stolen art, warned that “once they’ve been cut into smaller jewels, the deed is done… We’ll never see these pieces again intact.”