France loses historic gems in uninsurable art theft

Financial Times reports that France will not receive any compensation for the jewelry stolen from the Louvre, as the items were not covered by private insurance. Among the stolen treasures was a diamond-encrusted tiara once belonging to Empress Eugénie, wife of Napoleon III, along with several other pieces of “inestimable historical value.”

Source Financial Times

French officials explained that the state acts as its own insurer for national museum collections due to the enormous cost of commercial coverage. Experts note that insuring a collection as vast as the Louvre’s — valued at over $4 billion — is nearly impossible, with works like the Mona Lisa or Great Sphinx of Tanis being priceless and irreplaceable.

The theft is part of a wider trend of museum robberies across Europe, often involving gold and precious artifacts. Just last month, a suspect was arrested in France for stealing six kilograms of gold nuggets from the Natural History Museum in Paris, underscoring growing concerns over the security of cultural treasures.