Theft in the Louvre: the state was left without compensation for 88 million euros
23 October 07:55
France will not be able to receive financial compensation for the historical jewelry stolen from the Louvre because the jewelry did not have commercial insurance coverage. This is reported by the Financial Times, citing official sources of the French government, "Komersant Ukrainian" reports
What happened
On the night of October 19, the attackers entered the museum using a special lift to reach the second floor of the building. They cut open the protective display cases and took eight precious exhibits. Among them:
- a diamond brooch of Empress Eugenie, the wife of Napoleon III,
- antique necklaces and tiaras.
During the escape, the criminals tried to take the imperial crown, but dropped it. The museum confirmed that the crown was found intact.
Why the exhibits were not insured
The French Ministry of Culture stated that the stolen items are classified as “priceless cultural heritage” and are not subject to commercial insurance. According to current practice, the state acts as its own insurer if the exhibits are stored in national museums.
“It is almost impossible to obtain private insurance for a collection of the Louvre’s scale: the cost of coverage is extremely high, and the risk of loss is estimated to be minimal,” the agency explained.
Estimating the damage
According to Parisian prosecutor Laure Becco, the estimated value of the stolen items is 88 million euros.
However, experts emphasize that the real cultural and historical value is much higher, as these are unique artifacts related to the history of the French monarchy.
The investigation is ongoing
The French police are classifying the incident as a brazen burglary and are searching for the criminals. Law enforcement officers do not rule out that the jewelry could have been ordered in advance by private collectors or are being prepared for resale on the black market after processing.
Will the incident affect museum policy?
Experts predict tighter security conditions for collections that are leased or participate in international exhibitions. Insurance companies may also change the requirements for borrowers of works of art and raise tariffs.
Art market experts note that rising prices for gold and precious stones are stimulating a wave of crimes against museum collections. This year alone, the price of gold has risen by more than 50%.
This is not the first time the Louvre has been at the center of scandals
A similar situation has already occurred after the fire in Notre Dame Cathedral in 2019, when the state took responsibility for the damage on its own. At that time, private donors raised more than 840 million euros to restore the shrine.
Government response
The event caused a wide response in France:
The media called the robbery the “crime of the century.”
President Emmanuel Macron called the theft a “blow to the national heritage.”
Justice Minister Gerard Darmanin admitted that the incident had put the country in a “humiliating position.”
