In a daring heist that has shocked the art and cultural world, priceless crown jewels were stolen from the Louvre Museum in Paris earlier this week. The theft has not only raised questions about museum security but also shed light on the unique insurance arrangements — or lack thereof — that apply to national treasures in France. According to the French Ministry of Culture, the stolen jewels were not privately insured, a situation governed by French law that differs from many other countries’ practices.
Under French legislation, national museums like the Louvre cannot insure their collections unless items are temporarily moved or loaned to another institution. Romain Déchelette, president of Serex Assurances, a fine art insurer based in France, explained that because the Louvre is a state-owned museum, its collections are considered state property. Consequently, the state itself assumes full responsibility for any loss or damage while the objects remain within the museum. “Everything that belongs to state museums in France is uninsured, unless it leaves the museum,” Déchelette told CBS News. This means that, despite the extremely high value of the stolen jewels, no private insurance policy was in place to cover their loss.
When items are transferred for exhibitions or loans abroad, they can be insured, with premiums calculated based on estimated values determined by expert appraisals. Otherwise, these priceless artifacts remain under the state’s self-insurance umbrella. Déchelette noted that government accounts maintain estimated values for the collections, which would be referenced if insurance were needed during transit. However, in the case of this heist, the jewels were stolen directly from their usual display location within the Louvre, rendering private insurance inapplicable.
The stolen crown jewels are estimated to be worth approximately 88 million euros, or $102 million, according to Paris prosecutor Laure Beccuau, who is leading the ongoing investigation. This figure, reported by the Associated Press, does not account for the tremendous historical and cultural significance the jewels hold for France, which arguably makes them priceless. Approximately 100 investigators have been mobilized to track down the suspects and recover the stolen gems following the audacious Sunday theft from the world’s most visited museum.
Experts in fine art insurance emphasize the difference between coverage for objects in transit and those housed permanently in state institutions. Charlie Horrell, head of fine art at insurance broker Marsh, explained that private insurance typically covers losses or damages occurring during transportation or temporary exhibitions. For example, if a painting were dropped during transit, private insurance would cover restoration costs as well as any depreciation in value. Horrell confirmed that if the Louvre’s jewels had been privately insured, claims for the losses would be paid out without issue. However, because French law prohibits the Louvre from purchasing such insurance while the jewels remain housed there, this does not apply.
This legal framework is specific to national museums and does not extend to private museums in France. For instance, the Foundation Louis Vuitton in Paris, a privately owned institution, purchases insurance for its collections. Déchelette highlighted this distinction, noting that private museums operate under different rules and generally insure their valuable holdings to protect against loss.
A spokesperson from the French Ministry of Culture reiterated the legal position in a statement to the French newspaper Le Parisien: “The state is its own insurer as long as the works belonging to national museums remain in their usual place of storage.” This arrangement means that neither the Louvre nor the French government will receive any private insurance payouts to compensate for the loss of the stolen objects.
While authorities remain optimistic about apprehending those responsible for the theft, experts caution that recovering the stolen jewels themselves may prove far more difficult. Alain Bauer, a prominent criminologist and professor at France’s National Conservatory of Arts and Crafts, told CBS News, “We will catch them. I don’t think we will capture the jewels.” The fear is that the jewels, due to their immense historical and material value, could be dismantled and sold off as individual gems on the black market, making them nearly impossible to trace or recover.
The theft has also brought to light concerns about security at the Louvre. A recent security audit revealed significant vulnerabilities, including the fact that 35% of the rooms in the Denon Wing—where the stolen crown jewels were displayed—are not monitored by security cameras. This gap in surveillance has raised questions about how such a brazen robbery was possible in one of the world’s most famous and heavily visited museums.
The incident underscores the complex balance between preserving and displaying cultural heritage and protecting it from theft