During a spectacular burglary in the Historic Green Vault in Dresden on 25.11.2019, a gang of thieves stole several priceless objects and items, including the diamond rose set, the brilliant-cut diamond set and the diamond jewellery and pearls of the queens from the eighteenth and early nineteenth century. It is probably the greatest art heist in modern history. Julia Ries, Head of ERGO Art & Values, talking about whether the loss was insured.
ERGO: Ms Ries, were the objects in the Green Vault insured?
Julia Ries: We can confirm that the Green Vault, which belongs to the Dresden State Art Collections, is not insured with us.
Nor is it likely that the museum is insured by any other private insurance company; it is covered instead by what is known as state liability. The risk is borne by the body responsible for the museum; in the case of a state-run museum, this is the government or federal state, or in some instances, the local authority. State liability is attractive for public museums as they don’t have to pay any premiums.
ERGO: What role does security play in insurance – how should works of art be protected?
Julia Ries: Protecting precious exhibits is vital given how attractive such pieces are to thieves. However, even the best security measures can be circumvented. In this case, for instance, the thieves may have had inside information through accomplices within the museum structure.
What we do know for sure is that the heist was well planned. Informed sources rate the museum’s security as very good.
“In our experience, jewellery is usually stolen on account of its material, rather than its historical value.”
EROG: What will happen to the stolen objects – what are they worth?
Julia Ries: In our experience, jewellery is usually stolen on account of its material, rather than its historical value. A mysterious anonymous collector behind the scenes also belongs more to the realms of fiction. On account of their historical significance and fame, it would be impossible to sell the pieces of jewellery as they are. So, in this case too, the thieves were probably focusing purely on the material value.
Once stolen, jewellery is often broken down into individual gems. Diamonds can be recut and resold. Gold is melted down. Stolen goods can thus be put on the market with no risk of being traced.
The theft is reminiscent of the spectacular burglary in the Berlin Bode Museum in 2017, in which the two-tonne Big Maple Leaf gold coin was stolen. It was probably melted down completely.
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