The Royal Collection Trust has received an insurance payment of just over £3 million following the theft of two items from an exhibition at a Paris museum in late 2023, according to a BBC report.
According to the Trust’s recently published annual report, the amount of £3.02 million was paid in connection with the loss of two 18th-century snuff boxes that had been on loan to the Cognacq-Jay Museum. The items were stolen during a daylight robbery in November last year, in which masked individuals forced entry into display cases during public hours.
The snuff boxes included a piece featuring a cameo of the Birth of Venus and a Fabrique Royale box set with nearly 3,000 diamonds. Both items were made in Germany and had been part of an exhibition focused on 18th-century decorative arts. The latter had once belonged to the Russian imperial family and was later acquired by Queen Mary in 1932, the report said.
Details of the insurance arrangement were not disclosed, but institutions loaning high-value works internationally typically secure specialist cover for loss or damage in transit or while on display. These policies may be underwritten by private insurers, government indemnity schemes, or a combination of both.
The Royal Collection Trust confirmed that the insurance proceeds would be allocated to a designated fund “to be used for the enhancement of the collection,” rather than general operational spending. The stolen items have not been recovered.
The robbery, reported at the time by French media, also involved exhibits on loan from other institutions, including the Louvre and the Palace of Versailles. French police have not announced any arrests.
The incident highlights the ongoing risk management considerations for museums and lenders involved in international exhibitions. Insurance for cultural artefacts often includes requirements related to security, valuation and provenance, and thefts of this nature can lead to renewed attention from underwriters regarding borrowing arrangements and site assessments.
The Royal Collection Trust is responsible for the management of artworks and objects held in trust by the monarch. In the same reporting period, the charity recorded increased visitor numbers across its public sites, including Windsor Castle and Buckingham Palace, contributing to an income of nearly £90 million.
