Louvre Jewel Thieves Face Tough Sell on the Black Market
As soon as the gems hit the black market they could be much less valuable, and their historic value drops.
Empress Eugenie's large corsage bow, stolen on Sunday, was purchased in 2008.
Photographer: JB Reed/Bloomberg
French authorities have described it as priceless. But the last time the diamond-encrusted bow, which once belonged to Empress Eugenie, was sold, it reached a reported €6.72 million ($7.8 million). What it’s worth now, three days after it was stolen as part of a raid on the Louvre Museum in Paris is much more difficult to establish.
Unless stolen to order, the plunder of royal necklaces, tiaras and earrings, is in art-market parlance already “burned” — at least in its last-known state. The Ocean’s Eleven-style robbery has been widely publicized so the pieces can’t be sold, or worn, in public. And black markets carry deep discounts. Selling the jewels separately may be more discreet but also won’t be straightforward.