Ronan Manly reflects on “The power of gold in times of crisis” in several countries – Oroinformacion

Ronan Manly reflects on “The power of gold in times of crisis” in several countries - Oroinformacion

While physical gold is a well-known safe haven that investors turn to during times of market turbulence to protect their wealth, gold is also the most important asset to own and hold during times of crisis and d 'emergency. These crisis situations can range from episodes of collapse of fiat currencies to times when gold allows safe crossing of international borders, and even to times when only gold can bail out and save a nation in its entirety. together. Sometimes gold even ensures a person's survival and can literally mean the difference between life and death.

History is full of examples where gold is the final asset in times of crisis and despair, as the precious metals market analyst tells us. Ronan manly In an article recently published in BullionStar Due to its great interest, we are now publishing the first part of this detailed article.

“Time and time again, gold comes to the rescue and offers its holders options and freedoms, options and freedoms that are not available to those without them.

In this article we will see some examples of gold in crisis, which, although different from their times and places, contain common elements, and which illustrate why gold is the only monetary asset universally reliable and recognized in times of crisis , why gold is the only asset with universal liquidity and purchasing power in times of emergency, and in short, this is why physical gold is the only asset that can truly provide economic freedom when trust in everything else fails.

Gold, a safe passage for Vietnamese refugees

After the Vietnam War, the fall of Saigon and the reunification of Vietnam in 1976, the southern part of Vietnam experienced a massive population exodus, caused by a crippled economy, government discrimination and forced departures. Hundreds of thousands of Chinese and Vietnamese fled to other parts of Asia by land and sea, an exodus that peaked in 1978-1979.

Refugees fleeing by sea sometimes did so aboard large ships organized by human traffickers and often with the support of the Vietnamese communist government. An escape route on these ships was only provided to those who could pay these officials and the smugglers demanded it. The price of safe passage? Between 10 and 12 taels of 24-carat gold for an adult and half for a child (1 tael = 1.2 troy ounces).

This payment in gold often took the form of traditional Kim Thah gold bars, two large thin bars and one small bar wrapped in rice paper, weighing a total of 1 tael. Although these bars were popular in Vietnam, they were also recognized and accepted throughout Southeast Asia as portable wealth, much like monetary liquidity for the region.

Although some Vietnamese Chinese and Vietnamese stored their wealth in the form of these slab-shaped ingots, many did not, so a gold banking system emerged in Saigon in the 1970s, allowing to those who were fleeing the crisis to transform their goods into gold. Those who did not have tael gold bars paid their passage in gold ornaments and jewelry.

Refugees also brought with them emergency money in the form of gold bars, as well as jewelry, such as small gold rings and gold wedding rings, all of which could be sold in an emergency . For example, after a giant refugee ship, the “Skayluck”, arrived in Hong Kong in 1979, Vietnamese gold bars began to appear in the Hong Kong gold market.

The refugees from Vietnam who took great risks sailing into the unknown toward a better life were only able to do so because they had physical gold to buy safe passage, and because gold is a universal currency that can be sold almost anywhere to help finance a new life abroad. .

South Korea, mobilization of gold to pay the external debt

When the Asian financial crisis spread to South Korea in late 1997 and torpedoed the country's financial markets, it triggered a currency and banking crisis that decimated the Korean won and brought the country to the brink of bankruptcy. Rapidly burning through its foreign exchange reserves and facing international lenders, the government turned to the International Monetary Fund (IMF) in December 1997 with a multibillion-dollar bailout to bail out the country's growing foreign debt. At the time of the IMF's largest financial bailout, the bailout was a major blow to the Korean nation, both economically and psychologically.

Embarrassed and unsure how a star tiger Asian economy could implode so quickly, the South Korean nation did something quite extraordinary and spontaneous by collectively confronting adversity by mobilizing a patriotic gold-raising campaign to help to repay South Korea's foreign debts.

Initiated by Korean broadcast networks and major banks, and coordinated by industrial conglomerates such as Hyundai, Daewoo and Samsung, the “love the nation” and “pay off the national debt” campaign saw Korean citizens sell their gold, but at prices much lower than prices. market value. The collected gold was melted into bars and sold on the international gold market.

With gold widely held by Korean households in many shapes and forms, long queues formed outside banks and Samsung, Daewoo and Hyundai collection points as Koreans rushed to sell everything, from investment gold coins and bars, to gold rings and bracelets, to gold medals. with gold trinkets. All this to repair their “broken economy”. Items sold even included gold jewelry for brides, gold doljanchi given to babies on their first birthday, gold keyrings for retirees and gold watches, as well as solid gold buttons that found on traditional Korean clothing.

And ordinary citizens aren't the only ones who took part in the campaign. Celebrities and politicians have led by example. Korean baseball star Lee Chong-bum brought 31 ounces of gold to his home bank in the form of trophies and gold medals. Then-President-elect Kim Daejung walked into a Seoul bank to donate a miniature golden turtle and four golden keys for good luck. (Cover photo).

In four months, from January to April 1998, the gold collection campaign collected 227 tonnes of gold worth $2.13 billion, including 165 tonnes in the first month of January alone. The collection involved 3.5 million households, representing 23% of the country's 15 million households and 10% of the gold held in South Korea at the time, and the gold collection campaign “contributed to restore the nation's credibility abroad, thereby enabling South Korea to fully repay the IMF-guaranteed debt in August 2001, three years ahead of schedule.

Tomorrow Friday, OI will publish the second part of this great article on “The power of gold in times of crisis”.

Courbet insures its clients against the theft of engagement rings.

Courbet insures its clients against the theft of engagement rings.

The jewelry store is innovating and implementing new insurance through blockchain technology.

An additional service

If there is a jewel that no one wants stolen, it is a ring that seals love. In partnership with GoodsID and its partner Wakam, Courbet now offers theft insurance to owners of an engagement ring from the house. Valid for a period of two years, this is directly included in the digital certificate of authenticity and secured by blockchain.

This new service “considerably simplifies reporting the theft to the insurer and at the same time speeds up the compensation procedure,” says Courbet. In the event of serious theft, the owner of the ring makes his declaration digitally through his blockchain certificate: the insurance company is alerted directly and validates the declaration, without subscription or expert opinion. The jewel will then be replaced by the same model, accompanied by a new digital certificate.

©Courbet

With its ecological concept based on creations based on laboratory diamonds and recycled gold, Courbet has tended, since its inception, to “put technological innovation at the service of its clients,” as Manuel Mallén, president and co-founder of the brand, recalls. Recently, the young house also launched into cryptocurrency payments thanks to a partnership with Lunu.

Watches, jewelry… The best gift ideas for a magical Christmas with Histoire d'Or

For Christmas, visit Histoire d'Or to find the ideal jewel to offer

A Christmas essential, jewelry is a preferred gift for adults and children. For the end-of-year holidays, Histoire d'Or has redesigned its online store to help you quickly find ideas for surprises to offer your loved ones. Until December 31, you will also benefit from multiple advantages by placing your orders on the website of the famous jewelry brand. Fast delivery, easy payment, Click&Collect, extended returns… Histoire d'Or has it all planned to allow you to spend a magical Christmas with complete peace of mind. Discover a box each day in the online Advent calendar and expect to win numerous gifts, including a diamond necklace valued at 479 euros.

Click here to take advantage of Histoire d'Or offers for Christmas

Gift idea for women: an engraved piece of jewelry for a personalized Christmas

Add a personal touch by designing a unique gift. Among the Christmas selection offered by Histoire d'Or you will discover numerous jewels that can be engraved. Simple, funny or romantic, choose a message that will make your loved ones smile. For any purchase over 89 euros, Histoire d'Or will offer you an engraving on one side. You can also write a second word on jewelry that allows it, for an additional 12 euros. As for jewelry, you can choose between bracelets and necklaces in rose, yellow or white gold, from 49 euros to 149 euros.

Click here to enjoy the selection of gifts for women

Gift idea for men: elegant watches for everyday life

Tommy Hilfiger, Festina, Lacoste, Lotus, Pierre Lannier, Boss… Whatever your loved ones' favorite brand, you will find what you are looking for among the selection of Histoire d'Or watches. For a vintage style at reduced prices, you can turn to the Casio Collection models, available from 60 euros. For less than 100 euros you will discover beautiful Festina watches with elegant blue dials. And to treat yourself even more, you can choose between the Michael Kors Bayville watches for 419 euros, or the Boss Admiral for 449 euros.

Click here to enjoy the selection of gifts for men

Children's gift idea: Give them their first gold earrings

Delight your children with earrings appropriate to their age. Little ones will be delighted to receive their first pair of real gold earrings for Christmas. Opt for two discreet little hearts for 39 euros. For 55 euros, Histoire d'Or will add two ladybugs, one of children's favorite motifs. You will also find shiny pendants for 119 euros. Finally, Disney fans will appreciate the steel models with the image of Minnie.

Click here to take advantage of the selection of gifts for children

Histoire d'Or: Christmas gifts for all budgets

Did you think your budget wasn't high enough to give jewelry to your friends? Histoire d'Or offers you a selection of items for less than 100 euros. Bracelets, earrings, chains, necklaces, watches… More than 1500 pieces of jewelry to find what you are looking for. You will find models in silver, gold plated, steel, but also in gold. You can also please with jewelry set with topaz, amber, amethyst, aquamarine, mother of pearl, sapphire, emerald, Swarovski crystals and even diamonds.

Click here to Take advantage of the selection of gifts at reduced prices

Live a magical Christmas thanks to the multiple benefits of Histoire d'Or

By purchasing your gifts now at Histoire d'Or, you will be guaranteed to receive your order before Christmas. The jewelry store also offers a free Click&Collect system, if you prefer to collect your items directly in store. Do you want to please your loved ones without exceeding your budget? Histoire d'Or has launched a payment system in three free installments, so you can enjoy these end-of-year holidays with peace of mind. If despite everything you have not managed to find the perfect surprise, you can always offer a gift card with no minimum amount and changes are possible up to 60 days after receipt.

Jewelry gifts are a guaranteed success

Jewelry gifts are a guaranteed success

Jewelry gifts are a guaranteed success

Jewelry stores in the Caudal and Nalón regions, associated with the Guild of Jewelers and Watchmakers of Asturias, including Dimas, Miguel and La Perla in Mieres, Alquimia in Pola de Laviana, Cholo and Mónica Alvarez in El Entrego, Maximino in Sama and Felgueroso in Sama and La Felguera, present these days in their windows the latest trends and creations in jewelry to offer to mothers next Sunday.

The jewelry presented at the last shows, very attractive pieces, with varied designs, are already in jewelry stores and undoubtedly constitute a complete success to give as a gift next Sunday. Fashion and style in jewelry have very suggestive ideas to offer to mothers, regardless of their age, since each piece has its originality and testifies to the affection and dedication of children for mothers who support family life. Mothers deserve everything and this must always be reflected every day of the year and especially on the first Sunday in May, a day of homage to mothers.

Finding the right gift, in the selection of jewelry that the professionals of the Caudal and Nalón jewelry stores have in their establishments, is easy. The options are numerous: necklaces, pendants, earrings, bracelets, rings and other pieces in gold and silver with current designs complemented by precious or semi-precious stones. Jewelry, which has value in itself, is the ideal detail to dress for work, at a family or social party, or on the street. A piece of jewelry gives an elegant touch at any time and in any situation.

Before next Sunday, Mother's Day, the best option to give the gift well is to see the windows of the jewelry stores or enter the establishments where you will find advice, opinions and the appropriate suggestion, since the jewelry stores in the mining regions They are attended by professionals with extensive experience and many years of exemplary activity. Because of their love and dedication towards family, mothers are a gem and remembering them on this day with a piece of jewelry is a memory that will always have great value.

The best selection of XL JEWELRY is here

The best selection of XL JEWELRY is here

The power of accessories is incalculable, since they can so lift a look basic, how to relax outfit elegant or give a sophisticated touch to an everyday style.

In this sense, one of the accessories that can change your look Those are the jewelry, more precisely, maxi jewelry. This spring-summer 2024, they are going very strong and at Vanidad we assure you that this summer you will not stop seeing them everywhere. Dare to wear maximalist jewelry and discover the following selection that we offer you…

The best selection of XL JEWELRY

Necklaces

If you want something more sophisticated or a special occasion piece, you should take a look at this ring necklace. OURSperfect if you want to take risks with the shape but without adding a touch of color, since it only combines silver and gold.

Ours. Price: €699

If, on the other hand, you want something fun every day that brings vitality to your style, this heart pendant in Sometimes it's perfect. You have it in red and pink and it will be one of your best allies when you wear a basic t-shirt or a tank top this spring-summer.

Sometimes. Price: €10.99

If you are one of those who always follow the latest trends, you cannot miss this pack of pearl necklaces from Zara. This season, the fashion for mixing many – and very large – pendants has been revived, as brands like Chanel already did in the 90s… And this option is perfect to recreate it. You dare?

Zara. Price: €25.95

Rings

What's more maximalist than a good ring combo? Nothing! This is why we offer you this pack of three rings of OURS, which you can wear together or separately and combine them as you wish. All three pieces are heart-shaped, but one of them is silver, another is gold, and another is pink acetate. We like!

Ours. Price: €179

You've probably heard of braces before. The Manso, but maybe you haven't seen that they have released a new collection with flowers as the protagonists. Yes, the brand has launched several pieces with this pattern, and at Vanidad we can't help but think of this transparent ring in which, without a doubt, it is worth investing.

The Manso. Price: €105

If you want something a little more discreet, without leaving aside the maximalist touch, you should get the Pompa model from If I die. It's available in silver and gold and is perfect for mixing with more jewelry and creating bold combinations worthy of any summer outfit.

If I die. Price: €190

On the other hand, if you only want to wear one ring and make it stand out and attract a lot of attention, this one Aristocracy will conquer you. And what can attract more attention than a crocodile wrapped around your finger? I'm sure everyone stops to look at it and asks where it came from.

Aristocracy. Price: €165

Earings

If earrings are your thing, don't worry, we're also sharing with you some of our favorite latest additions in this category. We start with these Bimba and Lolamini heart-shaped cushions in pink satin with small applications of sequins that couldn't be more numerous flirtatious.

Bimba and Lola. Price: €85

We continue with these Adolfo Dominguez which simulate crumpled gold paper, as if it were gold leaf. We love them because they will bring a lot of light to your face and, at the same time, will be the perfect complement to colorful outfits, while bringing a sophisticated touch to evening looks.

Adolfo Dominguez. Price: €59

Finally, these giant flower earrings from Zara They will attract attention wherever you go. All you need is a basic t-shirt, jeans and… that's it! These earrings will do the rest of the work…

Zara. Price: €15.95

And you, which XL piece of jewelry did you like the most?

Alba Ramos: @alba_rr22

Pictures: Courtesy of brands

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Kim Kardashian robbed: her insurer attacks her former bodyguard

Kim Kardashian robbed: her insurer attacks her former bodyguard

6.1 million dollars is the amount paid by AIG to star Kim Kardashian for the theft of her jewelry, stolen during a spectacular robbery at her luxurious hotel residence during Paris Fashion Week 2 years ago. In October 2016, the five attackers stole a ring worth almost four million euros, various gold and diamond jewelry, for a total amount estimated at nine million euros, the largest theft perpetrated against a country in 20 years in France. .

Those responsible for the theft

According to the TMZ site, the American insurer that compensated the wife of rapper Kanye West is now turning against her former bodyguard and his security company Protectsecurity, accused of being responsible for the robbery. The subpoena was filed Wednesday in Delaware state court.

According to the text of the complaint, obtained by TMZ, AIG claims that bodyguard Pascal Duvier failed to fulfill his responsibilities, leaving the star alone that night. In fact, he would have accompanied his sisters Kim and Kourtney to a nightclub. He is also accused of not having reported the hotel's security flaws: lack of lock on the patio door, defective intercom or lack of surveillance cameras. AIG also regrets that the concierge did not have security training, although the complaint is not directed at him or the hotel.

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Gold and silver purchases increase in Mexico according to the Chamber of Jewelry

Gold and silver purchases increase in Mexico according to the Chamber of Jewelry

The jewelry industry is growing, jewelry sales are increasing, especially engagement rings and gold and silver in general.

MEXICO.- The president of Chamber of Jewelry of Jalisco, Álvaro Azpeitia Covarrubias, He said jewelry is growing, jewelry sales are up, especially engagement rings and jewelry in general. gold and silver. He said the advantage is that prices have not increased as much because The dollar has depreciated against the peso.

Besides the fact that people buy gold and silver jewelry as an investment and because having them is linked to sentimental subjects such as an engagement with your partner, a baptism, a first communion or even have the names of loved ones engraved on a piece, among others.

He said per capita gold consumption increased from 15 grams in 2019 to 16 grams in 2022; while that of silver increased from 63 to 67 grams in the same period. He added that 16 grams of gold is equivalent to 19,200 pesos and 63 grams of silver is equivalent to 1,105 pesos.

We have the data that we closed with a transformation of 21 tons of gold and 85 tons of silver, closing as such in 2022″, which is higher than that of 2019 when the national consumption of gold was of 20 tons and 80 tons of silver said.

Engagement rings, bestsellers

The engagement ring continues to be one of the most in-demand products in the world. Mexicosince 20% of all jewelry sold is this type of rings, explained Azpeitia Covarrubias as part of the inauguration of ExpoJoya, at the World Trade Center.

Besides the fact that the purchasing trend is for jewelry finished in gold, earrings, bracelets, chains, rings, “personalized jewelry that can have your partner’s name on it, as technology allows us to engrave our loved ones’ faces onto plaques.”

Most sales are colorful stone jewelry with 70% and the remaining 30% are luxury jewelry i.e. natural stone jewelry like diamonds and sapphires.

He explained that they closed the year 2022 with a growth in jewelry sales of 5% and that in the exhibitions we observe that the demand is growing, especially for gold, because the exhibition of the year last one was 40% gold and the rest synthetic stone jewelry and now it has increased to 50% gold.

“In pricing, we have seen a change in the price of commodities, particularly precious metals, silver and gold, and we have seen it historically because these are commodities of “investment, but since the dollar fell, they balance out,” he said. said.

Fountain: Jalisco Jewelry Chamber

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Invest in gold? And why not ?

Invest in gold?  And why not ?

Quebecers today find themselves facing a true treasure. During the first three quarters of the pandemic, they slowed down their consumption and saved like never before. According to Quebec Economic Accounts data, instead of collectively setting aside $11.6 billion as they did during the first nine months of 2019, this time they saved… $47.3 billion!

What to do with this windfall? Let it bear fruit, of course. And why not in an original way, investing (to change RRSP, TFSA or RESP) in gold? An idea that André Dubuc, journalist from Press, who signed with François Riverin, expert in the mining sector, Investing in gold: the new Klondike available to everyone (Guy Saint-Jean Editor, 2021). We asked André Dubuc how to convert his investments into goldsmithing.

Why invest in gold today?

Because when you invest in gold you act like when you take out insurance for your house or your car. We buy gold to protect the value of our assets. In this sense, it benefits us to do so when we want to prepare for our old age.

Specifically, how do you buy gold?

Gold is obtained in two ways. We either buy physical gold, like a gold coin, or we buy paper that tells us we own gold. It is recommended to buy physical gold because the investor will surely have access to it when they need it. One way to do this is to purchase an ounce of gold maple leaves at the Royal Canadian Mint. They are sold through authorized dealers and are accepted worldwide. But with physical gold there is the disadvantage of the risk of theft. Hence the interest in paper gold, which can take the form of exchange-traded funds (ETFs) invested in bullion, such as the iShares Gold Bullion ETF from the American BlackRock, one of the largest gold asset managers in the world. This resolves the issue of storage and security costs.

And can buying gold jewelry work too?

Jewelry is not ideal. In the case of resale, the owner most of the time obtains the gold value of the jewelry, without necessarily finding the original purchase price.

Do you have to be rich to invest in gold?

You are welcome. Any saver, regardless of his or her level of wealth, can (and even should) have gold in his or her investment portfolio, just as every homeowner has home insurance. This is because the assets we may own – for example, the shares of a publicly traded company, or even our house – are today at risk: they are expensive and are not protected against a sudden and lasting loss of value. Worse yet: if inflation were to start rising soon, the purchasing power of our savings would automatically begin to fade. For its part, gold is strongly correlated with inflation: when inflation rises, gold rises. That is why we say that gold is an “asset insurance.” It only takes between 2% and 3% of our investment portfolio to be made up of precious metals such as gold for our savings to begin to benefit from this protection.

But of course, you can't make a fortune with gold…

You don't buy gold to get rich overnight. Unless you try your luck acquiring shares of gold companies on the stock market: when the economy is favorable, the profits can be spectacular – 10 times, 20 times your investment or even more – but the risk is corresponding; Many people who invested in mining exploration companies that promised the moon lost everything.

Warren Buffett, the famous investor and one of the richest men on the planet, is a great denigrator of gold. Why not listen to it?

Warren Buffett is in a league of his own, with over $130 billion in cash. He was a banker of last resort during the 2007-2008 financial crisis, which is certainly more profitable than buying gold bars and watching them shine. You must understand that your financial strategies cannot be those of the average saver.

The price of gold is on the rise, with peaks in 1980, 2011 and 2020. Isn't it risky to bet on it now? Especially since Vincent Delisle, senior vice president and head of liquid markets at the Caisse de dépôt et position du Québec, recently stated that the value of an ounce of gold had increased by 18.5% during the first six months of 2020, to fall 2.3% over the next six months…

In fact, depending on the reference date used, gold is doing very well or looks bad. I don't think gold is overvalued right now; On the other hand, if we look at the securities listed on the stock market, we observe that the price-earnings ratio is currently at multiples much higher (25-30 times) than its historical average (about 15 times). In other words, investing in gold in 2021 is much less risky than buying shares of electric car maker Tesla.

Furniture, jewelry… Everything can be rented, but is it worth it? | 60 million consumers

Furniture, jewelry... Everything can be rented, but is it worth it?  |  60 million consumers

From the drilling machine to the pool, you can rent everything, or almost everything, instead of buying it. But is this new way of consuming so interesting?

How long have the paper removers and the refrigerator been in the closet? “80% of our objects are used less than three times a year”, emphasizes the Ecological Transition Agency (Ademe). Worse still, a home has, on average, no less than 99 electrical and electronic equipment, six of which are never used!

Hyperconsumption that, beyond constituting an ecological nonsense, unnecessarily burdens the family budget. This gives food for thought before purchasing a drill, used for an average of twelve minutes, from production in the factory to disposal at the recycling center…

Local and hand-in-hand operation.

To satisfy these occasional needs, numerous rental sites between individuals, more or less well supplied, have developed in recent years. The model is based on a very local operation with hand-to-hand exchanges.

Hammer drill at 10 euros/day in Strasbourg, bread maker at 15 euros/day in Paris, lawnmower at 25 euros/day in Rouen… Thousands of offers and requests of all kinds accumulate on general sites (Kiwiiz, I rent everything, Yacalouer, AlloVoisins, leader in this alternative market with 4.5 million users and 200,000 ads per month), but also specialized platforms, such as Bricolib, which only offers DIY and gardening equipment.

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It all depends on where you live

Know before you start: if the object is damaged during the rental, it will generally be up to the tenant to apply for their civil liability insurance. In the event of non-return of the property (loss, theft), the reimbursement will be entirely the responsibility of the owner because, with some exceptions, the home's comprehensive insurance does not cover the loss or theft of the rented property.

The only thing left to do is find a rental ad near your home. Depending on where you live, it goes without saying that the chances of finding happiness are not the same. It is impossible to transform renting between individuals into a new consumption habit when you live in a small provincial city, or in a rural environment.

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New less transparent models

It is also unfortunate that some sites, such as Kiwiiz or AlloVoisins, offer a new model. They evolved their concept and opened their platform to small businesses and artisans, losing a bit of their DNA in the process. In addition to equipment rental offers, a range of babysitting services, small DIY jobs and other car repairs have been developed.

“The provision of services has increased considerably in recent years to now represent two thirds of market requests”, indicates Édouard Dumortier, co-founder and CEO of AlloVoisins. A dynamic niche but a little ambiguous for the user. On the platform, most service ads are labeled as “individuals.” However, very often, taking a closer look at the advertiser's profile, we realize that he is a freelancer. Not very transparent!

Can you make money from stolen art and jewelry?

Can you make money from stolen art and jewelry?

DW.- The Dresden Thieves Maybe they needed an extravagant Christmas present.. Or did they steal on behalf of a gentleman who wanted to impress someone for Christmas? In truth, “the idea of ​​the connoisseur wanting to delight in an object is more like something out of a Hollywood movie,” he says. Diandra Doneckerfrom the auction house Grisebach, In Berlin. The Dresden thieves, ax in hand, have little in common with the image of the gentleman thief. “We can only hope that the museum director receives a phone call and that the thieves offer her what they stole,” he says. Art becomes a hostage, and its ransom will then have to be paid: “It would be the best way to put an end to this terrible story. »

2,500 works of art

This type of “art market,” so to speak, is gigantic. In Germany, Austria and Switzerland alone, 2,500 works of art are stolen every year.insurance broker Nikolaus Barta, who specializes in insuring works of art, told the German newspaper. South German Zeitung: “We estimate that the annual damage amounts to between six and eight billion euros worldwide.”

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However, “the damage figure” does not have the same value as what a thief could obtain. In reality, works of art only really have value if they are known. Unknown art is not easy to sell. The value of the jewelry stolen in Dresden can hardly be realistically estimated. A unique, old and beautiful work of art could fetch, at a legal auction, up to 100 million euros. The real material value, in this case gold coins and jewelry and not oil paintings, in the art trade sector would be perhaps ten million euros or less.

“The worst thing that could happen…”

“This is also the worst thing that can happen in the case of Dresden: that the gold is melted down and the precious stones are mined,” says art market expert Donecker, “and we will never see again never these works of art.”
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In the case of precious stones, the value is reduced if they are sanded again and the special sanding that they had previously undergone can no longer be recognized. For this, specialists are also needed in Europe, especially in the Netherlands. However, it is unlikely that jewelers will feel safe in the Antwerp market, the largest in the sector in the world: traders have a direct relationship with the Belgian police and the diamond district is reportedly monitored by 2,000 cameras. It's easier with gold coins; These can be melted relatively easily. But then these unique works of art will disappear forever. This is what happened during the spectacular theft of the “Great Maple Leaf” gold coin from the Bode Museum in Berlin two years ago. When the thieves were caught, the coin had already melted.

Art as a trophy

“In organized crime”, reports the economic newspaper Handelsblatt newspaper , “art as a trophy is appreciated as a tool of exchange or security”. Just like the incredibly expensive bottles of Bordeaux wine, which end up in the safe rather than on the table and passed from safe to safe as currency. Insurance is a possible solution to art theft: “As soon as thieves realize that they cannot find a buyer, they look for alternatives,” explains art detective Arthur Brand in the german magazine Spiegel: “Then they blackmail, for example, the insurance.” According to Brand, they are relatively easy to catch. However, in the case of Dresden, even insurance would not be an option. State museums generally do not insure their exhibitions; They are based on what is called state responsibility: in the event of damage, the public sector is responsible for intervening and the work of art, in most cases, disappears forever.