Gold Prices Fuel Surge in European Art Theft

Art thieves in Europe are increasingly turning to violent robberies targeting gold, jewelry and cultural artifacts that can generate higher profits, according to Europol.

A prime example of the trend was last October’s heist at the Louvre in Paris, when thieves threatened guards and visitors and stole jewelry worth €88m ($103m).

Thieves are using sledgehammers, axes, crowbars and, in some cases, explosives to break into premises and display cases. Traditional organized crime groups with clear leadership and specialized expertise are increasingly giving way to decentralized, ad hoc groups of profit-seeking opportunists recruited through social media.

The price of gold has risen by 85% over the past two years, making items containing precious metals increasingly attractive targets. Such objects can be easily melted down, making them difficult to trace, while gemstones can be removed from jewelry and resold.

Europol has also noted an increase in thefts of ancient Chinese porcelain, including Ming Dynasty vases, driven by high demand.

(Reuters, bak)