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In a sign of the extraordinary value attached to the 70-metre cloth’s depiction of the Norman Conquest, the Bayeux Tapestry is set to be covered by a UK Treasury compensation of around £800 million while on loan to the British Museum in 2026.
The indemnity, supported by the British taxpayer, will cover the tapestry against damage or loss during transfer from the Normandy to London and when it will be on display in what is expected to be the biggest blockbuster exhibition for a generation.
The Treasury told the Financial Times that it had received “an estimated valuation of the Bayeux Tapestry which has been provisionally approved”.
Officials briefed on the project said they expected the final valuation to be “about £800mn”, an amount the Finance Ministry did not dispute, although it declined to comment on the expected price tag attached to the priceless artwork.
That’s more than double the value of the most expensive artwork ever sold at auction: “Salvator Mundi,” a Leonardo da Vinci painting of Jesus commissioned by King Louis XII of France, which sold for $450 million at Christie’s in New York in 2017.
The Treasury compensation, which Chancellor Rachel Reeves must sign off on, is part of a complex agreement between Britain and France to cover the tapestry’s debt, which was announced by President Emmanuel Macron during his state visit to London in July.
The move of a nearly 1,000-year-old wool embroidery on linen backing from its home in Bayeux to the British Museum in central London has drawn criticism from some in the French art establishment, who afraid it will be damaged During his loan to Britain.
six pages “Administrative Agreement” A recently released document between the British and French culture ministries details how the work will be transported to London and how it should be preserved when the British Museum exhibition opens in September.
The deal refers to the “temporary transfer of a delicate and worn thousands of years old cloth” and how it is to be transported to London in a special crate, with provision for it to be displayed behind a protective screen.
It added that “the French state” would monitor a “dry run” of the transfer in London, “using a crate containing a replica of the tapestry equipped with a vibration analysis device”.
The agreement states that the crate must “conform to isothermal protection standards”. People briefed on the project said they expected the tapestry to come to London in a truck, traveling through the Channel Tunnel.
The deal states that the British Museum is responsible for the display and safekeeping of the tapestry while it remains in London until July 2027 and will “at its own expense, prepare a status report upon the tapestry’s return to Bayeux”.
Former Conservative Chancellor and Chairman of the British Museum George Osborne has said that he hopes the Bayeux Tapestry will be “the blockbuster show of our generation”, comparable in scale to the famous Tutankhamun exhibition of 1972.
The tapestry, which tells the story of the Norman invasion of England in 1066, is believed to have been created by nuns in England in the 11th century. Storytelling in its iconic comic strip-style is expected to bring commercial benefits to the British Museum.
government compensation scheme This is a long-standing provision that allows museums and galleries to loan high-value works for major exhibitions.
“Without this cover, public museums and galleries would face substantial commercial insurance premiums, which would be significantly less cost-effective,” the Treasury said.
It has been used for several high-value loans, including Vincent van Gogh’s “The Bedroom”.
It has been estimated by the Treasury that GIS has saved UK museums and galleries approximately £81 million compared to commercial insurance.
The government said in a statement: “The Treasury has received an estimated valuation of the Bayeux Tapestry which has been provisionally approved. The loan will not be formally confirmed until we receive the final valuation.”
The tapestry is on loan to the British Museum while restoration work is underway at the work’s house in Bayeux.
British artefacts including the Sutton Hoo treasures will be sent to Normandy museums as part of a cultural exchange.
