The Bayeux Tapestry is set to be covered by a UK Treasury indemnity of around £800million during its forthcoming loan to the British Museum – more than twice the value of the most expensive artwork ever sold at auction.
The indemnity, backed by the taxpayer, will cover the almost 1,000-year-old embroidery against damage or loss during its transfer from Normandy.
The Treasury told the Financial Times that it had ‘received an estimated valuation of the Bayeux Tapestry which has been provisionally approved’. The newspaper reported that officials expect the final valuation to be ‘around £800million’.
The Treasury did not dispute that figure, but declined to comment on the price.
The loan next September is part of a cultural exchange agreed by French president Emmanuel Macron and Prime Minister Sir Keir Starmer.
Chancellor Rachel Reeves will have to sign off the indemnity for the tapestry, which tells the story of the Norman invasion of England in 1066 and is thought to have been made by nuns in England in the 11th century.
It will be moved to London in a special crate and displayed behind a protective screen for ten months before returning to France.
The Government Indemnity Scheme allows museums and galleries to borrow high-value works for major exhibitions without paying massive commercial insurance premiums.
Part of the tapestry is the battle of Hastings, the death of Harold II last Anglo-Saxon king of England. Left, figure pulling arrow from eye and then being cut down by Norman knight. Armour Chain Mail Sword Axe Textile (October 1066)
