“Judith and Holofernes – a masterpiece insured by ERGO”

Created by the great Caravaggio around 1600, the oil painting is undeniably brutal and gloomy: Judith, the biblical heroine, beheads the commander Holofernes with a knife. The multi-million artwork embarked on a sales tour protected by an artwork transit insurance from ERGO’s French subsidiary, headed by Fabien Guibert.

With coverage by ERGO Art & Values, the masterpiece by Italian painter Caravaggio, worth €50 million, set off for galleries in Paris, London and New York in spring 2019. However, the auction in Toulouse, in the south of France, at the end of the tour did not come off as planned. Although the painting completed the trip, the owner, a private citizen from Toulouse, had meanwhile sold it to an anonymous buyer – for an estimated €100 to €150 million, art experts guess.

A Caravaggio with rarity value

Being entrusted with insuring a masterpiece of this stature is always very special, even for experts. Yet, as Johannes Kasek, underwriter at ERGO’s headquarters in Düsseldorf says, “The amount is actually not that unusual. We often insure private or public collections that are even more valuable than this one painting.”

“Even once everything has been thought of, every step planned – an element of suspense is normal when dealing with such high-profile objects.”

Nevertheless, this violent Caravaggio is unique. The painting was discovered by accident: following water damage, the owners of a house near Toulouse came across the picture in a corner of their attic. The oil painting, dating from 1600 to 1610, depicts the biblical heroine Judith decapitating the Assyrian commander Holofernes. Experts initially disagreed on whether it had actually been painted by Michelangelo Merisi, otherwise known as Caravaggio – one of the most important Italian artists of the early Baroque period. However, the French art expert Eric Turquin confirmed the authenticity of the masterpiece.

Tour planning in meticulous detail

Close attention was paid to every detail of the planned sales tour: Which route should the courier vehicle take? How was the shipment to be guarded? How were the transit warehouses equipped? Would a private on-premises security service be enough at the galleries? Should the police be involved?

Even once everything has been thought of, every step planned – an element of suspense is normal when dealing with such high-profile objects. What, for example, if the painting had been damaged? A scratch on Judith’s face would have been tantamount to disaster. Fabien Guibert: “There’s always an element of risk, but we try to minimise it as far as possible.” The meticulous preparation paid off: the painting completed the tour unscathed.

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