Prestigious Wool Trophy Stolen in Tasmania, Insurers Pay Out $100,000

A prestigious wool industry trophy featuring a 24-carat gold merino sheep and a weaving loom made of silver and platinum was stolen from a small museum in Tasmania's northern midlands last year and has not been recovered.

Launceston City Council has confirmed it received a $100,000 insurance payout for the theft as the trophy was on loan from the council-owned Queen Victoria Museum and Art Gallery.

What's next:

The council says an audit has recently been completed of other items on long-term loan with no others considered to be at risk.

The Launceston City Council has received $100,000 from insurers after a one-of-a-kind trophy was stolen in a brazen smash-and-grab.

The Ermenegildo Zegna Perpetual Trophy features a 24-carat gold sheep and is considered among the most prestigious wool industry trophies in the world.

It had been on loan from the council-owned Queen Victoria Museum and Art Gallery (QVMAG) to the Tasmanian Wool Centre at Ross, since 2013.

But last December, a thief broke in, smashed its glass case and stole it.

It was the only item taken.

Although the robbery was caught on CCTV and a $15,000 reward was offered, the trophy has not been recovered.

Launceston Mayor Matthew Garwood said the council had received the $100,000 insurance payout on March 12, and was not required to pay an excess.

Asked whether the council will keep the $100,000 or pass it on to others in the wool industry, Cr Garwood said: "The trophy was an irreplaceable original artwork donated to the QVMAG collection."

"The insurance relates to the loss of value of that item to the collection," he continued.

The trophy, created by Tasmanian artist Stephen Walker, represented the strong ties between premium Tasmanian wool and Italian high fashion.

From 1963 to 2008, it was awarded to the best superfine merino fleece at the Midland Agricultural Association Show in Campbell Town.

It featured a sculpture, including a 24-carat gold merino sheep, "set within a representation of a weaving loom made of silver and platinum, mounted on a serpentine base", according to the council.

Cr Garwood was also asked whether the incident had prompted a security review of other items from the QVMAG collection.

"While the lending institution is ultimately responsible for the security of lent items, an audit has recently been completed of other items on long-term loan with no others considered to be at risk, not withstanding that no institution can plan for and mitigate all risk," he said.