Prestigious Wool Trophy Stolen from Tasmanian Museum, Insured for $100,000

A one-of-a-kind trophy, considered among the most prestigious in the wool industry, was stolen in a brazen smash-and-grab last year.

The Ermenegildo Zegna Perpetual Trophy, featuring a 24-carat gold sheep, was on loan from the council-owned Queen Victoria Museum and Art Gallery (QVMAG) to the Tasmanian Wool Centre at Ross, in Tasmania's northern midlands, 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 City Council confirmed it received a $100,000 insurance payout for the theft on March 12, and was not required to pay an excess.

Mayor Matthew 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.

Mr 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.