Tag Archives: Treasure Hunting versus Archaeology

The Lost Treasure of the S.S. Gairsoppa?

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In February 1941, a Nazi U-boat torpedoed the SS Gairsoppa, sending it to the bottom of the North Atlantic Ocean. Its holds contained a treasure…one of the largest treasures in maritime history. And now, that treasure has been recovered. What is the lost treasure of the Silver Shipwreck?

What is the Silver Shipwreck?

The SS Gairsoppa was a massive cargo ship. In 1941, it left India with silver ingots, pig iron, and tea which it intended to bring back to Britain.  Initially, it traveled with a convoy. However, with coal running low and winds running high, the vessel split off on its own and headed for Ireland’s Galway Harbor. On February 17, the Nazi U-boat U-101 spotted the Gairsoppa and subsequently torpedoed her. She sank in less than twenty minutes, leaving only a handful of survivors.

The vessel sank in 15,400 feet of water, taking with it nearly 80 crewmen…and a priceless treasure. Back in September, the famed treasure hunting / salvage firm Odyssey Marine Exploration announced it had discovered the so-called Silver Shipwreck.

A Massive Treasure Salvage?

On July 18, Odyssey reported the recovery of 1,203 silver bars, or 48 total tons of silver, from the Silver Shipwreck. At the current rate of $31.46 per ounce, the treasure is worth roughly $48 million. And this only represented 43% of the total haul. At the time, Odyssey had plans to salvage the rest of the shipwreck.

Working backward, it appears the Gairsoppa was carrying roughly 112 tons of silver at the time of its sinking. Thus, the entire treasure could be worth about $113 million. Thus, it’s probably accurate this is being called “the deepest, largest precious metal recovery in history.”

“With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a complex operation. Our capacity to conduct precision cuts and successfully complete the surgical removal of bullion from secure areas on the ship demonstrates our capabilities to undertake complicated tasks in the very deep ocean.” ~ Greg Stemm, Odyssey Chief Executive Officer

Technically, the UK government owns the treasure. It had insured the cargo and paid off the silver’s owners after the Gairsoppa sank. Under the terms of the salvage agreement, the government will keep 20% of the treasure, net costs. Odyssey will keep the rest.

Guerrilla Explorer’s Analysis

Our congratulations go out to Odyssey. This is an excellent haul. And it appears this story will end far better than the controversial “Black Swan” debacle.

Back in 2007, Odyssey secretly salvaged 17 tons of gold and silver coins from a mysterious shipwreck codenamed the “Black Swan.” The Spanish government cried foul and demanded that the wreck be handed over to it. The Spanish government’s ownership of the wreck was questionable at best and it spent none of its own time, money, or effort to recover it. Yet, numerous U.S. courts sided with the Spanish government and ruled Odyssey had to relinquish the Black Swan’s treasure.

At the time the time, we predicted that particular outcome, which was possibly influenced by secret back room bureaucratic dealings, would have extremely negative effects on the field of shipwreck salvage.

“Going forward, treasure hunters will have little to no incentive to report their findings to the world. The black market for antiquities will grow. The treasure hunting field will attract a greater number of reckless and unskilled individuals. Thus, salvage work will be done with more haste and less care.” ~ David Meyer, The Black Swan Heist

We still think that will be the case in the long-run. However, we’re pleased to see this particular salvage operation end on a happy note. Once again, congratulations to Odyssey!

The Black Swan Heist?

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On May 18, 2007, Odyssey Marine Exploration flew 17 tons of salvaged gold and silver coins to a secure facility in Florida. Now, five years later, U.S. courts have forced Odyssey to hand over this treasure to the Spanish government. What is the Black Swan Heist?

Odyssey & the Mysterious Black Swan Project?

Odyssey is a publicly-held marine salvage company. In other words, it’s a treasure hunting firm. Back in 2007, Odyssey completed a top-secret salvage expedition known as the Black Swan Project, uncovering some 17 tons of coins and other artifacts in the process. The operation is believed to have cost two million dollars and taken numerous years to complete.

Almost immediately, the Spanish government filed a claim on the treasure, arguing that the Black Swan was actually a Spanish vessel known as the Nuestra Señora de las Mercedes, which sank in 1804. Five years of court battles and drama followed. At one point, WikiLeaks even got involved. A secret cable revealed the American ambassador to Spain offered to help the Spanish government recover the treasure from Odyssey. In exchange, Spain was asked to compel a museum in Madrid to return a $20 million painting to a California family that claimed it had been stolen by the Nazis.

The Black Swan Heist?

In September 2011, the 11th Circuit Court of Appeals ruled against Odyssey in a highly questionable decision. In February 2012, Justice Clarence Thomas, acting on behalf of the U.S. Supreme Court, declined to hear the case. As a result, Odyssey is being forced to hand over the Black Swan treasure to the nearly-broke Spanish government. And in a slap to the face, the firm won’t receive any compensation for its work (leading many treasure hunters to suggest Odyssey return the Black Swan treasure to the ocean and make the Spanish government pay for its own recovery).

I don’t want to get into the minutia of the case here. The international laws governing shipwreck salvaging are murky and highly tilted toward governments over individuals. Suffice it to say the Black Swan wreck was never conclusively proven to be the Mercedes. And even if it was the Mercedes, that means that the vast majority of the coins were owned by merchants and not the Spanish government. Spain claims it had reimbursed the merchants back in the early 1800s and thus, was entitled to the treasure (interestingly enough, it has yet to provide any proof of this compensation).

Guerrilla Explorer’s Analysis

From my point of view, this is a short-sighted decision that will have long-term ramifications (something I discuss in my novel Chaos). Going forward, treasure hunters will have little to no incentive to report their findings to the world. The black market for antiquities will grow. The treasure hunting field will attract a greater number of reckless and unskilled individuals. Thus, salvage work will be done with more haste and less care.

As I see it, the Black Swan treasure falls under the homesteading principle. There are three possible owners of the Black Swan wreck. The dead (or their descendants), the “community” (supposedly represented by the Spanish government), or Odyssey. First, the dead merchants can no longer claim ownership. In addition, the merchants basically stole the metal for the coins from the Incas making it extremely unlikely the original owners can ever be traced (although some Peruvians are making their own claim). Second, the Spanish Culture Ministry has no legitimate claim to the treasure. Governments cannot legitimately own private property, since everything they have (including tax dollars) has been, in effect, taken at the point of a gun.

Overall, I would argue no one owned the Black Swan wreck prior to discovery. Odyssey, on the other hand, is the rightful owner of its own labor. By salvaging the Black Swan, the company added its labor to the treasure and thus, became its rightful owner.

I’m a treasure hunter. Yet I also consider myself an amateur archaeologist. As such, I’m very sympathetic to the concept of “historical preservation.” However, I don’t think that “stealing” artifacts from the treasure hunters who recover them is the best way to achieve that goal. Instead, I tend to favor the idea of privatizing archaeology.

“In other words, if “archaeological entrepreneurs” were able to sell their wares freely, they would have greater incentive to do better work in order to fulfill the demands of their customers (i.e. museums). Also, in the absence of antiquities laws, private owners would be more likely to share their artifacts with researchers, especially since subsequent research might increase the value of the artifact in question.” – David Meyer, Is Treasure Hunting Immoral

I realize I’m in the minority on this issue. But that doesn’t mean I’m wrong. Freedom has vastly improved the lot of mankind over time. I believe it could do the same thing for the field of archaeology.

The $3 Billion Shipwreck?

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In 1942, the S.S. Port Nicholson sank somewhere off the shore of Cape Cod. Now, a treasure hunter by the name of Greg Brooks claims to have found the sunken shipwreck. But that’s not all…not by a long shot.

The $3 Billion Shipwreck?

According to Brooks, the S.S. Port Nicholson was carrying 71 tons of platinum which was supposed to be a payment from the Soviet Union to the U.S. for war supplies. At ~$1,500 an ounce, that means the S.S. Port Nicholson shipwreck is worth roughly $3 billion. Not too shabby! Here’s more on the $3 billion shipwreck from the Huffington Post:

A treasure hunter said Wednesday he has located the wreck of a British merchant ship that was torpedoed by a German U-boat off Cape Cod during World War II while carrying what he claims was a load of platinum bars now worth more than $3 billion. If the claim proves true, it could be one of the richest sunken treasures ever discovered.

But an attorney for the British government expressed doubt the vessel was carrying platinum. And if it was, in fact, laden with precious metals, who owns the hoard could become a matter of international dispute.

Treasure hunter Greg Brooks of Sub Sea Research in Gorham, Maine, announced that a wreck found sitting in 700 feet of water 50 miles offshore is that of the S.S. Port Nicholson, sunk in 1942…

(See the rest on the $3 billion shipwreck at the Huffington Post)

Is Treasure Hunting Immoral?

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On June 8, 2007 author Robert Kurson wrote an op-ed for the New York Times, arguing the merits of treasure hunting. It was the latest salvo in a war that stretches back for decades. Was Kurson right? Or are his critics correct that treasure hunting is immoral and that it, along with the black market antiquities trade, should be criminalized?

The Chaos Book Club

Today marks Day 4 of the Chaos book club. Chaos is an adventure thriller along the lines of Indiana Jones or books written by Clive Cussler, James Rollins, Douglas Preston, or Steve Berry. If you haven’t already done so, please consider picking up a copy at one of the following locations:

Kindle * Nook * Kobo * iBooks * Smashwords * Paperback

Treasure Hunting versus Archaeology

Now, Robert Kurson is a legendary figure in the shipwreck world. He spent seven years of his life researching and excavating the mysterious U-869, a Nazi U-boat which sank about sixty miles off the coast of New Jersey. In a 2007 op-ed for the New York Times, he gave a decent overview of both sides of the debate in question. First, the archaeological side…

“[Archaeologists] claim that because the professional treasure hunter’s first priority is to sell what he finds, artifacts will be rushed from shipwreck to market without being carefully preserved or photographed and cataloged to record their historic value. They charge that even if the treasure hunter cared to preserve and catalog his discoveries, he couldn’t, because he is not properly trained to do such subtle and delicate work.” ~ Robert Kurson

And then the treasure hunter side…

“The treasure hunter’s livelihood depends on keeping his discoveries in pristine condition. He knows that coins and gold and pottery must be handled with exquisite care in order to bring the highest possible price. He must use a surgeon’s touch with every artifact, because even that last lonely vase has value if it is deftly handled. The roughest and toughest of these treasure hunters have some of the gentlest hands in the world.” ~ Robert Kurson

Is Treasure Hunting Immoral?

The Archaeology vs. Treasure Hunting debate is a bitter one. A cursory search on the internet reveals scores of articles (mostly written by archaeologists) on the topic. A particularly stinging attack on treasure hunters is offered by Texas A&M’s Ship Reconstruction Laboratory. Here’s a sample…

“1. Can treasure hunters do archaeology with high standards?

No. The aim of treasure hunting is profit and treasure hunting companies depend on investor’s money. In a normal competitive environment investors prefer companies that yield better returns on their investments. It is an indisputable fact that careful excavations are more expensive than the quick salvage of artifacts with market value, and companies that try to follow good archaeological standards will not survive long in any informed market.”

The above argument seems powerful at first. But upon closer inspection, it’s shown to be fatally flawed. I don’t doubt that “careful excavations” are more expensive than treasure hunts. But this doesn’t necessarily imply they produce better work. In general, non-profit operations pay far less attention to the cost side of the equation than profit-seeking ones. So, this might really be nothing more than better cost management on the treasure hunting side.

Another popular argument levied by archaeologists is that they are working for the public good. They believe that artifacts should be analyzed for historical purposes and stored in museums rather than sold off to wealthy collectors. While it sounds noble, this is hardly the case in real life. For example, a 2001 BBC article discusses a strange situation at the Crimean Eastern Institute:

“The cramped offices of the Crimea’s Eastern Institute are crammed with the archaeologists’ legal finds – each item painstakingly cleaned and catalogued. Bizarrely, the precious gold and silver belt buckles and jewellery are stored in cigarette packets or old medicine boxes. There is no money here for anything else, even though the antiquities themselves are worth tens of thousands of dollars.” ~ Battle to Save Crimea’s Treasures – BBC News

These artifacts aren’t being researched nor are they being put on public display. And this isn’t unique to Crimea. Similar scenarios take place across the globe.

Still, the archaeological position remains consistent. Treasure hunting is an immoral activity and should be treated as such. Thus, archaeologists have sought the assistance of governments in order to quell the activities of hunters.

Privatizing Archaeology?

Is there a way to solve this endless debate? One particularly innovative suggestion comes courtesy of the Ludwig von Mises Institute. In his article, “In Defense of Tomb Robbing,” Adam Young suggests that one solution is to, in essence, “privatize archaeology.” He argues that this would force today’s treasure hunters to acquire greater excavation skills in order to sell artifacts to “museums, universities, and private collectors.” In other words, if “archaeological entrepreneurs” were able to sell their wares freely, they would have greater incentive to do better work in order to fulfill the demands of their customers (i.e. museums). Also, in the absence of antiquities laws, private owners would be more likely to share their artifacts with researchers, especially since subsequent research might increase the value of the artifact in question.

Young further points out that governmental action may be having the opposite of its intended effect. By criminalizing ownership of certain artifacts and employing police to chase down treasure hunters, governments “have attracted exactly those individuals who are the most reckless and unskilled and who concentrate on those artifacts that are the most valuable — to the detriment of historical and scientific research.”

Interestingly enough, his points can be seen today. Shipwreck hunting is, in most cases, legal. This has given rise to companies like Odyssey Marine Exploration, a for-profit corporation that salvages deep sea wrecks. Unlike black market treasure hunters, Odyssey is a highly professional organization. It employs distinguished archaeologists, performs meticulous studies, and even publishes books and reports on its findings.

Some archaeologists say this is not enough. They point to Filipe Castro, who excavated a merchant ship off the coast of Portugal. Castro has “published two scientific books and 26 articles on the wreck, and has completed six archaeological reports.” Perhaps they are right (or perhaps Castro is guilty of severe over-analysis). But regardless, Odyssey has clearly found value in conducting its own scientific research.

Treasure Hunting, Archaeology, & Chaos

The Treasure Hunting vs. Archaeology debate is one I doubt will ever end. Although Odyssey does more scholarly work than any treasure hunting company in history, they are still scorned by the vast majority of archaeologists. Personally, I find the debate fascinating and it served as inspiration for the creation of my hero, Cy Reed.

“I looked at Diane. The rows of seats were like a gulf between us, a gulf that grew with every word she said to the audience. She stood on the respectable side of exploration, shoulder-to-shoulder with archaeologists, scientists and other academics. I used to stand with her. But these days, I increasingly found myself on the other side, in solidarity with the treasure hunters, the smugglers, and the black market dealers.” ~ David Meyer, Chaos

Chaos by David Meyer

Cy Reed is a former urban archaeologist who used to work in Manhattan. Due to a terrible tragedy, he decided to uproot his life and becomes a nomad, working as a treasure hunter. At the beginning of the book, he returns to Manhattan in order to search for a missing friend. He is forced to attempt to reconcile the two sides of his soul: the archaeologist and the treasure hunter. Needless to say, this inner conflict drives much of his actions.

That’s it for today. Make sure you come back tomorrow when we’ll delve into a piece of strange history…namely, a highly controversial Allied World War II project known as Operation Paperclip. I hope to see you then!

 

Chaos Book Club

The Silver Shipwreck?

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In 1941, the SS Gairsoppa was heading from India to Britain. Suddenly, a Nazi U-Boat appeared on the horizon. It fired on the Gairsoppa, sending the massive cargo ship to the bottom of the North Atlantic Ocean. Now, that ship is on the verge of being recovered. But it’s no ordinary cargo ship. Its holds are believed to contain a treasure…one of the largest treasures in maritime history.

The Sinking of the SS Gairsoppa?

In 1941, the Gairsoppa left India with silver ingots, pig iron, and tea which it intended to bring back to Britain. It was initially part of a convoy. However, with coal running low and winds running high, the vessel split off on its own and headed for Ireland’s Galway Harbor. On February 17, the U-101 spotted the Gairsoppa and subsequently torpedoed her. She sank in less than twenty minutes, leaving only a handful of survivors.

The vessel sank in 15,400 feet of water, taking with it nearly 80 crewmen…and a priceless treasure. It was believed to be carrying ~240 tons of silver, which amounts to a staggering ~$243 million. Earlier this week, the famed treasure hunting / salvage firm Odyssey Marine Exploration announced that it had discovered the shipwreck.

Odyssey Marine Exploration plans to Salvage the SS Gairsoppa?

Next spring, Odyssey will attempt to recover the treasure in what is already being called the “deepest and largest ever retrieval of a precious cargo.” According to its contract with the United Kingdom, Odyssey will keep 80% of the silver lode. The rest will go to the government, which as you might expect is “desperately looking for new sources of income.” In fact, Odyssey is being encouraged to find more valuable shipwrecks for the UK government.

But first, Odyssey will focus on completing its salvage of the Gairsoppa. It will be a difficult task due to the extreme depth of the wreck. But Odyssey doesn’t seem too worried.

“We were fortunate to find the shipwreck sitting upright, with the holds open and easily accessible. This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal.” ~ Greg Stemm, Odyssey CEO

Will the Gairsoppa turn out to be the richest shipwreck of all time? Probably not. The mysterious “Black Swan,” which was also salvaged by Odyssey, is rumored to have been carrying treasure worth ~$500 million in today’s dollars. But the bigger question is what will happen to the Gairsoppa’s treasure once its recovered.

Guerrilla Explorer’s Analysis

After secretly salvaging the Black Swan, Spain cried foul and demanded that the wreck be handed over to it. This happened regardless of the fact that the Spanish government’s ownership of the wreck was questionable at best and that Spain had spent none of its own time, money, or effort to recover it. Surprisingly, numerous U.S. courts sided with Spain and ruled that Odyssey must turn the Black Swan over to its government.

But those judgments have come under scrutiny and deservedly so. Documents provided by Wikileaks showed that the U.S. government attempted to conspire with Spain in the matter. More specifically, it offered to help Spain retrieve the Black Swan. In exchange, it requested that a painting by Camille Pissarro, which was stolen by the Nazis and now hangs in Madrid’s Thyssen-Bornemisza Museum, be returned to an American citizen named Claude Cassirer.

“The possibility that someone in the U.S. government came up with this perfidious offer to sacrifice Odyssey, its thousands of shareholders, and the many jobs created by the company in exchange for the return of one painting to one individual is hard to believe.” ~ Odyssey Marine Exploration

Will the cash-starved British government, despite its agreement with Odyssey, attempt to seize the bulk of the treasure for itself? Let’s hope not. But until then, we can only wait and wonder.

The Lost Treasure of Indiana Jones

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On June 27, Egypt’s antiquities ministry announced the discovery of hundreds of ancient limestone blocks in San El-Hagar.  San El-Hagar was once known as Tanis and, according to Indiana Jones and the Raiders of the Lost Ark, the final resting place of the Ark of the Covenant.

The Lost Treasure of Indiana Jones?

The Indiana Jones-like discovery was made by a team of French archaeologists, led by Philip Brousseau.  So far, one hundred and twenty blocks have been cleaned.  Seventy-eight of those blocks were painted and/or carved.  The names of King Osorkon III and King Osorkon IV are inscribed on at least two of the blocks.  Other inscriptions read, “Mistress Mut of Isheru Lake.”

These blocks are an astonishing, beautiful find that could help to fill in some blanks about Egypt’s Twenty-Second and Twenty-Third Dynasties.  King Osorkon III was a Pharaoh of Upper Egypt during the 8th Century BCE.  He ruled for approximately twenty-eight years after winning a civil war against the combined forces of Pedubast I and Shoshenq VI.  King Osorkon IV was a ruler of Lower Egypt around the same time period.

The archaeologists believe that the blocks “were used to build the sacred lake walls of a temple dedicated to the goddess Mut.”  Afterwards, they may have been reused for other purposes.  According to Minister of Antiquities Zahi Hawass, the archaeologists plan to eventually reconstruct the blocks in order to determine whether they were used to build a temple or a chapel.

Guerrilla Explorer’s Analysis

I love this type of story.  It reminds me of all the amazing treasures still out there, waiting to be discovered.  A tip of the fedora to Brousseau and his team…congratulations!