Stlen Poicassos were uninsured

ZURICH - The owner of the art gallery from which thieves stole seven Picasso paintings at the weekend said yesterday he was not insured, despite being burgled several times in the past.

Max Bollag said he did not have insurance 'because insurance premiums are too high'. He said he was less concerned about the financial aspect than the loss of the paintings themselves: 'These paintings have a spiritual value that no insurance in the world could reimburse.' AFP