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...Odyssey defends itself against those charges by noting that it hires experienced archaeologists for its expeditions, and observing that only commercial archeology has the resources to carry out expensive, time-consuming exploration. As for treasure, well, thus far the only booty recovered from the Victory are two cannon, including a historically valuable 42-pounder etched with the crest of George I. But according to one contemporary newspapers account, there was ?400,000 of gold on board, not an unusual amount in a time when warships acted as the Brinks armored trucks of their...

Author: /time Magazine | Title: The HMS Victory, Famed Shipwreck, Is Found | 2/2/2009 | See Source »

That gold could prove controversial. In 2002, Odyssey negotiated an agreement with the British government to share the value of any retrieved artifacts from a shipwreck believed to be the HMS Sussex. At the time, historians and archaeologists were outraged that the 'spoils' from the historically significant site would be divided and put in private hands, an outrage only increased by Odyssey's practice of selling artifacts individually in order to fund its expeditions. Noting that every coin is carefully catalogued so that no information is lost, Stemm defends the practice. "Selling these coins to pay for the archaeology...

Author: /time Magazine | Title: The HMS Victory, Famed Shipwreck, Is Found | 2/2/2009 | See Source »

This time around, Odyssey again expects the British government to see things the same way, and is currently negotiating with the country's Ministry of Defence. But because Britain in 2005 adopted UNESCO's patrimony guidelines as 'best practice,' a Sussex-style agreement would come loaded with inherent conflict. "There's the problem, isn't it?" says Sarah Dromgoole, professor of maritime law at the University of Nottingham. "They should ensure that any agreement is in compliance with UNESCO guidelines, and that includes ensuring that a cultural heritage site is maintained intact...

Author: /time Magazine | Title: The HMS Victory, Famed Shipwreck, Is Found | 2/2/2009 | See Source »

That may be why Odyssey is hedging its bets this time around. In a press release, the company notes that the U.K. would retain the right to maintain intact any collection of artifacts, and may compensate the finders not with actual booty, but with payment for their value. James Goold, the attorney representing the Spanish government, finds the change interesting. "From my point of view, Odyssey is admitting what it knew all along but ignored in the case of Spain, which is that it can't claim sovereignty over a sovereign nation's possessions. Maybe they've learned a lesson...

Author: /time Magazine | Title: The HMS Victory, Famed Shipwreck, Is Found | 2/2/2009 | See Source »

Still, even if the gold controversy is resolved, the Victory presents one more twist that the Mercedes, at least so far, has not: Odyssey has discovered human remains at the site. In compliance with UNESCO guidelines that urge respect for gravesites, the company says its robotic diver re-buried the unearthed bones. Yet Sir Robert Balchin hopes they don't stay that way. "My own view is that the human remains should be brought up and properly buried on land," the Admiral's descendant says. "I think it's what John Balchin would have wanted...

Author: /time Magazine | Title: The HMS Victory, Famed Shipwreck, Is Found | 2/2/2009 | See Source »

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