Economic Analysis of the Legal Regimes Governing Salvage of Historic Shipwrecks

This article offers an economic analysis of the international and U.S. laws governing the recovery of archaeological data from historic shipwrecks. The framework combines values of treasure salvage and archaeological knowledge. It is suggested that U.S. salvage law, sometimes extended to international waters, gives insufficient protection to archaeological value, but that UNESCO's Convention on the Protection of the Underwater Cultural Heritage goes too far in the other direction. Two other legal regimes (government-salvager and interstate agreements) are shown to have the potential to maximize the social values of historic shipwrecks. It is also suggested that a move towards maximizing social values would be promoted if the U.S. admiralty courts tied the size of salvage awards more closely to the quality of the archaeological work performed.