Dear Rodger,
Just got your post, can't believe I missed it.
Though I agree with you on many levels, the one thing that no one can do is claim that the Faberge formerly in the Imperial collection was "state property." Those objects were the personal property of the Imperial family, and never considered the property of the state, as were many of the jewels and the crown regalia.
Unfortunately, after the revolution, the pieces were nationalized, and were then "property of the state" though this is unfair, it is legal, and as the US and each country in Europe gradually recognized the legitimacy of the Soviet regime, the emigres lost their right to reclaim nationalized property.
There is a dreadful story (which I heard from a Romanov, so I think I can vouch for its authenticity), that when Grand Duchess Xenia was living at Frogmore, she was summoned by Queen Mary to a tea to show her the latest acquisitions by Faberge she had purchased. Drawing a nephrite box with a diamond cypher from her vitrine, Mary asked if she might know what the letter meant, and to whom the piece might have belonged.
"It is my cypher," Xenia replied, "My husband gave that box to me on my name day. It was in my library at St. Petersburg."
"How interesting," replied Queen Mary, putting the piece back in the vitrine, and firmly locking the door.
So you see that no one behaved well. We can thank the Forbes family for creating such a massive and important collection, and for having the good sense to stop the sale, and allow the pieces to be acquired by someone who plans to share the pieces with the Russian people, and return the pieces to Russia.
Best,
Nick