Another tapestry, similar to the missing one, was also damaged
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Three crew members arrested after thousands of pounds of damage was caused to the QE2 after a staff party have been dismissed from their jobs.
A 1969 tapestry of the Royal family was thrown overboard in mid-Atlantic and a portrait of the Queen badly damaged after Thursday night's party.
The men, aged 22 to 23, were arrested after the ship docked in Southampton on Saturday and later bailed until 26 May.
Hampshire Police said it appeared "something got out of hand".
On Monday, a spokesman for Cunard said: "We can confirm that an incident occurred on board during the night of 14 April. Three crew members were subsequently dismissed."
On Sunday, the men were bailed pending further inquiries into alleged offences of causing criminal damage.
Insp Graham Norman said: "It is likely that we will be issuing some sort of appeal for witnesses and possibly contacting passengers who had been on the ship at the time that this incident took place."
The Queen Mary 2, right, and former flagship, the QE2
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He described the chances of recovering the tapestry as "very small".
He added: "I think it is something that has been on the ship for a long time. As far as Cunard are concerned it is almost priceless, I imagine."
The damage followed a staff party held on the crew deck of the ship as it made its way back from the Caribbean.
"By the sound of it something got out of hand," Mr Norman said.
The cruise liner docked alongside the Queen Mary 2 on Saturday in Southampton, on their first UK visit of the year.
It was only the second time the two ships had been in their home port together in their history.