The Grand Annual Steeple Chase Cup is the oldest of the 28 trophies at the Festival.
It was having a spruce up at a silversmiths in Sheffield when thieves broke in and stole it.
Trainer Ben Pauling, who won the trophy last year with his horse Global Citizen, said news of the theft was ‘devastating’.
Paul Nicholls is the leading trainer in the race having won it four times.
While Gordon Elliott and Nicky Henderson have also got their hands on the cup in the past.
The Grand Annual trophy was one of several items stolen in a burglary at Camelot Silverware at about 6pm last Thursday.
A statement from South Yorkshire Police read: “Investigators in Sheffield have launched an urgent appeal for information after a famous and valuable trophy was stolen in a commercial burglary.
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“At around 6.10pm on Thursday, February 2, police were called to reports of a burglary at Camelot Silverware on Gibraltar Street.
“Several items of silverware were taken during the burglary, including the famous and distinctive Grand Annual Steeple Chase Cheltenham trophy, which was being worked on ahead of the Cheltenham Festival in March.
“Officers are keen to hear from anyone who may have witnessed the burglary or has information about those responsible.
“Get in touch with us via webchat, our online portal or by calling 101 quoting incident number 775 of February 2, 2023.”
Pauling, who is enjoying another brilliant season on the track, said he had the trophy proudly on display only recently.
He told the Racing Post: “It’s devastating news, it was in my office not long ago.
“The Megsons [owners of Global Citizen] had a replica made of it and we had it on show in our owners’ room. It’s a fabulous trophy and I really hope they’re able to get it back.”
“We’ll be trying our best to win it again with Global Citizen and possibly Shakem Up’Arry. We’ve got a few who could be suitable for it.”
The four-day Cheltenham Festival starts on Tuesday, March 14 and the Grade 3 Grand Annual will be run on Wednesday, March 15.
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