Fighting the Forgers
Over the past decade, the demand for fine art has skyrocketed. Global art sales reached an unprecedented high of more than $12 billion in 2013 and are up by almost $1.5 billion from 2012. The growing consumer base in China, Russia and the Middle East, as well as the overall growth in global wealth, has helped fuel the art market. Online sales have also contributed to this rise in sales by giving people wider access to auctions.
One thing driving the increasing demand is the perception that art is a lucrative investment, immune to the risks of things like stocks. It is certainly true that art can be wildly profitable, and the art market—despite dips in the 1970s and the 1990s—weathered the most recent recession remarkably well. But buyers should be aware of the risks, including the possibility that they will buy forgeries. As the value of authentic items increases, there’s a greater incentive for con artists to sell high-quality fakes.
Although forgeries have existed in the art world for centuries, they have become more common and more sophisticated. Even the most revered experts have been taken in by good imitations and become victims of the biggest scams in history. The forgers (and the dealers who cast a blind eye) have made hundreds of millions of dollars selling and reselling fakes.
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