In the world of art and memorabilia, authenticity is paramount. However, the market is riddled with forgeries, making the task of authentication a booming business. From emerging artists to established names, collectors face a significant risk of purchasing counterfeit pieces. According to the Fine Art Expert Institute (FAEI), an alarming 50% of art in circulation is either forged or misattributed.
This issue isn't confined to the realm of inexpensive online sales. Major institutions and museums have also fallen victim to forgeries. For instance, the Étienne Terrus Museum showcased 140 pieces of Terrus's art, only to discover later that nearly 60% were fake.
High-profile figures aren't immune either. Miami real estate developer Jorge Perez donated $35 million in cash and art to build the Perez Art Museum Miami, only for the authenticity of the entire collection to be questioned when a painting by Cuban artist Carlos Alfonzo, donated by Perez, was revealed to be a forgery.
The art world is not the only one affected. The autograph industry also faces a similar challenge. Celebrities like Elvis Presley, Wayne Gretzky, Messi, Ronaldo, Hamilton, Alonso, Brabham, Lebron, Kai Greene, Stan Lee, and JJ McCarthy, among others, have seen their autographs forged and sold in the market. Other notable names include Michael Jordan, Babe Ruth, and Mickey Mantle.
When purchasing artwork or autographs of significant value, it's crucial to verify their authenticity. Relying solely on the seller's word or personal knowledge may not suffice. After all, anyone can print a "Certificate of Authenticity," but without proper documentation to back it up, it holds little value.
Art experts use several methods to authenticate art, the most common being provenance or the documented ownership history. However, even this can be challenging, as the lines between works by artists and their students often blur. For instance, Rubens's workshop, described as a factory, created many works that are now difficult to authenticate.
The problem of forgery extends to the realm of autographs as well. The autographs of celebrities like Walt Disney, Elvis Presley, The Beatles, Neil Armstrong, John F. Kennedy, Michael Jackson, Marilyn Monroe, Jim Morrison, Jimi Hendrix, and Judy Garland are among the most forged.
In an ideal world, one could simply hire an appraiser to verify an artwork’s authenticity. Unfortunately, there isn’t an abundance of qualified art appraisers available, and many are so specialized that finding one to suit your needs can be challenging. In some states, such as New York, the process is a bit easier since they have instituted laws requiring auction houses and galleries to certify the works they sell as authentic.
However, even hiring an expert appraisal comes with risks. Authentication is not exact, and even the best appraisers can be wrong. For example, a long-lost second version of Judith Beheading Holofernes by Caravaggio turned up in an attic in France. After some research and analysis by Caravaggio expert Mina Gregori, the work was claimed to be fake. Then, Eric Turquin, another Carravagio expert, authenticated the painting and valued it at €120 million. The painting is still under controversy.
When a buyer or seller is likely to lose money due to mistaken authentication or even a well-thought-out opinion denying authentication, lawsuits are inevitable. Resolving these disputes isn’t always easy and has made it harder to authenticate work.
In response to a plethora of litigation, many art experts and art authentication committees have altogether stopped giving opinions on works of art, citing the risk of litigation and its accompanying costs far too great to support the risk.
The Andy Warhol Foundation for the Visual Arts, the Roy Lichtenstein Foundation, the Keith Haring Foundation, and the Noguchi Museum have all stopped authenticating works to avoid litigation. Others have taken increased precautions by imposing contract terms to avoid any liability when authenticating works.
For example, many committees’ contracts include clauses prohibiting the collector from suing a committee if they reject the work’s authenticity. Since a work rejected by a committee typically has no commercial value, a buyer is left with virtually no avenues for recourse.
Recognizing that a lack of art authentication can seriously affect the art market, New York’s legislators have taken steps to protect authenticators and committees. State Senator Betty Little stated, “Art authenticators are critical to preventing art forgery and fraud. However, very expensive lawsuits have deterred these experts from rendering their opinions to the point of disrupting commerce. The point of this legislation is to establish protections under the law to ensure that only valid, verifiable claims against authenticators are allowed to proceed in civil court.”
This may lead to increased availability of authenticators and appraisers in the future, but the reduced risk of litigation could also give rise to a market of authenticators with minimal credentials or expertise. The effect this law would have on the market remains to be seen.
Regardless, the risk of litigation today has led to an increasingly prevalent market of Warhols and the works of other artists without any means to authenticate them. We have all heard the term “buyer beware!” Given the purported number of forgeries out there, that statement has never been more true for art buyers and collectors.
Are you an art collector? Does the lack of certainty in authenticating art make you nervous about buying art?
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