Purchasing Art in a Market Full of Forgeries: Risks and Legal Remedies for Buyers

Abstract

Abstract: Since the first lawsuit against the Knoedler Gallery was filed for selling forgeries, the art world has been abuzz with stories of high-end fakes. However, forgeries are not a new phenomenon. The law of supply and demand dictates that there will be no end to the rising value of artworks done by the hands of “masters.” And with soaring market prices, art forgery will proliferate as forgers find incentive in skyrocketing sales. At the heart of forgery disputes is the determination of authenticity. Who makes these determinations? How does the market and legal world handle a battle of experts? Moreover, what remedies are available to disappointed buyers? The best method of protection is to complete due diligence; however, the process is often complex and expensive. Even after completing due diligence, it is possible for buyers to be left with sophisticated fakes. What legal remedies are available to buyers?

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