FBI Busts Seven in $5 Million International Art Print Scam
March 23rd, 2008
US Attorney announcing charges via Chicago Sun-Times
Buyers of ‘limited edition’ signed fine art prints take note– the Feds have indicted an international ring of several dealers making, forging signatures, and selling fake prints by Chagall, Picasso, Calder, Warhol and other big name artists. Utilizing Ebay, galleries and art fairs to sell the works, the fakes were made by reproducing from original artworks and by creating prints in the ‘style’ of a particular artist.
Official FBI Press Release[FBI]
7 dealers from US and Europe indicted [Chicago Tribune]
Same dealer was imprisoned for fraud in the 90s [Chicago Sun-Times]
A fake print in the style of Miro via BBC
Thousands of fake prints have been dumped on the market between 1999 and 2007, selling for up to $50,000 each. Victims may be eligible to sue under the Fine Prints Disclosure Act, which allows individuals to reap up to three times the amount spent on fraudulent work. As Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, put it in the FBI’s press release: “con artists should not be confused with master artists.”
May 12th, 2008 at 6:46 pm
I “think” there was only ONE sold for 50K, most sold for $100s, maybe a few 1000. There is a website dedicated to art fraud in prints and talks a little about this case. http://www.Art-Fraud.ORG