How to Avoid Art Scams, And What to Do if You Didn’t
Are you an art collector? Enjoy spending time in art museums and thinking about buying your first major piece? This post is for you.
An art scam is when someone sells you a fake piece of art (not created by the original artist) or even a copy of an original piece while claiming that it’s real. Art scams have become more and more popular and result in victims losing large sums of money.
Artwork can be a difficult field because sometimes even the professionals with years of experience can have a hard time differentiating between original and fake pieces of art. So let’s discuss what art scams are and how you can stop yourself from becoming a victim.
There have been several very famous art scams in recent years resulting in millions of dollars being wasted on fake artwork.
One might think that art scammers would target people who don’t understand art. That may be true, but they also target major galleries and art lovers with vast knowledge of the subject. If they are good scammers, they will be able to get very large price tags for their fake works, which look seemingly identical in style to originals by some of the world’s most accomplished artists.
The most famous art scam in U.S. history took place over many years, beginning in 1995, and resulted in over $80 million in revenue! Glafira Rosales scammed the famous Knoedler Gallery in New York, claiming she had abstract works by the artist Mark Rothko. The scam went on for years as she sold different pieces supposedly by different artists to galleries and individuals alike.
The art, of course, was fake, and great efforts were made to make it all seem original. Eventually, Rosales was arrested and convicted for the crime.
While this is a major and perhaps extreme case, anyone who is interested in buying art needs to be careful about what exactly they are buying.
How Can I Make Sure I’m Buying What I Think I Am?
First of all, know your seller. It is always best to buy from an established gallery with a good reputation. This is because they are experts in identifying real art who represent another layer of protection in preventing yourself from becoming the victim of a scam.
Do your due diligence before purchasing any piece. You can go to auction houses to see what is available and learn about the market for the type of piece you are looking for.
You should also get to know the artist whose work you are eyeing. This may help you to be able to spot a fake. If that’s a tall order, consult with a professional. Experts, for example, can identify strokes and signatures to make sure pieces are originals. You should also be able to track the provenance – the documented record of any piece of ownership – to make sure it can be traced back all the way to the artist.
If you’re thinking of investing an expensive piece of art, it is important to take your time and do the proper research. If a deal seems too good to be true, it probably is. Buying artwork is a major decision with large financial implications and therefore there is no reason to rush.
But if you were deceived, that’s not necessarily the end of the road. You deserve to recoup your loses, and there are proven ways to do so. That’s where a company like MyChargeBack, an international fund recovery firm headquartered in New York, can help. Having worked with over 750 banks worldwide to retrieve over $10 million for scam victims, MyChargeBack knows what strategy would work best in your case.