$48 million forgery claim rocking contemporary art world

Fine and contemporary art collectorsRed_Picture_With_Horses.jpg are just now discovering that a years-long  scam passed forgeries of important 20th-century paintings through major antiques auction houses such as Christie’s in London. The Observer broke the news yesterday and claims the forgeries are so exact many collectors are seeking extra reassurances their investments are authentic.

The Observer reports the pieces targeted for forgeries are those “compositions that would relate to the titles of documented works whose whereabouts are not currently known.”

More than 30 select works by artists including Max Ernst, Raoul Dufy and Fernand Léger are among those suspected to be forged. All of the pieces were sold worldwide from Europe for an estimated $47.7 million. It is estimated the works were forged in Germany during the past 15 years.

Read the full story at The Guardian.

-posted by Eric.