Skip to Content   Buyer Beware: Fakes Flood Art Market  Filed
under: Art  Art crime is running rampant around the world. More
of the modern Russian art on the market is fake, according to an
ArtInfo report, and authenticity is a problem in Vietnam, as
well. There are lawsuits here in the United States, as well. So,
ArtInfo asks the fair question: why are the wealthy, usually
financially savvy so vulnerable when it comes to art?
Excitement is certainly part of the problem. The high prices,
limited supply and egos involved create an emotionally charged
environment. As hedge fund spouse Danielle Ganek observes in her
(rather painful) novel, Lulu Meets God and Doubts Him, "Art is
the new cocaine." Yep, and that leads to some hasty decisions.
Experience usually makes a difference in protecting collectors
from fakes. New collectors rush into the bidding process, not
always understanding the quality or history of what they're
buying, though there's also plenty of room for seasoned buyers
to make mistakes. For the