Forgeries and the Chinese Art Market

A catch-up lunch with my good friend, Donn Zaretsky, yesterday afternoon reminded me to play a little catch-up on the art law front.

There’s a buzz going around about this NY Times article on the Chinese art market and forgeries. Here’s a snippet:

Indeed, even as the art world marvels at China’s booming market, a six-month review by The New York Times found that many of the sales — transactions reported to have produced as much as a third of the country’s auction revenue in recent years — did not actually take place.

Just as problematic, the market is flooded with forgeries, often mass-produced, and has become a breeding ground for corruption, as business executives curry favor with officials by bribing them with art.

Fraud is certainly no stranger to the international art world, but experts warn that the market here is particularly vulnerable because, like many industries in China, it has expanded too fast for regulators to keep pace.

Surprise!

Tags: Art Law, art market, Asia, authentication, china, forgeries, fraud, ny times