In the UK, the art scene is thriving. With an estimated 18% of worldwide art sales taking place in blighty, it’s no wonder we’re classed as one of the world’s cultural hubs.
But while the art world is renowned for its creativity and cultural significance, it also faces a persistent threat: art fraud.
In this article, we’ll explore the staggering financial costs of fraud within the art market, how deceptive practices impact artists and the ripple effect of art fraud among collectors, artists and the industry as a whole.
The scale of art fraud: is it a big problem?
If you’re wondering whether art fraud is that big of a deal, let us set one thing straight – it is! According to art experts, forged artwork is a big problem that impacts museums and private collections alike. Shockingly, it’s thought that up to 50% of art sold each year is fake.
The reason it’s so prevalent is perfectly logical. With fakes becoming extremely convincing, the task of determining what is real art and what is fake art falls to scientists. They use specialist tools like X-rays and carbon dating to try to ascertain the correct age and origin of artworks.
But with fraudsters getting more experienced, it’s not always easy to tell the real from the fakes.
What are the financial consequences of art fraud?
Art is highly valued in our society, with the most expensive painting in the world (Salvator Mundi by Leonardo da Vinci, if you’re wondering!) selling for $450 million. So, it’s no surprise that fraudsters try to get in on the lucrative business by creating fakes.
Fraudsters selling fake artwork has a huge impact on for all parties involved. Firstly, there are the individuals. If they’ve paid top dollar for a painting that turns out to be fake, it’s rendered worthless. Meaning collectors lose out on thousands of pounds.
The same goes for museums. With many struggling to get visitors through the doors after Covid-19, it’s hugely important that they’re able to get their hands on the latest, best artwork. But if they mistakenly buy a fake painting, this could be the end of the road for them financially.
What deceptive practices do art fraudsters use?
You could write a novel on the practices fraudsters use to fake a painting. But largely, fraudsters will start by buying old paintings by less famous artists of a similar era.
Using this canvas, they can scrape off the old paint and recreate a different picture that’s so convincing it could fool even the most seasoned experts.
How to prevent art fraud
The good news is that there are ways to inhibit art fraud. One of the most important ways to prevent art fraud is to invest in tech. As fraud detection techniques become more advanced, it’s becoming harder to get away with fraud.
It’s also about accountability. With many museums, artists and collectors bringing art fraud claims to the courts, this serves as a deterrent to any aspiring hoaxers, helping to crack down on the number of people making a living from selling fake paintings.
With all of these factors working together, we can help protect the livelihood of our artists.
