Italian authorities charge 38 people in $215M art forgery ring

13 November 2024 , 20:33

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Italian authorities charge 38 people in $215M art forgery ring

Italian authorities dismantle a forgery network selling fake works attributed to Banksy, Warhol, Picasso, and Miró, averting $215 million in potential losses.

Italian authorities have charged 38 people following an extensive operation against a criminal network accused of forging and selling more than 2,000 contemporary artworks, including pieces attributed to Banksy, Andy Warhol, Pablo Picasso, and Joan Miró, all of which were seized in the operation.

The investigation, led by Italian authorities with support from Eurojust and international law enforcement, revealed that the suspects allegedly produced the forgeries in private workshops and approached Italian auction houses to sell them, potentially causing an estimated $215 million in economic damage.

The probe began in March 2023 after investigators discovered that the alleged forgers had organized entire exhibitions in prominent locations to enhance their credibility, complete with published art catalogs.

Authorities stated that investigators traced the origins of the fake pieces through auction houses, leading to the arrests of two forgers and the seizure of two workshops allegedly used to produce counterfeit art.

The cross-border investigation uncovered additional workshops, yielding more than 1,000 counterfeit artworks and over 500 fake certificates and stamps of authenticity. Officials confirmed the pieces were fakes, averting what could have been a significant disruption to the art auction market.

The entire collection of seized items has been transferred to Italy, where the investigation is ongoing.

Elizabeth Baker