Legal filings or news reports confirming legal action against auction houses

Italian Authorities Uncover €200 Million Forgery Network Involving 2,100 Artworks, Banksy, Picasso, Warhol; 38 Arrested

Nov 12, 2024, 12:20 PM

Italian authorities have dismantled a large-scale European art forgery network that produced and sold counterfeit works attributed to renowned artists including Banksy, Pablo Picasso, and Andy Warhol. The operation, which has been under investigation since 2023, resulted in the seizure of over 2,100 forged artworks, with an estimated total value of €200 million. Authorities have arrested 38 suspects linked to the fraud and uncovered evidence of two exhibitions showcasing the fake art in Italy. The Carabinieri Directorate for the Protection of Cultural Heritage reported that the network exploited complicit auction houses to sell the forgeries to unsuspecting buyers, potentially causing economic damage of up to $212 million. This operation highlights ongoing concerns regarding money laundering within the modern art market.