Italian authorities say a network of European art forgers who painted fake Warhols, Banksys and Picassos and then tried to sell them to unsuspecting buyers with the help of complicit auction houses has been dismantled.
Thirty-eight people have been placed under investigation, including six in Spain, France and Belgium. Italian authorities say the network could have done 200 million euros ($212 million) in economic damage by flooding the art market with fake works.
Italy’s culture ministry said Monday the seizures in Italy, France, Spain and Belgium netted 2,100 fake works attributed to more than 30 famed artists, including Andy Warhol, Amedeo Modigliani, Banksy, Pablo Picasso, Joan Mirò, Francis Bacon, Wassily Kandinsky, Henry Moore and Gustav Klimt.
The operation uncovered a network of forgers in Spain, France and Belgium who produced the works, said Eurojust, the European Union agency for judicial cooperation. Fake Warhols and Banksys were the most commonly forged and the fakes were exhibited at shows in Mestre and Cortona, Italy, with a catalogue published, the authorities said.
Eurojust said the network was able to use complicit auction houses in Italy that issued forged certificates and stamps of authenticity, some 500 of which were also seized.
The investigation began in March 2023 when Italian authorities discovered 200 fakes during the search of the home of a Pisa businessman that prompted them to monitor e-commerce sites of auction houses to see if others were involved in the network.
Those arrested are accused of conspiracy to forge and deal in contemporary art, Eurojust said.