For art collectors, the thrill of buying a masterpiece can be matched only by the agony of discovering it’s a forgery. This handbook offers expert insights and practical advice on authenticating masterpieces.
Buying expensive art requires a good eye and a willingness to take risks. Judd Grossman, a lawyer who specializes in art transactions, says that collectors ‘trust their gut‘ when making purchases. However, this approach can be misleading, as many factors can affect an artwork’s value.
Provenance is the history of ownership for an artwork, providing a paper trail from the artist’s studio to the present day. This documentation includes sales receipts, contemporary descriptions, exhibition history, and photographs. Scientific analysis can also be used to disprove attribution, but this method is more commonly employed to dispute claims rather than prove them.
Connoisseurship plays a role in art authentication, as people and institutions with expert knowledge of an artist’s work can offer informed opinions on authenticity. However, even experts can disagree, and their views may change over time due to new discoveries or reevaluations.
Art authentication involves verifying the authenticity of a work of art.
This process typically requires expertise in art history, connoisseurship, and scientific analysis.
Authentication methods include examining the artist's signature, style, and materials used.
Scientific tests such as radiocarbon dating and pigment analysis may also be employed.
The 'International Foundation for Art Research' (IFAR) and the Art Loss Register are two organizations that provide authentication services.
In 2019, the global art market was valued at $67.4 billion, with authentication playing a crucial role in maintaining its integrity.
Some estates establish catalogue raisonné committees to evaluate all known works by an artist, including those fully attributed. These committees publish findings in a book, providing valuable information for buyers and sellers. However, excluding works from a catalogue raisonné can lead to lawsuits.
A catalogue raisonné is a comprehensive and authoritative publication that documents an artist's entire body of work.
It typically includes detailed information about each artwork, such as its title, date, medium, size, and location.
These publications are often used by art historians, curators, and collectors to verify the authenticity and provenance of artworks.
A catalogue raisonné can be a large-scale publication or a series of volumes, depending on the scope and complexity of the artist's oeuvre.
There are several ways collectors can protect themselves from costly mistakes or litigation: Paying an expert to confirm provenance; Researching the seller’s reputation and credentials; Asking for references from other dealers or galleries; Requesting bank references to evaluate the relationship between the gallery and the bank; Filing a UCC-1 form with the Secretary of State‘s office to ensure consignors receive their artworks back in case of bankruptcy; Hiring lawyers to write purchase agreements and negotiate contracts.
Art buyers should be aware of the term ‘due diligence,’ which refers to the process of conducting thorough research and planning before making a purchase. While this approach can help mitigate risks, it is no guarantee against costly mistakes or litigation.
As the art market continues to evolve, authentication insurance has become an increasingly important consideration for collectors. Currently, this type of insurance is not widely available, leaving buyers relying on other methods to protect their investments.
Art authentication insurance is a type of policy that protects art collectors and dealers from financial losses due to disputed work of art authenticity.
This coverage typically reimburses the owner for the purchase price or appraisal value if an artwork is deemed fake or misattributed.
According to a 2020 report, art forgery costs the global art market over $1 billion annually.
In the United States alone, art authentication insurance premiums range from 2-5% of the artwork's value.
