German fraudsters to stand trial
June 21 2011
Picture: Der Spiegel
The trial of four German fraudsters who sold more than 50 fake paintings will begin this summer in Cologne. Among their victims was the Hollywood star Steve Martin, who sold the above painting, a 'Campendonk', through Christie's for EUR500,000.
There's a full update on the case here, including news that one of the experts used to authenticate the fakes is now being sued. It also discusses the ramifications for the auctioneers who sold the fakes:
The scandal has shaken faith in the auction houses that bring works onto the market, and the experts who deem them authentic. It has exposed how some auctioneers evidently refrain from full checks because they are in a hurry to conduct the sales, or because they have placed too much faith in the sellers.
Auctioneers and galleries now face a number of compensation lawsuits, but it is unclear whether buyers will be able to get all their money back - many auction houses have small print in their sales contracts that limits their liability.
