Think you can spot a fraud? This $80 million art scam fooled the experts
Art Business

Think you can spot a fraud? This $80 million art scam fooled the experts

The biggest art fraud in modern U.S. history was shockingly simple. Yet it went on for 15 years, duped some of the world’s most sophisticated collectors, brought down a 165-year-old New York gallery, and brought in more than $80 million. It is also a cautionary tale for anyone thinking of dabbling in the art world. "Art and jewelry are the last sort of bastions of unregulated business," retired special agent Meridith Savona of the FBI’s Art Crimes Unit said in an interview with CNBC’s "American Greed." "If you’re a collector, if you’re in this art world, it truly is buyer beware." Glafira Rosales first appeared on the New York art scene in 1995, showing up at the venerable Knoedler Gallery with a painting that she claimed was the work of abstract expressionist Mark Rothko. And Rosales said there was more where that painting came from. Claiming to represent a mysterious Mexican collector known only as Mr. X, she said she was helping him unload a collection of previously unknown works by Rothko and fellow expressionists Robert Motherwell, Willem de Kooning, and Jackson Pollock, among others. If true, it would be a treasure trove of modern art. "This art is […]

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