Fakes, Forgeries, and Value Perception
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Dark Side of the Boom
dark side of the boom The Excesses of the Art Market in the Twenty-first Century Georgina Adam dark side of the boom First published in 2017 by Lund Humphries Office 3, 261a City Road London ec1v 1jx UK www.lundhumphries.com Copyright © 2017 Georgina Adam isbn Paperback: 978-1-84822-220-5 isbn eBook (PDF): 978-1-84822-221-2 isbn eBook (ePUB): 978-1-84822-222-9 isbn eBook (ePUB Mobi): 978-1-84822-223-6 A Cataloguing-in-Publication record for this book is available from the British Library. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electrical, mechanical or otherwise, without first seeking the permission of the copyright owners and publishers. Every effort has been made to seek permission to reproduce the images in this book. Any omissions are entirely unintentional, and details should be addressed to the publishers. Georgina Adam has asserted her right under the Copyright, Designs and Patents Act, 1988, to be identified as the Author of this Work. Designed by Crow Books Printed and bound in Slovenia Cover: artwork entitled $ made from reflector caps, lamps and an electronic sequencer, by Tim Noble and Sue Webster and One Dollar Bills, 1962 and Two Dollar Bills by Andy Warhol, hang on a wall at Sotheby’s in London on June 8, 2015. Photo: Adrian Dennis/AFP/Getty Images. For Amelia, Audrey, Isabella, Matthew, Aaron and Lucy Contents Introduction 9 Prologue: Le Freeport, Luxembourg 17 PART I: Sustaining the Big Bucks market 25 1 Supply 27 2 Demand: China Wakes 51 Part II: A Fortune on your Wall? 69 3 What’s the Price? 71 4 The Problems with Authentication 89 5 A Tsunami of Forgery 107 Part IiI: Money, Money, Money 127 6 Investment 129 7 Speculation 149 8 The Dark Side 165 Postscript 193 Appendix 197 Notes 199 Bibliography 223 Index 225 introduction When my first book, Big Bucks, the Explosion of the Art Market in the 21st Century, was published in 2014 the art market was riding high. -
FOE Issue Special May-16.Indd
FAMILY OFFICE ELITE SPECIAL EDITION BNY Mellon Cory McCruden FAMILY OFFICES - UHNWI - WEALTH - PHILANTHROPY- FINE ART - LUXURY - LIFESTYLE Subscription $100 per year www.familyoffi ceelite.com DOMOS FINE ART FINE ART DOMOS CONSULTANTS DOMOS FINE ART has a portfolio of very Fine Art on sale (Off Market) on behalf of our clients which include works by Caravaggio, Renoir, Monet, Van Gogh, Matisse, Rembrandt, Picasso, Rouault, Bonnard, Raphael and more. DOMOS FINE ART is experienced in dealing We off er the following services with rare off -market Valuation and Sale of Fine Art collections of fi ne art. Locate specifi c pieces of Fine Art Assist in verifying provenance of Art Auction representation UK Offi ce | TEL: + 44 (0) 29 2125 1994 | SKYPE: domosfi neart | [email protected] | www.domos.co.uk FAMILY OFFICEELITE MAGAZINE WHAT IS A FINE ART FAMILY OFFICE US CONGRESS INVESTING ENACT NEW TAX FOR FAMILY OFFICES EXAMINATION 03CAPLIN & DRYSDALE 37 ROLLS ROYCE BERNIE MADOFF BLACK BADGE THE INSIDE STORY ON 25 EXPOSING MADOFF FRANK CASEY 11 43 VIDEO ADVERTS MAYBACH THE FUTURE OF ADVERTISING SESURITY & PROTECTION WITH THE 600 GUARD 17 53 IMPACT INVESTING FAMILY OFFICE IN THE FAMILY OFFICE MULTI-FAMILY OFFICE SELECTION HOLLAND & HOLLAND 21 EXPLORE THE WORLD OF 57 ANTIQUE WEAPONS AFRICA THE SAFRA OPPORTUNITIES FOR FOUNDATION FAMILY OFFICES SAFRA FOUNDATION MAKES ING BANK DONATION TO CLINATEC 25 35 61 1 FAMILY OFFICE ELITE MAGAZINE GULF STREAM 63 100TH G-560 COREY McCRUDEN Cory McCruden BNY Mellon HADHUNTERS 71 Wealth Management, Advisory Services PROPER EXECUTIVE PLACEMENT SUPERYACHT 73 CHARTER - LUXURY VACATION FAMILY OFFICE 7 WHAT TO DO WITH CASH 77 MAN-VS-MACHINE INVESTMENT MANAGEMENT 79 PRIVATE BANKS 83 WITH AN INVESTMENT FLOVOUR AUTHENTICITY IN THE ART MARKET 95 IMPACT AND 101 PHILANTHROPY OTHER STORIES.. -
«Beauty Is the True Scandal in Today's Art»
6/28/2018 "Beauty is the true scandal in today's art" | NZZ INTERVIEW «Beauty is the true scandal in today's art» Wolfgang Beltracchi has made a career as an art forger and was convicted. Now he leads a second life as an artist with his own handwriting. He keeps little of the genius cult - as well as of the international art scene, which celebrates the ugly above all. In a big interview he disenchanted the myths of the art business. René Scheu 26.6.2018, 05:30 clock Mr. Beltracchi, when you perform or exhibit, people come in droves. Then fall reliably the predicates "master counterfeiters" or "century counterfeiters". What sound do these words have for you? Oh. Hm. "Master" is not bad. (Consider.) Look: I see myself as a master painter, that's how I really understand myself, as a master of my craft. I have, I believe, sufficiently proven that I master the subject. ADVERTISING inRead invented by Teads Alone, art is more than painting – or has the 20th century not taken place in your eyes? https://www.nzz.ch/feuilleton/schoenheit-ist-in-der-heutigen-kunst-das-wahre-skandalon-ld.1397738 1/15 6/28/2018 "Beauty is the true scandal in today's art" | NZZ Yes, yes, something has already happened. And art history is also one of my hobbyhorses. Only, I'm not one of those who think that art has to be ugly and repulsive so that it turns out to be art. That would mean that fine art is not art. -
Elmyrdehory, Artist and Faker
Elmyr de Hory, Artist and Faker Hillstrom Museum of Art Elmyr de Hory, creating a drawing with figures in the style of Modigliani, Picasso, and Matisse, photographed by Pierre Boulat for a February 6, 1970 Life Magazine article, at de Hory’s villa La Falaise, Ibiza Elmyr de Hory, Artist and Faker February 15 through April 18, 2010 Opening Reception February 15, 7 to 9 p.m. Public Lectures Jonathan Lopez, Sunday, February 28, 2010, 3:30 p.m. Mark Forgy, Sunday, March 21, 2010, 3:30 p.m. Lectures are free and open to the public, and will be presented in Wallenberg Auditorium, Nobel Hall of Science on the Gustavus Adolphus College campus. Elmyr de Hory, Artist and Faker is supported by a generous grant from the Carl and Verna Schmidt Foundation. The majority of the photographs of works lent by Mark Forgy are by Robert Fogt Photography. On the cover: Portrait of a Woman, in the style of Amedeo Modigliani, c.1975, oil on canvas, 21 x 14 ½ inches, Collection of Mark Forgy Hillstrom Museum of Art gustavus.edu/finearts/hillstrom DIRECTOR’S NOTES he exploits of numerous infamous art forgers have been widely recounted, and one of the most fascinating and notorious cases has to do with Hungarian-born Elmyr de Hory (1906-1976). After an early life of privilege that included art studies in Budapest, Munich and Paris, de Hory’s situation was turned upside down by World War II, during which he was imprisoned thrice, his family’s estate was Ttaken, and his father died in Auschwitz. -
Expert Found Liable for Opinion on Fake Max Ernst Painting Peter Bert Posted on May 28, 2013
AUTHENTICATION IN ART Art News Service Art Law: Expert Found Liable For Opinion On Fake Max Ernst Painting Peter Bert Posted on May 28, 2013 Le Monde reported yesterday that art historian and former Centre George Pompidou director Werner Spies had been ordered to pay damages in the order of EUR 650,000 to the purchaser of a painting. Tremblement de terre purportedly was a work of Max Ernst. Spies, a world-leading expert on Max Ernst and Pablo Picasso, had, according to the Tribunal de grande instance de Nanterre, authenticated the painting and delivered an expert opinion on which the purchaser had relied. Tremblement de terre, however, turned out to be fake. It had been produced by Wolfgang Beltracchi, the man at the centre of Germany’s biggest art scandal for decades. The Economist, in an article at the end of last year, concluded that “fear of litigation is hobbling the art market“. The Economist looked at the reactions of various foundations and authentication boards to the rising litigation risk, with most of the examples being drawn from the United States. There, the Andy Warhol Foundation dissolved its authentication board as a result of enormous legal costs incurred in defending claims by collectors. The Keith Haring Foundation stopped authenticating works, as did the Roy Lichtenstein Foundation. This new French judgment and a similar judgment by the District Court (Landgericht) Cologne of September 2012 which held auction house Lempertz liable over a fake Heinrich Campendonk painting, also by Beltracchi, appear to indicate that in Europe, in the wake of the Beltracchi scandal, the legal risks to experts and auction houses are also increasing. -
Faking, Forging, Counterfeiting
Daniel Becker, Annalisa Fischer, Yola Schmitz (eds.) Faking, Forging, Counterfeiting Daniel Becker, Annalisa Fischer, Yola Schmitz (eds.) in collaboration with Simone Niehoff and Florencia Sannders Faking, Forging, Counterfeiting Discredited Practices at the Margins of Mimesis Funded by the Elite Network of Bavaria as part of the International Doctoral Program MIMESIS. An electronic version of this book is freely available, thanks to the support of libraries working with Knowledge Unlatched. KU is a collaborative initiative designed to make high quality books Open Access for the public good. The Open Access ISBN for this book is 978-3-8394-3762-9. More information about the initiative and links to the Open Access version can be found at www.knowledgeunlatched.org. This work is licensed under the Creative Commons Attribution-NonCommer- cial-NoDerivs 4.0 (BY-NC-ND) which means that the text may be used for non- commercial purposes, provided credit is given to the author. For details go to http://creativecommons.org/licenses/by-nc-nd/4.0/. To create an adaptation, translation, or derivative of the original work and for commercial use, further permission is required and can be obtained by contac- ting [email protected] © 2018 transcript Verlag, Bielefeld Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Na- tionalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de Cover concept: Maria Arndt, Bielefeld -
Beltracchi - Die Kunst
Präsentiert BELTRACCHI - DIE KUNST DER FÄLSCHUNG Ein Film von Arne Birkenstock Kinostart: 06. März 2014 PRESSEHEFT Beltracchi - Die Kunst der Fälschung 1 PRESSEBETREUUNG: Panorama Entertainment Senator Film Verleih GmbH Amélie Linder Antje Pankow (Leitung Publicity) Elena Schäfer Thalkirchner Straße 45 Schönhauser Allee 53 80469 München 10437 Berlin Tel: 089 / 30 90 679 – 33 /34 Tel: 030 / 880 91 - 799 Fax: 089 / 30 90 679 -11 Fax: 030 / 880 91 - 703 E-Mail: [email protected], E-Mail: [email protected] [email protected] VERTRIEB: Central Film Verleih GmbH Keithstr. 2-4 10787 Berlin Tel: 030 / 214922-00 MATERIAL / INFORMATIONEN: Über unsere Homepage www.senator.de haben Sie die Möglichkeit, sich für die Presse-Lounge zu akkreditieren. Dort stehen Ihnen alle Pressematerialien, Fotos und viele weitere Informationen als Download zur Verfügung. EPK und APK werden nach vorheriger Anmeldung unter www.digital-epk.de zum Download bereitgestellt. Beltracchi - Die Kunst der Fälschung 2 INHALT STAB & MITWIRKENDE TECHNISCHE DATEN KURZINHALT & PRESSENOTIZ INHALT INTERVIEW MIT ARNE BIRKENSTOCK BIOGRAFIEN / STAB Arne Birkenstock Markus Winterbauer Katja Dringenberg Der Protagonist Wolfgang Beltracchi KLEINES LEXIKON EUROPÄISCHER KUNSTFÄLSCHER Beltracchi - Die Kunst der Fälschung 3 STAB Regie ARNE BIRKENSTOCK Produzenten ARNE BIRKENSTOCK THOMAS SPRINGER HELMUT G. WEBER Koproduzenten THOMAS WEYMAR HELGE SASSE Kamera MARCUS WINTERBAUER Montage KATJA DRINGENBERG Ton PATRICK VEIGEL LUDWIG BESTEHORN Mischung MALTE -
Global Market for Forged and Stolen Artworks Is Thriving And
AiA Art News-service Global market for forged and stolen artworks is thriving and underpoliced Clive Williams I recently attended a seminar on art fraud where a notorious British art forger was among the presenters. Forgery and fraud are particularly prevalent in the international art and antiquities markets. To a large extent, dealers, galleries and auction houses are self-regulating and, given the high prices fetched by some items, subject to far less oversight than they should be. It is very much a case of buyer beware. The notorious forger was John Myatt, said to be the perpetrator of the biggest art fraud of the 20th century. When Myatt was at art school, he developed a talent for painting in the style of various masters, which he did for his own amusement and to entertain fellow students. Later in life, his wife left him with two young children, the youngest aged 18 months. Myatt gave up work as an art teacher and worked from home to keep the family intact until his children reached school age. Artworks stored in one of Bonhams & Goodman's auction houses. Photo: Jacky Ghossein The only way he could make money at home was by painting. However, he found it difficult to make a living selling his art. One day, he had the bright idea of capitalising on his copying ability, and advertised in Private Eye magazine: "Genuine fakes. Nineteenth and twentieth century paintings from £150." Soon, one of his regular customers was art dealer John Drewe, who realised he could sell Myatt's paintings as genuine works after Christie's accepted Myatt's "Albert Gleizes" painting as genuine, and paid £25,000 for it. -
Greatest Fakers in the World | Counterfeit
Worlds most famous fakes, Famous art forgers, famous fakes, famous fakers, Fake paintings, fake signatures, fake drawings, fake picasso, Worlds Greatest Forgers, Copyists & Fakers - Art Fraud, Art forgery- forgers, faking art - fake paintings, art crime, The world's most famous and greatest art forgers and fakers HOME PROFILE CONTACT The Fine Art of Faking The faces of the world's greatest art fakers forgers and fraudsters ART FRAUD AND FORGERY INFORMATION ARCHIVE FROM INTERNATIONAL ART AUTHENTICATION EXPERTS THE FREEMANART CONSULTANCY ___________________________________________________________________________________________________________________ Arty-Fact: Art fraud and forgery dates back more than 2000 years. Arty-Fact: The Freemanart Consultancy who specialise soley in art authentication and art fraud investigations, see more FAKE Pablo Picasso drawings, prints watercolors and oil paintings than any other artists work. On average, about a dozen a week! All about the Worlds Greatest Forgers, Copyists & Fakers (Arranged here by time frame) The Romans. CONTENTS: The Romans. Assiduously copied Greek sculptures, many of which were sold believed to be originals by their purchasers. The Chinese. 14C Italian stone carvers. Jacopo di The Chinese generally! Poggibonsi'. Faking in China dates from at least the Sung Dynasty (960-1280) when the wealthy began to collect art. Forged paintings were Piero del Pollaiuolo. mostly made by students seeking to imitate the masters. It still seems a common practice! Michelangelo. Giovanni Cavino. Pirro Ligorio. 14th century, Italian stone carvers: Hendrik Goltzius. The stone carvers lead the way in commercially forgery, faking works of art by imitating Greek and Roman master craftsmen and Pieter Brueghel the creating sculptures which could and were to be sold to the rich as authentic antiques! Much the same tale as that of their Roman Younger. -
Selbstporträt
Leseprobe aus: Helene Beltracchi, Wolfgang Beltracchi Selbstporträt Mehr Informationen zum Buch finden Sie auf rowohlt.de. Copyright © 2014 by Rowohlt Verlag GmbH, Reinbek bei Hamburg PRODUKTIVE HOCHPHASEN: NACH DEM EXPRESSIONISMUS «Fake or authentic?», fragt das Los Angeles Police Department auf seiner Internet-Seite. Die Frage gilt dem dort abgebildeten Gemälde ‹Energie entspannt› von Johannes Molzahn. Ich habe es 1985 gemalt, Öl auf Leinwand, und Heinz S. gegeben; 1987 wurde es von Marc W. an die Galerie Bodo Niemann in Berlin verkauft. Ausgestellt im Los Angeles County Museum of Art 1988, im Modern Art Museum of Fort Worth 1989, im Kunstmuseum Düsseldorf 1989 und in der staatlichen Galerie Moritzburg Halle 1989, erlangte es in kurzer Zeit eine erstaunliche Provenienz. Eine Heimat fand es schließlich im L. A. County Museum als Stiftung von James und Ilene Nathan. Wie ist es nach Los Angeles gekommen? Der Weg, den Bilder zu- rücklegen, liegt größtenteils im Dunkeln. «Ganz zu Unrecht ist das Œuvre Johannes Molzahns bis heute nicht allzu bekannt», schrieb das Auktionshaus Van Ham im Jahr 2012. Im selben Jahr gelang es dem Unternehmen, ein Frühwerk Molzahns für einen Rekordpreis von 146 000 Euro zu versteigern. Schon 30 Jahre zuvor war mir dieser in Duisburg geborene, un- gerechterweise weithin vergessene Maler aufgefallen. Im Duisburger Lehmbruck-Museum hatte ich sein Gemälde ‹Der Idee-Bewegung- Kampf› aus dem Jahr 1919 gesehen und war nicht nur von seiner Farbintensität beeindruckt; die vorwiegend roten und blauen Töne konzentrieren sich in Serien zusammengefügter Grundformen und driften in einer Kreisbewegung aus dem Zentrum heraus. Die ab- strakten Strukturen und die ungewöhnliche Farbkomposition, auch die Größe lassen es fast zeitgenössisch erscheinen, und doch erlaubte Molzahn, dass die Formen an Fahnen und Gesichter erinnern. -
A Not-Quite-Great Documentary About the Greatest Art Forger of Our Time by Benjamin Sutton on August 21, 2015
AiA Art News-service A Not-Quite-Great Documentary About the Greatest Art Forger of Our Time by Benjamin Sutton on August 21, 2015 Wolfgang Beltracchi in Arne Birkenstock’s documentary ‘Beltracchi: The Art of the Forgery’ (all photos © Fruitmarket / Wolfgang Ennenbach, courtesy of KimStim) “I think I can paint anything,” says Wolfgang Beltracchi, the infamous German art forger, in Arne Birkenstock’s 2014 documentary Beltracchi: The Art of Forgery, which opened Wednesday at Film Forum in New York. And he did, at least by his own account, which is the one that gets the most traction here. In addition to the 14 fakes he admitted to painting during his trial in 2011 — attributed to André Derain, Kees van Dongen, Max Ernst, Fernand Léger, Heinrich Campendonk, and Max Pechstein — he claims that nearly 300 more he made remain in circulation as authentic works by modern masters. Beltracchi and his wife, Helene, became the subjects of a media frenzy in 2010, as their scheme to sell the paintings — strategically created to fill gaps in desirable artists’ catalogues or resemble works they might have painted — unravelled. If you followed the story then, you won’t learn much from this very engrossing but disorganized documentary by the son of the Beltracchis’ legal counsel; if you didn’t, you will emerge with many questions. But what it lacks in clarity and chronological cohesion, The Art of Forgery makes up for in access. Interviews with the Beltracchis and footage of Wolfgang working in his studio make up the bulk of the film. Birkenstock evidently spent years visiting the couple, first at their estates in Mèze in the south of France and Freiburg in Germany (both since seized and sold off to repay the people they deceived) and later at the art studio in Cologne where they met during the day while serving out their respective sentences (six years for him, four for her) at night in open prisons. -
The Secret of the Forest
The Secret of The Forest About ten days before Christmas in 2003, Werner Spies, one of the world’s pre-eminent experts on 20th-century art, took the train from Paris to the picturesque port of Sète on the Mediterranean coast. Spies, a specialist in the works of the painter Max Ernst, was coming to look at and hopefully authenticate an Ernst painting that had been unknown to him – and thus unknown to the art world – until earlier that year. The painting was La Forêt (The Forest) and, although it was undated, Spies thought it had been painted in 1927. Ernst produced a number of ‘forest’ paintings around that time; they are considered among his most important works. Spies had previously authenticated another Ernst work, Oiseau en Hiver, which was then sold for €500,000. But the scientific analysis suggested that there was some doubt about La Forêt. It apparently included traces of two pigments which had generally only been used by artists after 1945. Spies, however, preferred to trust his own judgement and because La Forêt was not dated, he believed Ernst might have used the pigments at an early experimental stage. But he wanted to look at the painting to make sure. English File third edition Advanced • Student’s Book • Unit 7B, pp.70–71 © Oxford University Press 20 15 1 Helene and Wolfgang Beltracchi in their studio The following morning, Helene Beltracchi picked up Spies and drove him to the beautiful Beltracchi estate. Helene was 45 and a striking woman – intelligent, cultured, animated, with thick, blonde hair almost to her waist.