Fake art network involving Banksys, Warhols and Picassos uncovered in Italy
Thirty-eight people have been placed under investigation, including six in Spain, France and Belgium.
Italian authorities say they have dismantled 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.
Thirty-eight people have been placed under investigation, including six in Spain, France and Belgium.
Italian authorities said the network could have done 200 million euros (£166 million) in economic damage by flooding the art market with fake works.
The operation uncovered a network of forgers in Spain, France and Belgium who produced the works, said Eurojust, the European Union agency for judicial co-operation.
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.
The investigation began in March 2023 when Italian authorities discovered 200 fakes during the search of the home of a Pisa businessman which 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.
