A Cologne court made a “scandalous” decision by allowing dozens of counterfeit artworks to remain undetected and in circulation during the trial of four art forgers, the BVDG association of German galleries said.
The art collectors Ulla and Heiner Pietzsch gave the city of Berlin 150 paintings, drawings and sculptures by artists including Salvador Dali and Rene Magritte with an estimated value of 120 million euros ($160 million).
An art forger and his three accomplices, who made at least 10 million euros ($14 million) by selling oil paintings they falsely attributed to famous artists, were today sentenced to a total of 15 years in prison by a court in Cologne.
Billionaire Reinhold Wuerth, who has collected art for more than 40 years, last year spent about $70 million for a Holbein painting of the Madonna. It was the highest price ever paid for an artwork in Germany.
Berlin’s Botticellis, Rembrandts and Titians are at the center of a stormy debate as plans to take them out of the Gemaeldegalerie to make way for 20th-century art spark online petitions and furious newspaper columns.
As the fine art market rebounds from a two-year slump, investors should consider what happened when two established appraisers were called upon to place a value on Hole and Vessel II, an abstract sculpture by Anish Kapoor .
The Helly Nahmad Gallery in Manhattan reopened a week after it was raided by U.S. agents, and will continue to operate as the owner faces charges he ran a high-stakes gambling ring that catered to celebrities and the very wealthy, his lawyer said.