Art forgery is becoming a larger problem everyday with few checks in place to verify authenticity. See how microchips embedded in fine art can help museums and galleries protect art culture.
Growing Counterfeit Market
The new era of internet art retailers has made it more difficult to track and punish counterfeiters. Art forgery is becoming even more decentralized and easily profitable.
For example, Knoedler Gallery, a New York-based art gallery that had operated since 1846, closed in 2011 following the discovery that the gallery had sold about $70 million worth of counterfeit art.
Eroded confidence in authenticity
As counterfeiting penetrates even the oldest and most trusted names in fine art, buyers are increasingly fearful of making new purchases. The high risk of counterfeiting has made buyers wary of collecting art by unfamiliar names. This makes it even harder for smaller artists to complete major sales.