A few years ago, art investigator Curtis Dowling was hired by a man in France who’d just spent more than $100 million on a Picasso. Having handed over a nine-figure check, he wanted to make sure the painting was real. “He’d pretty much spent every last penny to own this Picasso,” says Dowling. “It had passed down through a number of sources, and he thought he’d gotten a bargain.” As it turned out, he had not. The painting was fake, and the guy was now the proud owner of a $100 million hunk of scrap canvas. “Let’s just say I had a very disappointed customer,” says Dowling.
On the new reality show ‘Treasure Detectives‘ (CNBC, Tuesdays at 9 p.m. EST), Dowling and his team authenticate – or often don’t authenticate – all kinds of artwork and collectibles. Dowling says fraud is a huge problem: He estimates 40 percent of the stuff he comes across is phony. “It’s a bad batting average, but it’s true,” he says. “It’s easier to fake a Picasso than it is to smuggle heroin. Even organized crime now is using the art market to generate a fortune from forgery.”
And you don’t have to shell out a hundred mil to get screwed. Even people dabbling at the bottom of the market need to be careful when hunting for cool old stuff, whether it’s a 19th-century painting or an autographed Beatles LP. Here are some of Dowling’s tips for how not to get ripped off.