Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

The Mark-Up on Fake Art

January 6, 2010 by Marion Maneker

The AP has a story about a Chicago man convicted of selling fake Picassos and Lichtensteins that reveals the profit margins for fake works. The swindler was pricing the works at three times his cost. Clearly he learned the trade as an interior decorator:

A suburban Chicago man has pleaded guilty to swindling at least 250 people out of more than $1 million through the online sale of counterfeit prints advertised as the work of Pablo Picasso and other major contemporary artists. Michael Zabrin of Northbrook admits sometimes paying between $1,000 and $1,500 for counterfeit limited edition fine art prints produced in Spain and Italy and reselling them on eBay for many times that amount. According to the plea agreement presented to Judge Robert M. Dow Jr, Zabrin purchased eight counterfeit works purportedly by Marc Chagall in 2004 for $20,000 “which he resold at no less than three times his cost.”

Chicago man pleads guilty to selling fake Picassos, Lichtensteins to naive collectors on eBay (Associated Press)

More from Art Market Monitor

  • Giacometti Chandelier Coming to Sothebys in LondonGiacometti Chandelier Coming to Sothebys in London
  • Art Stage Singapore Sales StartArt Stage Singapore Sales Start
  • Christie’s New York IM Evening Sale = $285.8mChristie’s New York IM Evening Sale = $285.8m
  • US Customs Finds Stolen Picasso Wrapped as Cheap Christmas PresentUS Customs Finds Stolen Picasso Wrapped as Cheap Christmas Present
  • Freemans Brings Pollock Landscape Thought to Be Lost to AuctionFreemans Brings Pollock Landscape Thought to Be Lost to Auction
  • Bonhams in the Photo MarketBonhams in the Photo Market

Filed Under: Fraud, Theft & Restitution

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor