Fake artworks don't often come to light because of the reputational risk to the galleries or auction houses involved, insiders say.Around 1,000 fake artworks, purported to be by late Canadian artist Norval Morrisseau, were seized in Toronto last year in an ongoing case.
"They often don't come to light," Mulcahy told CNBC by video call. "Reputation in the art market is so important … not many people like to go to court," she said. Cases are often settled in private in part because of the "embarrassment factor" for a buyer. He also spoke about having a sense that something is inauthentic, a sentiment shared by contemporary art dealer Jack Roberts. "Rather than assuming an artwork is legitimate, you have to be able to 'prove' its authenticity … When purchasing, anything that feels 'not quite right,' no matter how small, would stop me buying," Roberts told CNBC by email.