A Swiss art-research lab recently caused a stir by claiming that more than 70 percent of the works it checks out are fakes, forgeries or misattributions. While exact figures are unknown for the amount made in forged art each year, high-profile cases over the last decade have revealed that forgers can make millions. Some forgeries are so convincing that they were displayed in the most prestigious art galleries in the world.
The emergence of new online art sales platforms, such as Artspace, Paddle8 and Amazon Art, are making it increasingly difficult to keep track of authentic art pieces. This facilitates the spread of counterfeit art. Buying online is especially popular with the younger generation, with almost 25 percent of 20–30 year olds surveyed saying they first bought art online without seeing the physical piece. The Hiscox Online Art Trade Report 2014 estimated the value of the online art market will rise to $3.76 billion by 2018.