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Discoveries of Fakes: their Impact on the Art Market

Author

Listed:
  • Fabien Bocart
  • Kim Oosterlinck

Abstract

This paper shows that before (after) fakes’ discoveries, artworks are less (more) likely to be sold through Sotheby’s or Christie’s. Prices only react negatively with a lag, suggesting that sellers try to postpone their sales as long as possible.
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Suggested Citation

  • Fabien Bocart & Kim Oosterlinck, 2011. "Discoveries of Fakes: their Impact on the Art Market," ULB Institutional Repository 2013/142704, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/142704
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    Citations

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    Cited by:

    1. Robert B. Ekelund & John D. Jackson & Robert D. Tollison, 2013. "Are Art Auction Estimates Biased?," Southern Economic Journal, John Wiley & Sons, vol. 80(2), pages 454-465, October.
    2. David, Géraldine & Oosterlinck, Kim & Szafarz, Ariane, 2013. "Art market inefficiency," Economics Letters, Elsevier, vol. 121(1), pages 23-25.
    3. Spaenjers, Christophe & Goetzmann, William N. & Mamonova, Elena, 2015. "The economics of aesthetics and record prices for art since 1701," Explorations in Economic History, Elsevier, vol. 57(C), pages 79-94.
    4. Yuexin Li & Xiaoyin Ma & Luc Renneboog, 2024. "In Art We Trust," Management Science, INFORMS, vol. 70(1), pages 98-127, January.
    5. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012. "Econometric analysis of volatile art markets," Computational Statistics & Data Analysis, Elsevier, vol. 56(11), pages 3091-3104.
    6. Toan Ho Manh & Thu Trang Vuong & Manh Tung Ho & Hong Kong Nguyen-To & Quan-Hoang Vuong, 2018. "The painting can be fake, but not the feeling’: an overview of the Vietnamese market through the lens of fake, forgery and copy paintings," Working Papers CEB 18-022, ULB -- Universite Libre de Bruxelles.
    7. Barbos, Andrei & Hartman, John, 2023. "Reputational effects on third-party agents: A study of the market for fine and rare wines," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 359-372.
    8. repec:hum:wpaper:sfb649dp2012-039 is not listed on IDEAS
    9. David, Geraldine, 2016. "Art as an investment in a historical perspective," Other publications TiSEM 2361da4b-d827-4cae-91ce-1, Tilburg University, School of Economics and Management.
    10. repec:hum:wpaper:sfb649dp2011-071 is not listed on IDEAS
    11. Antonello E. Scorcu & Laura Vici & Roberto Zanola, 2021. "To fake or not to fake: An empirical investigation on the fine art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(1), pages 143-152, March.
    12. Bocart, Fabian & Hafner, Christian, 2012. "Volatility of price indices for heterogeneous goods," LIDAM Discussion Papers ISBA 2012019, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    13. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2015. "Fair Revaluation of Wine as an Investment," Journal of Wine Economics, Cambridge University Press, vol. 10(2), pages 190-203, November.
    14. Massimiliano Castellani & Pierpaolo Pattitoni & Antonello Eugenio Scorcu, 2012. "Visual artist price heterogeneity," Economics and Business Letters, Oviedo University Press, vol. 1(3), pages 16-22.
    15. Francesco Angelini & Massimiliano Castellani & Lorenzo Zirulia, 2022. "Overconfidence in the art market: a bargaining pricing model with asymmetric disinformation," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 961-988, October.
    16. Pi-Hsia Liang & Yan-Ping Chi, 2021. "Influence of Perceived Risk of Blockchain Art Trading on User Attitude and Behavioral Intention," Sustainability, MDPI, vol. 13(23), pages 1-20, December.
    17. Erica Coslor & Tim R. L. Fry, 2025. "Misattribution stigma and contagion: How did the art auction market react to Australian “Black art scandals”?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 49(3), pages 547-578, September.
    18. Savva Shanaev & Nikita Shimkus & Binam Ghimire & Satish Sharma, 2020. "Children’s toy or grown-ups’ gamble? LEGO sets as an alternative investment," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 21(5), pages 577-620, November.
    19. Francesco Angelini & Massimiliano Castellani & Naomi Oosterman, 2025. "Before the hammer falls: an empirical analysis of the market reaction to art thefts," European Journal of Law and Economics, Springer, vol. 59(1), pages 77-100, February.
    20. repec:hum:wpaper:sfb649dp2013-018 is not listed on IDEAS
    21. Kim Oosterlinck & Anne-Sophie Radermecker, 2021. "Regulation or Reputation? Evidence from the Art Market," Working Papers CEB 21-006, ULB -- Universite Libre de Bruxelles.

    More about this item

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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