Art Print and Autograph Fraud

The ISA FOrum had a post about a 1970's law in California related to a required certificate of authenticity for all art prints sold.

I responded with the following.
About 25 years ago I had lunch with a Senator from New Jersey who wanted to do the same for sports autographs in New Jersey.

He described the high level of fraud and deception in the field (I agreed), and thought legislation would solve the problem.

I asked how they would enforce the law and prove items were not authentic. He said the State would retain a professional appraiser and authenticator.
When I asked how the appraiser/authenticator would be paid -- the conversation got very quiet.

Without the funding behind it, it’s a “tough row to hoe” (As we say in our small town farming community).I went on to explain to him that art fraud increased exponentially in California the year after the law was enacted. (Wall Street Journal or NY Times article form 25 years ago).

The law gave the public a false sense of security. The law had no teeth and art fraud exploded.Unfortunately it’s still: caveat emptor (buyer beware).
I’m not a big fan of appraisal legislation. – or most legislation for that matter. You can’t outlaw stupidity, nor should we. Buyers need to do their homework. They should learn about what they are buying, and if it’s real, or a good deal. That’s why we’re in the middle of a major housing mortgage problem -- too many greedy, stupid, people. Appraisal Rule #1: You don’t get something or nothing.

All the more reason for everyone to call an appraiser BEFORE they purchase.
What an opportunity to market pre-purchase consultations. It’s a viable service -- help potential buyers identify bargains, select the right items, provide info on the price they should offer, etc.

I know of several appraisal firms (appraisal bootcamp alumni)who offer this service profitably and frequently.

What do you think? Let me know.

Best,Brian Kathenes
Managing Partner
National Appraisal Consultants, LLC

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