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Watch Out for Counterfeit Goods. Photo / Christie’s Auction House (Right)Can you distinguish the work of genius from its poor imitation? Hint: The red paint is a red flag. The fake is on the left.)When Domenico De Sole, who had recently retired as chief executive of Gucci, and his wife, Eleanore, visited the Knoedler Gallery in Manhattan in 2. Mark Rothko painting it had for sale.

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With the help of a now- deceased art dealer who knew Rothko, in the late 1. Swiss collector had purchased the 5. Now the collector had died, and his son was selling. While the son insisted on anonymity, Knoedler president Ann Freedman assured the De Soles that she knew him personally and that various experts, including a leading Rothko scholar and Rothko’s own son, Christo- pher, had authenticated the work. The story was fiction and the painting a fake—or so the De Soles, who bought it for $8. Knoedler and Freedman. Theirs is just one of six suits brought by former patrons of the gallery, a respected part of the New York art scene for 1.

These collectors claim that between 2. Rothko, Jackson Pollock and Willem de Kooning, among others. Knoedler closed abruptly at the end of 2. Belgian hedge fund manager Pierre Lagrange brought the first suit—over a supposed Pollock he bought for $1. The moral: Don’t worry just about buying on e. Bay. Even if you’re working with an established dealer or raising your paddle at a swank auction house, you can get stuck with counterfeit or stolen goods.

Yet, too often buyers fail to take basic steps to protect themselves, lawyers and art experts say.‘‘Sophisticated businesspeople would never do a business deal without asking questions, but somehow when they are buying art or collectibles, their common sense flies out of their head,” says Patty Gerstenblith, a professor at De. Paul University College of Law and director of its Center for Art, Museum & Cultural Heritage Law. Buying fine art and collectibles can sometimes pay off handsomely. According to ‘The Wealth Report 2. Knight Frank, a London- based property firm, as a group, nine classes of collectibles, including classic cars, coins, stamps, fine art and fine wine, all outperformed equities in the decade ending September 3. The flip side of this is that thieves and forgers have more than ever to gain, too. In May, Glafira Rosales, the Long Island art dealer who supplied the paintings to Knoedler, was charged with tax fraud for failing to report to the Internal Revenue Service and hiding in a Spanish bank at least $1.

Swiss collector whose son was selling—much the same story Ann Freedman told Knoedler’s customers. While the charges only cover Rosales’ 2. She is being held without bail, and prosecutors say she’s a flight risk. Her lawyer did not reply to a request for comment. Freedman, who was fired by Knoedler in 2. Despite the civil suits, she has not been charged by the government with any wrongdoing and sent this statement through her lawyer: “These paintings were exhibited in museums around the world and heralded as masterworks. The personal vendettas and professional jealously behind the attacks on the works and on my reputation should be obvious.”Lawyers for the purchasers who claim to have been taken said their clients had no comment or did not respond to Forbes’ emails.

Perhaps it’s not surprising that most wealthy collectors are reluctant to publicly discuss being duped. Not all are reticent, however.

William I Koch, the billionaire coal and petroleum magnate, has been on a nearly decade long legal crusade designed—or so he testified in federal court in April—to “shine a bright light on these fakers and the resellers of these fakes” in the collectible wine world. During that same testimony Koch described himself as “stupid” and “bloody naive” when he bought counterfeit trophy wine in 1. Image: Getty Images. Energy magnate William Koch (left) arriving at Manhattan Federal Court to attend the closing arguments, on Aprill 1. Eric Greenberg. The first time, Koch purchased four bottles that purportedly belonged to Thomas Jefferson.

He discovered that fake in 2. Museum of Fine Arts in Boston and curators asked him to check the provenance. For the record, the Forbes family was also famously duped in the Jefferson bottles scam.) Then, at an October 2. Zachys auction, using a consultant as his buyer, he shelled out $3. Château Pétrus, for which he paid $2. Koch became suspicious four months after the auction and ultimately brought in wine expert William Edgerton to inspect his collection.

Coincidentally, Edgerton had been hired four years earlier by one- time- billionaire and serial entrepreneur Eric Greenberg and had singled out 1. Greenberg’s collection. Now two of the bottles with the labels Edgerton used to mark possible fakes had found their way into Koch’s collection via the Zachys auction, which consisted entirely of bottles consigned by Greenberg. Greenberg offered a full refund of the $3. Koch paid for the 2.

But Koch sued instead and finally tasted victory (his first, in his crusade) in April, when a Manhattan federal jury found he had been defrauded by Greenberg. It awarded Koch $1. Greenberg denies intentionally deceiving Koch and is seeking to have the award over- turned or reduced.

Koch’s punitive damages win is highly unusual. More often, neither judges nor juries show a lot of sympathy for collectors who get taken, Gerstenblith warns. They think it’s one wealthy person defying another wealthy person,” she says. Indeed, art and collectible buyers can’t routinely rely on any branch of government to protect them. Even if it did miss Bernie Madoff’s fraud, at least the Securities & Exchange Commission is supposed to watch out for stock investors.

So in the absence of a self- deputised sheriff like Koch, collectors are on their own. And hiring a “consultant” (as Koch had for his 2. In fact, Lagrange, De Soles and Nicholas Taubman, the former US ambassador to Romania who sued Knoedler in May over an allegedly phony Clyford Still painting he bought for $4. Those experts, like their clients, had simply relied on the gallery’s representations about the history of the paintings. Watch Snowriders Tube Free more. Taubman alleges Knoedler had a warning that something might be amiss.

According to his suit, Jack Levy, former co- chairman of mergers and acquisitions at Goldman Sachs, wisely conditioned his own 2. Knoedler of a supposed Pollock on a favourable review  of its provenance and authenticity by the New York- based International  Foundation for Art Research, an independent research service. Among other things, that organisation questioned the fact that the painting did not appear in Pollock’s catalogue raisonné. That’s a comprehensive list of all the known works of an artist prepared by a recognised expert. A work that isn’t included in the catalogue may still be authentic but warrants special scrutiny.)In 2. Levy got a refund from Knoedler, which apparently procured the work for $7.

Rosales. After repaying Levy, Knoedler  officials, including Freedman, tried to show their faith in the work by investing in it personally. Touching. Except there was more they could have done to investigate—such as calling in forensic experts. According to several of the suits against Knoedler, paint purported to have been used by Robert Motherwell, Still, Rothko and Pollock contained red pigment that was not commercially produced until several years after the dates on the paintings. With collectibles there may also be experts and technology available to spot a fake.

For rare coins you can consult the Professional Coin Grading Service or the Numismatic Guarantee Corp. The Professional Sports Authenticator evaluates baseball memorabilia—everything from cards to bats and uniforms. Image: Heritage Auctions.

Downside risk in dinosaur bones? The Mongolians had a beef about this million- dollar T- rex cousin. Where there’s no independent third- party authenticator, ask a lot of questions, starting with, “Where did you get it?” Be especially careful on e.