SF Art Dealer Charged with Selling Fake Miro's

Henry Lee of the San Francisco Chronicle writes a very good article on the sale of fake prints. The article revolves around dealer Pasquale Iannetti and his San Francisco gallery Pasquale Iannetti Art Galleries Inc. Iannetti is charged with fraud for selling fake Joan Miro prints. The article states Iannetti has also represented himself as an authenticator of art.

The article gives some good detail on the tracking of the fake prints from Europe into the US, to Iannetti's gallery and then a purchase of a fake print by a postal inspector for $14,750.00. Although the article does not name other San Francisco Galleries, it alleges others may be involved. Iannetti plans to pleas not guilty and states all facts have not been released.

As appraiser we often run into prints, many where the client believes they have something special, only to find out otherwise. With the large amount of fake prints on the market, I recommend caution to many appraisers who are asked to value prints, especially those which are highly forged such as Dali, Miro, Picasso, Chagall, etc. Identification and authentication are so important in the appraisal process, make sure you have done the proper amount of due diligence prior to coming to any sort of value conclusion.

It is well worth the time to read the full article, link at the end of the post.

The article states Iannetti is accused of knowingly selling seven fake Miró prints in amounts ranging from $3,600 to $17,902 from 2005 to 2008. But federal prosecutors said the alleged scheme may have dated to at least 1999 and was linked to an international art-fraud ring, in which bogus works were sold in San Francisco as well as in Illinois, Florida and New York. Iannetti was indicted on eight counts of mail fraud for allegedly shipping fake Miró prints to collectors in points as far flung as Connecticut and Singapore. He also was indicted on seven counts of wire fraud.

Lee continues Investigators said they had identified art dealers who sold counterfeit prints purported to be by 20th century artists including Miró, Pablo Picasso, Marc Chagall and Andy Warhol. The fake prints were made in Europe and were then distributed in the United States, investigators said.

Typically, limited-edition prints such as the Mirós advertised by Iannetti are prepared from a master impression under the artist's supervision. Prints are usually signed by the artist and bear a unique number, such as "5/50" if the work is the fifth of 50 made from the master impression.

An undercover investigator had secretly met in Milan with Bonfiglioli before the Italian traveled to the United States in November 2007, authorities said. When he passed through customs at John F. Kennedy International Airport in New York, authorities found what turned out to be a counterfeit Miró print, Esteban wrote in the affidavit.

Officials secretly marked the print with invisible ink and let Bonfiglioli continue on his journey to San Francisco, where he visited Iannetti's gallery carrying a "cardboard tube under his arm," the affidavit said.

To read the full SF Chronicle article, click HERE.