The black market for art is booming. Art crime has become a $6 billion industry, according to the FBI. By this measure, art crimes are now the third most profitable criminal enterprise in the world – ranked just behind drugs and guns. Illicit funds from forgery, fraud, price-fixing, theft and related art crimes are now equivalent to nearly 10 percent of all sales for the global art market, where rising prices and record-setting auctions have pushed total transactions to an estimated $70 billion per year.
To assist in the fight against art crime, Beacon International Group has established Art Fraud Advisors, a new investigative unit with a specialized focus in the fine art and antiquities markets.
Fraud affects a wide range of market participants, including collectors, investors, insurers, dealers, shippers and artists. Art Fraud Advisors provides due diligence and investigative expertise to evaluate the integrity of transactions and acquisitions, while helping to preserve the cultural integrity of collections.
The Art Fraud Advisors team is led by Beacon vice president John Powers. He is a Certified Fraud Examiner (CFE) who began his career as a private investigator 20 years ago in New York.
To learn more about Art Fraud Advisors, please visit its website at ArtFraudAdvisors.com.