New York City collectors splashed out on some $2.3 billon worth of fine art last month. But get out your magnifying glass and double check that signature on the De Kooning in the foyer, because it could be a fake.
An East Hampton painter has admitted to forging $2.5 million in paintings, according to the New York Post.
Since 2005, John Re, 54, sold paintings he claimed were by Jackson Pollock, Willem De Kooning and other famous artists.
The government claims that Re used the proceeds generated from his scheme to buy a mini-submarine, the USS Deep Quest. The sale of the submarine is now blocked by the court to satisfy a $2.5 million forfeiture order. [NYP] – Christopher Cameron