Art robbery and art forgery   are both major themes in crime movies and literature.In the 2012 comedy movie Gambit, British actor Colin Firth plays an art curator who cheats his abusive boss into buying a fake Monet. In reality, art crimes are no less interesting and exciting. According to The New York Times, over the past 15 years, Glafira Rosales fooled two local commercial art galleries into buying 63 false works of art for more than $30 million.She passed off fake paintings as works by 20th century modernist masters such as American artists Mark Rothko and Jackson Pollock.But in fact, these so called "newly discovered works" were all produced by a single man, a Chinese immigrant named Qian Peishen. The art world was shocked by Rosales' deception.But to the public, it was amusing and most satisfying to see wealthy people get tricked. So what decides the value of a piece of art? Is it beauty? Is it the artist's talent and craftsmanship? Or is it just because the artist is famous? We should take beauty out. If the buyers were buying paintings only for their beauty, they'll be content displaying good fakes on their walls. They wouldn't be so upset when a forgery is exposed. The art market claims that great artists are inimitable, and that this inimitability justifies the absurd price of their works. We can't deny that most famous artists are good at what they do, but forgers like Qian show that their works are imitable.Otherwise, the difference between the original and the copycats would be obvious and Rosales would not be able to fool anyone. According to an article in the Economist, expensive paintings are what economists call positional goods. They are valuable because other people can't have them. With other goods, a higher price reduces demand.But art turns down the laws of economics. "When the goods that is really being purchased is evidence that the buyer has paid a lot, price increases cause demand to boom," explained the article. That's why scarcity and authenticity are so important in the art market. Artists sometimes forget this.Demien Hirst, the British pop artist, is famous for his spot paintings. But they dropped in value when it became clear that they had been produced in quantities so vast that nobody knew how many were out there.The art market lost faith in these paintings because no one could be sure which of them were authentic and which were fake. Who is amused and satisfied to see the rich buy forged works of art?
The public. Glafira Rosales. Qian Peishen. Mark Rothlo and Jackson Pollock.