Pizziolo, M & Ravasio, R 2026, Is Art a Scam? The Risks of Art Collecting, EduXion – Enhanced educational tools, EdiXion, Dubai.
Prestigious investment or fraud? A provocative and well-documented essay that reveals the risks of art collecting, between false promises and profound contradictions of the market. The purchase of a work of art – often perceived as a safe and prestigious investment – can actually transform into a path full of pitfalls. The essay accompanies the collector on a journey through auctions, galleries and online platforms, which teaches how to defend oneself from information asymmetries, conflicts of interest, lack of transparency and incorrect practices, often capable of deceiving even the most experienced collectors.
Million-euro frauds and emblematic cases. Through the analysis of recent data and documented cases, the authors, Marina Pizziolo and Romano Ravasio, demonstrate how art can become an instrument to orchestrate international frauds worth millions of euros. Emblematic is the case of Inigo Philbrick, nicknamed the “mini Madoff of art”, who manipulated sales of high-profile works. Another revealing example is the Giacometti sculpture valued at 70 million dollars by Sotheby’s and left unsold in New York on 13 May 2025, an event that calls into question the reliability of estimates even at the most prestigious auctions.
Are we collecting fakes? The question seems provocative, but sector experts provide a chilling answer: although estimates vary, they indicate that up to 50% of works circulating in the market present serious criticalities. Not only complete forgeries, but a submerged world of arbitrary attributions, posthumous signatures, invasive restorations that alter the work’s identity, dates modified for commercial reasons, authentications issued carelessly or fraudulently. In the less controlled segments, but not only, it is estimated that one work out of two contains misleading elements. A market that according to UN and academic estimates is worth up to 6 billion dollars annually and that transforms collecting into Russian roulette, where often the work hides alterations decisive for authenticity and value. The result is a disconcerting reality: many collectors keep in their homes only worthless fetishes, believing them to be masterpieces.
Direct experience and consolidated expertise. The idea for the book stems from a conference held by Marina Pizziolo at the Accademia Carrara in Bergamo in March 2023, entitled L’arte è un pacco? (Is art a scam?). The observations contained in the essay derive from over twenty-five years of fieldwork: from directing museum institutions to curating high-profile private collections, in constant confrontation with the international market. The reader is invited to reflect critically on how to correctly evaluate a work, avoid speculative illusions and build a solid and representative collection. A key work for those who want to start collecting or subject choices already made to verification.
International portfolio of excellence. The authors – who have signed over a hundred publications, including monographs, catalogues and essays – have directed art museums, designed public collections, such as the site-specific one at New York University Abu Dhabi, and curated private collections that have been the subject of monographs and exhibitions. They have founded historical archives, collaborated with international institutions and participated in public art projects in the United Arab Emirates, China, India and South Africa. As art consultants they have contributed to numerous museum acquisitions, the most recent being that of a collection of 700 drawings by the Metropolitan Museum of New York, in 2025.
Marina Pizziolo at the Accademia Carrara in Bergamo, conference L’arte è un pacco? (Is art a scam?)
