Case Study on the World of Art, Counterfeits and Aspirations

Abstract

The world of art has both fake and original works competing for the attention of art collectors. Chances of accepting a forged work of art as authentic is very high because of the advanced techniques available to forgers who do as much research as those appointed to certify it. Counterfeits flourish because of economic and psychological reasons. Scarcity, status symbols and social cues become vital factors in driving up the prices. India has not given enough attention to regulations in art market and this has led to wide spread scams and monetary loss to the government and society. What can be done to correct the market for art and how can application of Bayesian theorem and artificial intelligence assist the ordinary buyers and experts to make better judgments before accepting a piece of work as original?