Why you should avoid buying online art from Artsy auctions
by Robert Grunder & Joseph K. Levene
TJ, an Artsy buyer provided 1 star Trustpilot review, 9/22/2020, stating "if he could give them negative stars" due to alarming lack of ethics, stating Artsy won't refund purchase due to deceptive documentation, which according to incredulous Artsy conditions of sale is irrelevant.
Every one of 111 lots in Artsy's x Capsule Modern & Contemporary Master Auction of March 25, 2021 closed simultaneously and disappeared at exactly 12 noon, making it impossible for anyone to bid on multiple lots. Realized auction prices as well as unsold lots were nowhere to be found 12:01 pm, March 25, 2021. Because we carefully monitored the sale, we estimate only 46 of 111 lots, March 25, 2021 sold, representing 41% sell through rate; the auction grossed paltry $177,840 including buyer's premium. Specifically aggregate hammer price gross was $148,200 and gross buyer's premium insignificant $29,640.
The following side-by-side compares the purported Artsy example to another terracotta example of Pablo Picasso Petit buste de femme (A.R. 523), 1964 sold by Christie's in 2015.
Glaring the lack of involvement by Artsy specialists; in our opinion, it is unacceptable to condone obvious sloppiness. Based on numerous complaints from Artsy buyers and sellers who have bought and sold art, Artsy has consistently failed to take any responsibility even when the facts are obvious. Legitimate complaints by Artsy buyers are repeatedly ignored and/or difficult to find because they are buried under a coincidental abundance of five star invited reviews.
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| Selection fake Andy Warhol and Roy Lichtenstein art repeatedly sold by Artsy |
Over the past decade, there has been little objective Artsy analysis, the majority of published articles are unusually praiseworthy, often without reviewing and/or challenging the facts or respective spokesperson interviewed, exacerbated by Artsy's consistent failure to not release financials, yet repeatedly touting massive annual growth.
We recently took a deeper dive into Artsy auctions to present the truth about potential pitfalls about buying art from Artsy; bottomline, our article sums it up by warning art buyers and in particular novice art buyers to stay away from Artsy auctions since we are confident smart art buyers wouldn't dream of buying art in Artsy auctions.
In our opinion, the current CEO Mike Steib has been coached well and knows what to say to attract positive press, but at the end of the day, based on the material posted online, Artsy continues to condone deceptive sellers, and unfortunately like eBay, favors revenue over ethics.
While this blog article takes a deeper dive into Artsy auctions, the questionable and too often deceptive material that is offered for sale is not only confined to Artsy auctions as there are thousands of counterfeits listed 24/7 on Artsy's Buy It Now platform. It is not hard to find these spurious lots, yet surprising little has been written about this ticking time bomb, although numerous negative consumer reviews posted on Trustpilot, BBB, Google and we presume other sites too, don't hold back the truth about buying art from Artsy.
Although this article features the headline “You should avoid buying online art from Artsy auctions”, there are a dozen other suitable headlines for this blog article that takes a deeper dive into Artsy auctions so potential users are aware of the pitfalls before buying art from Artsy:
- Buying at Artsy curated auctions should be avoided, period.
- Artsy never edits auction lot descriptions for accuracy.
- Artsy boasts transparent pricing yet erases all realized prices and unsold auction lots.
- Artsy auctions routinely include misleading lot descriptions and photographs, deceptive information, incorrect condition reports and worthless counterfeits, many sold with false COA's.
- Artsy doesn't take responsibility for anything posted in online auctions.
- Artsy's broad conditions of sale provides no assurance title is passed.
- Buying art from Artsy auctions is hazardous to your pocketbook.
- Buyers never receive refunds from Artsy auctions because Artsy is not responsible for errors or misleading content.
- Artsy doesn’t vet listings and never inspects lots offered in curated auctions, either before or after the art is sold, breeding ground for fraud.
Although Artsy boasts it's the leading online art platform, annual subscription revenue from 3,200 partner galleries does not cover Artsy overhead. Artsy overhead is enormous, including at least 325 employees, hefty salaries for founders, management and 28 engineers, significant financial package for CEO Mike Steib, plus offices in New York, Los Angeles, London, Hong Kong and Berlin. Artsy revenue remains tight lipped mystery; press interviews with current and former management repeatedly acknowledge Artsy success anecdotally, although Artsy has never released financial specifics and probably won't anytime soon.
In a 2017 funding round, Artsy raised incremental $50 million, bringing total funding to $100.9 million with the goal to expand into auctions and secure partnerships from Christie’s, Sotheby’s and Phillips, the three leading brick-and-mortar auction houses. Becoming competitive in auctions was a smart marketing decision to improve profitability since auction buying is a significant choice among art buyers. According to the 2020 UBS Report, buying directly from a gallery premises was most
common, buying online from galleries next most common and buying art at auction was third, cited by 54% of respondents.
What happened to $50 million investment in Artsy auctions to improve profitability? Artsy's investors must be livid as there is no evidence $50 million investment was well spent. Where did it go? Christie's and Sotheby's have vanished on Artsy and Phillips has virtually disappeared, posting only two 2021 Artsy auctions, January 21, 2021 and April 20, 2021 Editions and Works on Paper Day & Evening sales. For the 104 day period from January 1, 2021 through April 15, 2021, 75 Artsy auctions were posted, including 10 benefit auctions. Second and third-tier firms posting Artsy auctions include: Bonham's, Heritage, Bernard Jacobson, Rago, Tate Ward, Forum, Roseberys, Digard, Italy's Fineart, Capsule, EHC Fine Art Gallery. Visit artnet.com to view stellar group of over 200 artnet auction partners, including Sotheby's, Christie's, Phillips, Heritage. The list of artnet partners is impressive both in volume and quality vs. Artsy, demonstrating the importance of implementing strict partnership standards.
Aside from posted lots from Phillips, Bonham's, Bernard Jacobson, Heritage, Wright, Rago, Fineart, concerning abundance downscale, not collectable, incorrectly documented art posted in Artsy auctions. Many listings fall into a gray area, requiring and/or necessitating explanation, although many avoid necessary explanation; the lot descriptions are sloppy, with insufficient disclosure. We are not referencing one or two lots, or even a handful, but disturbing plethora of spurious material, i.e., hundreds and hundreds of lots, majority not documented in recognized catalogue raisonnes. Virtually none would appear at Sotheby's, Christie's or Phillips, or for sale by any Art Dealers Association of America (ADAA) member. Undesirable lots are often sold with false certificates of authenticity, and lot descriptions often include unnecessary hyperbole, misleading and/or false statements and lack key photographs, such as failing to show the work framed, when indicated.
The bulk of posted Artsy auction lots are in these areas:
- Counterfeits
- Ephemera
- Facsimiles
- Incorrectly documented art & mis-documented art
- Afters, mostly not disclosed
- Reproductions, most not disclosed
- Posthumous editions
- Toys
- Skateboards
- Unlimited editions, often incorrectly documented, many bearing fraudulent signatures
- Posters, often described with exaggerated details
- Pages removed from books without disclosure
Artsy's auction interface is dated and clumsy, not technologically advanced. It is inconceivable $50 million was spent as the interface is neither innovative nor even up to date given the competition. Spend a few minutes browsing and you'll immediately realize the auction interface is ill-designed, presumably created by designers who've never bid in any online art auction. If you want to check out a particular lot, users are forced to painstakingly click each lot to determine if the reserve has been met, both frustrating and time consuming. Navigation is unnecessarily clumsy; once you click into a lot, it is impossible to navigate to the next lot without first clicking out of the initial lot. Bottomline, the Artsy auction interface is an amateur mess.
Negative Glassdoor reviews by former employees don't mince words regarding concerning company issues; one former Artsy employee stated:
"Glory days are over. Company fell off a cliff after years of turmoil and leadership change", giving this advice to management "We're behind in every product aspect. Can't remember the last time Artsy innovated in the space."
Unlike online auctions offered by Sotheby's, Christie's, Phillips, and even second tier auction houses like Doyle, Hindman and Freemans, there is no attempt to streamline the process. For instance, every lot in an Artsy's Capsule sale closes at the same time. Most auction houses generally stagger online lots by at least one minute so the respective interface is not overloaded, plus it gives users a chance to bid on multiple lots. For bidders who snipe, online auction lots at Sotheby's and Christie's receive five minutes of extended bidding. Artsy states lots can be extended, but don't see evidence lots are extended.
Although payment is made to Artsy, Artsy does not pass Title for auction lots sold in hosted auctions, stating New York Uniform Commercial Code is applicable for ownership transfer. The inability to pass Title is a dealbreaker for knowledgable art buyers. Artsy relies on the Uniform Commercial Code (UCC) for auction transactions which is puzzling since many lots indicate foreign location and ownership which is not recognized nor applicable for UCC transactions. For reference, the UCC is not a federal law: Instead, it is model legislation that is uniform in the United States. The UCC governs contractual sale of goods for domestic transactions within the United States but the UCC actually has no International jurisdiction so if a problem occurs, only recourse is complaining. Visit Trustpilot to read complaints from multiple unhappy Artsy buyers who confirm Artsy asserts no responsibility regarding purchases, and essentially doesn't care in the least, in direct contrast to Sotheby's Christie's, Phillips, and big name Artsy partner art dealers.
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| Artsy does not pass Title stating New York Uniform Commercial Code applicable. |
Artsy maintains it has no responsibility concerning sold online art although United States Federal Law indicates otherwise. An auctioneer may be liable if he conducts auctions without passing title. According to law auctioneers are required to pass title; since Artsy receives payment, it should not shirk its responsibility. Pursuant to the Uniform Commercial Code, a buyer may "revoke his/her acceptance of goods or part thereof, for nonconformity of the goods sold within a reasonable time after the buyer discovers the nonconformity".
Artsy never lists auction specialist names. Check auctions at Sotheby's, Christie's, Phillips, and you always see specialist's name with accompanying contact information. Buyers contemplating buying in online auctions expect immediate replies, especially when the art is not inspected. From February 2021 to June 2023, Robin Roche was Artsy Senior Director Auction consignment; Ms. Roche is a former Auctionata employee, online auction firm forced into bankruptcy due to serious trade violations, including inflating financial results, shill bids, erasing unsold lots, etc.
Users complain about consistent lack of urgency by Artsy staff. There is no excuse to ignore Artsy users, especially since listings are often incomplete, contradictory and confusing; many listings have inconsistent photographs, vague provenance and incorrect measurements, purposely overlooked since deceptive sellers recognize there is little risk of recourse since Artsy doesn't vet listings. If you have a question, users are forced to send anonymous messages and wait. On August 25, 2020, Tom Feeney, complained about Artsy's poor email system; Mr. Feeney provided an unsolicited one star organic Trustpilot review stating "Never return emails. Crazy."
Nosebleed shipping and VAT surcharges are unwelcome surprise for auction lots dispatched from Europe. Too often Artsy buyers are held hostage with excessive shipping costs for auction lots with foreign ownership, specific costs not disclosed. An organic Trustpilot review from an Artsy buyer cited "Multiple errors in basic shipping documentation suggest to me that Artsy do not know what they are doing, or much care. For example, a missing Declaration of Authenticity resulted in me incurring EU import duty at 29% instead of 6%. I find I cannot reclaim this cost because, although the sale was annulled, and despite Artsy’s advertised returns policy, their shipper had declared it non-returnable. Artsy continue to blank my requests for reimbursement, leaving me significantly out of pocket".
Artsy's conditions of sale state information in listings are an opinion, not statement of fact, which explains why Artsy auctions are open invitation to defraud buyers. Artsy conditions of sale state "Listing descriptions and condition reports may make reference to particular imperfections, but bidders should note Artsy lots may have other faults not expressly referred to in the listing or condition report. All dimensions are approximate. Illustrations are for identification purposes only and cannot be used as precise indications of size or to convey full information as to the actual condition of lots."
Because Artsy condition reports are irrelevant, it's "the wild wild west" when you buy in Artsy auctions. Although moot, should you want a condition report, Artsy states you may have to pay for them. Most incredulously, "information provided to prospective buyers with respect to any lot, including any pre-sale estimate, whether written or oral, and information in any listing, condition or other report, commentary or valuation, is not a representation of fact but rather a statement of opinion held by Artsy based solely upon information provided to us by the seller."
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| Artsy conditions of sale indicate neither Artsy nor Seller has liability regarding authenticity, medium, provenance, description, size, condition, etc. |
Distinct dichotomy between organic Trustpilot reviews about Artsy, meaning unsolicited reviews versus solicited reviews which are not only coincidentally positive but alarmingly superficial. Trustpilot reviewer C.A.S. speculates Artsy is "concerned with trying to bury mine and others' complaints on this site under a load of paid-for "5-star" posts". Organic Trustpilot reviews are uniformly negative while Artsy solicited reviews are coincidentally uniformly positive. Trustpilot reviews received organically indicate complaints about Artsy's lack of quality, poor customer service, proliferation counterfeits and misleading documentation. By comparison, Artsy solicited reviews are superficial, incredulously praise-worthy.
Pervasive lack of standards at Artsy auctions. If you have a problem, Artsy will inform you that you didn't read the fine print as C.A.S. notes in Artsy review on Trustpilot because he informed Artsy after 8 days instead of the required 7, which is an acceptable cop-out. Online art buyers expect auction houses to do their due diligence and require reimbursement for lots not authentic and/or incorrectly documented. C.A.S. is one of many unhappy Artsy buyers who have left negative reviews on Trustpilot. On the policy overview page, Artsy states sellers selling plagiarized, stolen, or fake listings may result in permanent termination, emphasis on "may". Like eBay, Artsy believes partnership revenue has greater value than ethics; Artsy's listing policy states: we will send you a warning after three complaints, depending on the severity of the issue which may result in immediate termination.
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TJ, an Artsy buyer provided 1 star Trustpilot review, 9/22/2020, stating "if he could give them negative stars" due to alarming lack of ethics, stating Artsy won't refund purchase due to deceptive documentation, which according to incredulous Artsy conditions of sale is irrelevant.
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Matt Harding, 2019 Artsy auction seller, posted 1 star Trustpilot review 11/3/2020 about Artsy's "absolutely awful customer service", stating it has been over three months since he dispatched art he sold in an Artsy auction, and thus far, not received payment.
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| 1 star organic Trustpilot review from Matt Harding indicates Artsy hasn't issued payment for sold auction consignment |
Artsy does not pro-actively vet listings even though published management interviews falsely state Artsy consistently monitors its listings. The reality is Artsy does not vet listings since the purported vetting team is non-existent. CEO Mike Steib erroneously states: "the integrity of works on our site have to be beyond reproach. We have a full time team reviewing every artwork on the site and taking action when appropriate. Works you have identified as spurious, and any further works you wish to flag for us, will get the team's immediate attention.Exacerbating the issue is Artsy's meaningless conditions of sale which provide no consumer protection which in our opinion, is a ticking time bomb. Inexcusably CEO Mike Steib has been briefed numerous times about this oversight. Without a specific vetting procedure and vetting team, Artsy management condones counterfeits and misdocumented art, in direct contrast to the impeccable standards of most of Artsy's top name gallery partners.
In a 1 star Trustpilot review, Artsy buyer C.A.S. states "Seemingly relaxed about fakery and mis-selling on their platform, Artsy strikes me as the kind of player that gives art dealing a bad name. My purchase turned into an expensive ordeal, and I have no reason to believe that the same would not happen again."
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Even former and current employees acknowledge Artsy's business model is defective.
Apr 24, 2021
Glassdoor — Glory Days are over. Company fell off a cliff after years of turmoil and leadership change. No cross-team alignment even within the same department, bureaucracy is rampant. No new innovation happening, culture is dead. Went from the amazing goal of revolutionizing/democratizing the art world to basically making a high value Etsy instead.
Apr 13, 2021
Glassdoor — The ship is sinking. Too many employees for such a small market making it impossible to hit your goals.
May 3, 2020
Glassdoor — Company values mask lack of communication and transparency. Vision did not align with company mission.
Oct 14, 2019
The purported Roy Lichtenstein Girl in Mirror 1987 Art Basel rare promotional print is not referenced, mentioned or included on extensive list of 1987 Roy Lichtenstein artworks documented by the Roy Lichtenstein Foundation. First, Roy Lichtenstein was very much alive in 1987; plus the Roy Lichtenstein Foundation includes an ample list of posters, ephemera and promotional art, but not this counterfeit. Bottomline, this is not a rare promotional anything, just a worthless counterfeit; it is not collectable and never will be. Unfortunately this counterfeit is one of numerous fraudulent artworks sold at Artsy, in its auctions and Buy Now platforms.
Glassdoor — Glory Days are over. Company fell off a cliff after years of turmoil and leadership change. No cross-team alignment even within the same department, bureaucracy is rampant. No new innovation happening, culture is dead. Went from the amazing goal of revolutionizing/democratizing the art world to basically making a high value Etsy instead.
Apr 13, 2021
Glassdoor — The ship is sinking. Too many employees for such a small market making it impossible to hit your goals.
May 3, 2020
Glassdoor — Company values mask lack of communication and transparency. Vision did not align with company mission.
Oct 14, 2019
Glassdoor — From Great to Terrible. Within 1 year working at Artsy, things deteriorated more rapidly than I've ever seen.Shady business practices took hold & sales team essentially had a 100% turnover rate.
Artsy's online auction and Buy Now platforms repeatedly offered and sold numerous counterfeit Roy Lichtenstein prints that contrary to their purported listings were NOT published or sold by Art Basel in the 1987 Art Fair and also NOT referenced at Roy Lichtenstein Foundation. Bottomline eachl of the so called 1987 Art Basel Special Offer Prints are counterfeit, many accompanied with Certficates of Authenticity too.
A counterfeit Roy Lichtenstein print erronously described as "Rare promotional print produced for Art Basel in 1987 was sold at least twice by EHC Fine Art Gallery. From an edition of 1000. Stamped en verso, comes matted and ready to frame. Measures 15 x 15 inches with mat" was included in the Artsy EHC Fine Art Gallery auction that ended May 4, 2021. The purported Roy Lichtenstein print for Art Basel features the famous Girl in Mirror image Lichtenstein orignally created in 1964 was never published by Art Basel in 1987 or documented by the Roy Lichtenstein Foundation. .
First, Roy Lichtenstein was very much alive in 1987; also the Roy Lichtenstein Foundation includes an ample list of posters, ephemera and promotional art on its expanisve website, but the purported Art Basel print is not included among any of the 1987 entires at the Roy Lichtenstein Foundation.
For the record, Roy Lichtenstein created three works featuring the Girl in the Mirror image, The most important is Girl in Mirror, 1964, a stunning porcelain enamel on steel created in an editoin of 8 plus AP's that is detailed carefully on the Roy Lichtensein Foundatoin website here. An example of Roy Lichtenstein Girl in the Mirror, 1964 sold at Phillips London for £4,800,000. Roy Lichtenstein also created two 1964 unique colored pencil on paper studies which you can see here and here, but alas NO Art Basel print was ever created by Roy Lichtenstein ever.
Art Basel is well known for hosting Art Fairs, but alas, Art Basel has never published any limited edition print including this purported "rare promotional print erroneously documented from an edition of 1000" using Roy Lichtenstein's iconic Girl in the Mirror, 1964.
Most of the counterfeit Artsy listings boast the seller's inclusion of a Certificate of Authenticity (COA), which is also counterfeit and facilitated by Artsy who makes no attempt to review the authenticity of any Certificate of Authenticity. It is a felony in 50 States for an art seller to knowingly uses a false COA to sell a counterfeit work of art.
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| Purported Roy Lichtenstein offset lithograph not published by Art Basel, not documented by Roy Lichtenstein Foundation |
Careful review of press material from the 1987 Art Basel Fair yields no mention and/or reference to the numerous and "rare Art Basel promotional editions of 1,000 Artsy has frequently sold on its Buy Now and auction interfaces. In addition, there are other disturbing anomalies. A verso image included in this auction lot and others indicates "vintage print" which is illogical for legitimate 1987 published print edition. Also the verso is stamped in ink, stating "1000 copies" which is an embarrassingly sloppy error; an established publisher of limited editions would never refer to a numbered edition of 1,000 impressions by incorrectly ascribing "copies"; a more precise reference is "edition of 1,000". Let's say the limited edition was published and released in 1987, no established publisher would immediately reference a contemporary print publication as "vintage", to think otherwise is absurd.
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| 1987 limited edition from established publisher would never state "Vintage-Print" or "1000 copies" |
The purported Roy Lichtenstein Girl in Mirror 1987 Art Basel rare promotional print is not referenced, mentioned or included on extensive list of 1987 Roy Lichtenstein artworks documented by the Roy Lichtenstein Foundation. First, Roy Lichtenstein was very much alive in 1987; plus the Roy Lichtenstein Foundation includes an ample list of posters, ephemera and promotional art, but not this counterfeit. Bottomline, this is not a rare promotional anything, just a worthless counterfeit; it is not collectable and never will be. Unfortunately this counterfeit is one of numerous fraudulent artworks sold at Artsy, in its auctions and Buy Now platforms.
Roy Lichtenstein Girl in Mirror, 1964 is iconic artwork created on porcelain enamel on steel, executed in an edition of eight examples, each measuring 42 x 42 inches. Here is the legitimate documentation record at the Lichtenstein Foundation.
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| Roy Lichtenstein Girl in Mirror, 1964, porcelain enamel on steel documented by the Roy Lichtenstein Foundation |
This was not the only time EHC Fine Art Gallery sold a counterfeit impression of this same Roy Lichtenstein print on Artsy. Here is another counterfeit impression featuring the Girl With Mirror image sold by Artsy in EHC Essential Editions IV auction.
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| Counterfeit Roy Lichtenstein never published by Art Basel in 1987 in edition of 1,000 sold on Artsy |
Here is a counterfeit Andy Warhol Bighorn Ram, EHC Fine Art Gallery sold in a 2018 Artsy auction. Falsely documented as as a "Color Offset Lithograph for Art Basel, Mounted and Unframed", the purported documentation falsely describes this work as a "Rare promotional print produced for Art Basel in 1987. From an edition of 1000. Stamped en verso, comes matted and ready to frame. Measures 15 x 15 inches with mat". However, the details adjacent to the photograph are conflicting as this part of the listing indicates the size is 8 3/8 × 8 1/4 inches.
At the end of the day, size doesn't matter as this counterfeit Andy Warhol Bighorn Ram from the Endangered Species isn't rare either as erroneously stated on Artsy. Like so many other counterfeit listings that include Art Basel reference, NONE were published or sold in 1987 by Art Basel. Bottomline, while Art Basel is well known for hosting art fairs around the world, Art Basel has NEVER published any limited edition print, including this counterfeit using an Andy Warhol Bighorn Ram image originally created for the Endangered Species portfolio of 10.
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| Counterfeit Andy Warhol Bighorn Ram falsely documented in an Artsy online auction as "rare promotional print produced for Art Basel in 1987 in an edition of 1000. Stamped en verso, comes matted and ready to frame. Measures 15 x 15 inches with mat, this purported Andy Warhol was NEVER published by Art Basel |
Chiswick Auctions sold several counterfeit Andy Warhol prints in various Artsy online auctions, falsely claiming each published by the Carnegie Museum of Art, Pittsburgh. Documented incorrectly as a "lithograph print", this lot featured counterfeit Andy Warhol Mickey Mouse Chiswick erroneously stated was stamped "CMOA" on the verso. The reality is the image is a counterfeit Andy Warhol Mickey Mouse unique trial proof color screenprint from the Myths Series, although that is NOT referenced or mentioned, one of many dozen counterfeit Andy Warhol prints never published or authorized by the Carnegie Museum of Art, Pittsburgh.
In 2015, Lauritz.com, a Swiss auction firm withdrew 36 counterfeit Andy Warhol prints, each purportedly published by the Carnegie Museum of Art, Pittsburgh and stamped CMOA on verso. Although we repeatedly informed former CEO Mike Steib and the Artsy auction team the Carnegie Museum of Art NEVER published any Andy Warhol artwork, including those stamped with "CMOA" on the verso, our communication with accompanying substantiation was repeatedly ignored as several dozen Andy Warhol counterfeits NOT published by the Carnegie Museum of Art, Pittsburgh continued to be sold by Artsy via online auctions and Buy Now listings as indicated by the links we have posted in this disturbing article showing the callous lack of ethics by Artsy. Curiously, the listings were full of fictional details, edition sizes and descriptions varied; sometimes listed as edition of 5,000, other times 1,000. of 1000, sometimes 5,000, other times 2,400!
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Counterfeit Andy Warhol Mickey Mouse sold on Artsy, falsely documented as a hand numbered lithograph print from an edition of 5,000, 19 7/10 × 15 7/10 inches never published by the Carnegie Museum of Art, Pittsburgh Counterfeit Andy Warhol Campbell's Pepper Pot Soup print from an edition of 2,400 impressions NEVER published by Carnegie Museum of Art, Pittsburgh sold in online Artsy auction by Chiswick Auctions, October 2019. The fact is Artsy has a strong group of editorial staff who diligently authored articles about fakes yet the auction team keeps listing fakes.
Here are six counterfeit Andy Warhol prints NOT published by Art Basel or the Carnegie Museum of Art, Pittsburgh, sold by Alpha 137 Gallery, Samhart Gallery and Lyons Gallery, fraudulent sellers, condoned by Artsy. Let's be clear, this is a sample of the many counterfeit Andy Warhol prints posted by fraudulent these sellers.
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Heather James Gallery did not show any photographs with the frame mentioned in the Artsy auction lot description, a recurring observation. Also the documentation incorrectly indicates "signature L/L", when in reality the posthumous Renoir etching is signed in the stone, therefore, not hand-signed at all, but again that was not stated. The correct signature documentation reference, which is a designated Artsy field, is "signed "Renoir" in the stone lower left recto". For the record, if Artsy were transparent, this lot would have clearly stated "not hand signed".
There is a significant Artsy user group pre-disposed to buying incorrectly documented and generally worthless art by famous name artists, often sold at bargain prices. Sadly this group of Artsy buyers mistakenly equate value to low price. Buyers attracted by bargain prices unfortunately fail to recognize they are actually buying worthless crap that will never appreciate. More alarming, this material will never be re-purchased by the respective sellers of this worthless crap.
Repeatedly we have observed spirited auction bidding at low price levels for works by famous name artists, either deceptively and/or incorrectly documented. As a result, Artsy has attracted a small group of dealers and Artsy auction consignors who exploit and leverage downscale art, in effect non collectible material that will never appreciate, and in fact over time, will erode user confidence as evident by Trustpilot and Better Business Bureau reviews To be clear, we are referring to Artsy listings that would never be sold by Sotheby's, Christie's, Philips, or any current member of the Art Dealers Association of America and the International Fine Art Dealer's Association.
Every one of 111 lots in Artsy's x Capsule Modern & Contemporary Master Auction of March 25, 2021 closed simultaneously and disappeared at exactly 12 noon, making it impossible for anyone to bid on multiple lots. Realized auction prices as well as unsold lots were nowhere to be found 12:01 pm, March 25, 2021. Because we carefully monitored the sale, we estimate only 46 of 111 lots, March 25, 2021 sold, representing 41% sell through rate; the auction grossed paltry $177,840 including buyer's premium. Specifically aggregate hammer price gross was $148,200 and gross buyer's premium insignificant $29,640.
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Artsy x Capsule March 25, 2021 auction grossed $177,840, 46 of 111 lots sold, representing 41% sell through; total buyer's premium for 46 lots only $29,640. |
Aside from 3 miscatalogued lots, 2 by Pablo Picasso, another by Frank Stella and 3 others, Artsy's March 25, 2021 Capsule Modern & Contemporary Master Auction failed to include any art by Masters. The majority of the 111 posted lots were inconsequential, lots advertised prints by Donald Baechler, the Conner Brothers, Mr. Brainwash, Donald Sultan, Invader, Mark Ryden, Swoon, Hunt Slonem, Sonia Delaunay; others were purportedly posters by Joan Miro and Jacob Lawrence, none recognized as art by Master Artists.
Several lots in March 25, 2021 Artsy curated auction were documentation challenged. Lot 1 was purported 1964 Pablo Picasso terracotta impression, Petit buste de femme (A.R. 523), edition number 53/100 with a $25,000-$35,000 pre-sale estimate that went unsold.
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| Artsy includes only one photo for Lot 1, Pablo Picasso Petit buste de femme (A.R. 523), 1964 |
The following side-by-side compares the purported Artsy example to another terracotta example of Pablo Picasso Petit buste de femme (A.R. 523), 1964 sold by Christie's in 2015.
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| Atypical color example offered @Artsy compared to example sold at Christie's in 2015 |
Christie's included a photograph of Picasso's Madoura stamp appearing on the verso, "Madoura Plein Feu/Empreinte Originale de Picasso/42/100" in its lot listing, which is essential due to the extent of counterfeit Madoura examples flooding the market. It was callous of Artsy specialist, if there was one, to overlook inclusion of verso photograph especially since no one inspects any lot, and based on posted conditions of sale, never will. Carefully compare the two photographs above; there are enough visible red flags; we would never recommend buying purported Picasso terracotta without prior inspection.
Posted Artsy assurances are loaded with meaningless double-talk including erroneous Authenticity statement. "We pride ourselves on the quality of our partners, and every seller is required to accurately list works on our platform. That said, you should always feel empowered to ask for documentation related to an artwork’s authenticity, provenance, condition, and so forth." The statement is obvious double-talk and hyperbole in light of Artsy's "AS IS" anything goes condition of sale.
"A Glassdoor.com review from a former Artsy employee states "No one believes Artsy is 'honest and transparent'. The old CEO's regime maybe didn't have great business sense but at least people felt valued and wanted to do good work."
Meaningless posted Artsy authenticity statement:
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| Artsy's meaningless double-talk assurance regarding authenticity |
Artsy should establish a bona-fide condition of sale NOT full of empty prose to ensure users don't buy fraudulent counterfeits and/or misdocumented art. It behooves Artsy to eliminate its "wild wild west" conditions of sale, post haste.
Lot 3, offered for sale April 25, 2021 is a prime example of Artsy's disingenuous and meaningless statement, "we pride ourselves on the quality of our partners". Offered for sale in an Artsy auction, this purported Pablo Picasso linocut is titled Femme assise en pyjama de plage II, 1964.
This is a text-book example of sloppy documentation consistently condoned by Artsy. For reference, the regular published edition was 100 numbered impressions printed on paper measuring 21 1/2 x 17 inches, image size: 15 1/2 x 11 3/4 inches. Yet, the Artsy lot documents the impression as 15 2/5 x 11 7/10 inches, which is close to the image size if it doesn't include the border.
Why guess?
Online art buyers are not fans of receiving art that is materially different than the posted lot descriptions and posted lot photographs. Often times listings show multiple stats which is beyond consfusing and frankly not a good sign that the seller knows what they are doing.
Why does Artsy fail to include a photograph of the frame mentioned in the lot description? Why the secrecy? The condition report states “No apparent condition issues. Framed dimensions: 15 3/8 x 11 3/4”, now we’ve already established paper size must be 21 1/2 x 17 inches according to Pablo Picasso catalogue raisonne of prints, so this is impossible. Even worse, specialist didn't include photograph showing purported framed Picasso even though lot description indicates “work not examined outside the frame”. If it wasn’t examined outside of frame, then why is there is no posted photograph of framed impression? It is impossible and unprofessional! If you bid, what are you buying?
The colors of this Pablo Picasso linocut, appears unusually bright and enhanced, inconsistent with images documented in the well known Pablo Picasso linocut catalogue raisonne and numerous impressions sold by Christie's. Similar to numerous online auction lots at Artsy, lot details are vague and incomplete; the provenance states: ”private collection United States”, which means nothing but frankly understandable given the Glassdoor statement from a former Artsy employee, "the company is now run by a bunch of corporate hypocrites who know nothing about art".
Why does the lot description indicate this Picasso linocut edition number is "96/100" although the accompanying lot photograph indicates it is an "HC" impression. The specialist in charge, if there is one, stipulates the impression is "edition number 96/100" yet the lot photograph that was presumably approved by someone at Artsy indicates the impression is an unnumbered "HC".
Which is correct?
We would never consider buying this purported Pablo Picasso Artsy auction lot and neither should you.
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| Artsy lot photograph indicates purported Picasso impression is "HC" although lot description indicates contradictory edition number "96/100" |
Artsy sellers get a free pass to sell whatever they want without fear of recourse thanks to meaningless Artsy conditions of sale. It is just that dangerous for all Artsy buyers and that's why smart buyers should avoid buying fine art in Artsy auctions. Artsy has attracted a small group of art dealers/art sellers who expoit and offer for sale downscale art that is generally not collectible by capitalizing on Artsy's legitimacy.
Take a look at a misleading Frank Stella photograph and lot listing that generated enthusiastic online auction bidding. A misleading photograph of Frank Stella Bene Come II Sale, 1989 is clearly why lot 2, the Frank Stella print, received 9 bids, achieving $13,200. The following side by side shows both photographs included in in this misleading Artsy lot; we assume the enhanced photograph is the sole reason an otherwise dull impression of Frank Stella Bene Come II Sale, 1989 had spirited bidding. Presumably the bidders of this Frank Stella lot didn't realize the lot included inconsistent photographs.
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| Artsy lead photograph shows misleading enhanced photograph of Frank Stella Bene Come II Sale, 1989 |
This side by side comparison shows two impressions of Frank Stella's Bene Come II Sale, 1989, the enhanced, misleading impression sold by Artsy, adjacent to another impression of this same print sold at Phillips, 10/25/2019. Each of the impressions were from regular numbered editions of 50. Artsy's enhanced impression, edition number 27/50, fetched $13,200, while the Phillips impression, edition number 22/50, realized $8,750, 10/25/2019.
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| Enhanced impression, edition number 27/50 sold by Artsy realized $13,200 compared to edition number 22/50, sold for $8,750 at Phillips NY, 10/25/2019 |
Glaring the lack of involvement by Artsy specialists; in our opinion, it is unacceptable to condone obvious sloppiness. Based on numerous complaints from Artsy buyers and sellers who have bought and sold art, Artsy has consistently failed to take any responsibility even when the facts are obvious. Legitimate complaints by Artsy buyers are repeatedly ignored and/or difficult to find because they are buried under a coincidental abundance of five star invited reviews.
Unlike eBay and 1stdibs, Artsy never asks or posts user feedback. However, user reviews posted on the Better Business Bureau and Trustpilot underscore Artsy has consistently failed to pro-actively vet listings. A serious flaw is Artsy's management's failure to implement pro-active vetting procedures to ensure its site is without spurious, incorrectly documented or worse, counterfeit art. Paradoxically, Artsy has a first class editorial program and often authors considered articles about the dangers of buying fine art both online and in galleries, yet Artsy buy now and aucitions take a blind eye to eliminating spurious and/or incorrectly documented art.
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| 2020 Hiscox Online Art Trade Report |
Is it Authentic?
The fear of buying counterfeits was cited by over half of all respondents in the 2020 Hiscox Online Art Trade Report.
According to the 2020 Hiscox online art trade report, 60% of art buyers said lack of information about an artwork’s provenance was a serious impediment to buying, and 51% stated a fear of buying art because it could be a fake. Artsy has never implemented any post sale safeguards. Clearly buyer confidence is paramount yet Artsy continues to host auctions by sellers who concistently incorrectly described works and clear fakes. In addition, Artsy is notoriously silent regarding the specific systems in place regarding counterfeits, and won't divulge number of complaints received regarding fakes and forgeries. In addition legitimate Artsy user concerns and complaints are diminished and or reduced in Google Search because Artsy has published a variety of articles about authenticity issues. In all cases the published Artsy articles never address legitimate concerns posted by users nor objectively assess obvious flaws in posted Artsy listings. As a result, this strategy buries the user reviews deeper in Google Search result, which was a strategy effectively that used by Auctionata before it was forced to close after burning through $95.4 million in venture capital. 
The rules of buying art online should be no different than art you view.
Until Artsy eliminates its appalling, apathetic conditions of sale, we can't think of a single reason you should risk buying online art from Artsy. Whether buying art online or buying art in a gallery, it is essential the respective art purchased is authentic, ideally documented in the respective Artist's catalogue raisonne if there is one. If not documented in an authoritative source like a catalogue raisonne, it is always risky to buy art if the seller description is unclear or inaccurate. There is no point in buying the wro Pang art, or art with little value, or worse, counterfeit art due to false or exaggerated hyperbole.
When online online art sellers lose trust and buyer confidence, they are finished. Auctionata and Paddle8 two online art sites that lost user trust. Founded in 2011, Paddle8 evolved into an online auction venue; in 2020, Paddle8 filed for Chapter 11 bankruptcy, facing lawsuits and signficant debts to numerous entities, including Justin Bieber and Jay-Z's Shawn Carter Foundation,
that have experienced and realized repeated abandonment of user trust include Auctionata and Paddle8. Condoning the appalling conditions of sale and apathetic vetting stance places Artsy on a fast track to eliminate buyer/user trust.
Going forward, Artsy cannot rely on only marketing and technology initiatives but must implement a pro-active vetting procedure with a bona team. This is a serious oversight that remarkably Artsy has never established. The challenge is daunting and requires a concerted team to ensure all Artsy listings are void of spurious, incorrectly documented fine art or worse counterfeits. Former CEO Mike Steib has previously indicated Artsy welcomes input from its users about spurious material, stating his team is beyond reproach but Steib has consistently failed to realize one million Artsy listings equires a full time vetting team.
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Because listings are posted 24/7, absent a meaningful pro-active vetting procedure, Artsy will continue to enable seller fraud. The lack of any vetting procedure has been a welcome mat for fraudulent art sellers on eBay. There are hundreds if not thousands of art sellers on eBay who exclusively sell frauduent fine art and unfortunately fall under the radar because eBay does not vet its art listings. View big name art listings posted on eBaymajority of fraudulent eBay listings are very obvious to anyone knowledgable, yet bargain Because numerous estates do NOT authenticate any works of art these days, including the Estates of Keith Haring, Jean-Michel Basquist, Andy Warhol, Jackson Pollock, etc., frauduelent sellers e that are overtly obvious but because policing of its art listings. If on the other hand Artsy does nothing and ignores our plea, then Artsy's seemingly inability and indifference to sufficiently address the lack of buyer confidence will lead art buyers and reputable dealers/galleries to ultimately abandon the platform.
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