Here are two videos published in the last week that can be tied together to explain the art market's vulnerability to forgeries:
From Ljublijana, Slovenia, ARCA founder Noah Charney discusses "Leonardo da Vinci and the Treasure Hunt Instinct" where he discusses how art satisfies our desire to find what is hidden, to solve puzzles, riddles and mysteries (toward the end of his lecture he mentions that 2/3 of known art produced by old master painters is considered lost).
On CBS Sunday Morning News, Ken Perenyi confessed that he brought newly created paintings aged to fool art experts with the intent of obtaining a more lucrative attribution on more than 1,000 art pieces -- his contribution to the art market. Note that the FBI has never filed charges against Perenyi (according to CBS) and that the 'statue of limitation on his misdeeds as run out' despite Perenyi's admission that he 'lied to the agents' because in Perenyi's world 'it's survival, part of the game'. In this video, appraiser Brenda Simonson-Mohle calls Perenyi a "thief on the loose" and calls forgery "pretty much bank robbery with paintbrush."
Ken Perenyi, in the tradition of art forgers Elmyr de Hory (Clifford Irving wrote Fake! The Story of Elmyr De Hory, the Greatest Art Forger of Our Time in 1969) and Eric Hebborn (Drawn to Trouble in 1991), has written the confessional Caveat Emptor: The Secret Life of An American Art Forger (reviewed last summer by Jonathan Lopez in the Wall Street Journal last summer).