ohhawk
03-07-2007, 12:40 AM
Today's Wall St. Journal has a front page article on counterfeiting of rare wines. A partial of the online version is linked below...
http://users2.wsj.com/lmda/do/checkLogin...Dhpp_us_pageone (http://users2.wsj.com/lmda/do/checkLogin?mg=wsj-users2&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2 FSB117314967007527891.html%3Fmod%3Dhpp_us_pageone)
In essence the art fraud unit of the FBI is involved. Subpoenas has been issued to rare wine collectors as well as some of the world's leading auction houses. A federal grand jury in NY has begun hearing evidence in a particular case noted in this article. The criminal investigation is focusing, among other things, on whether auction houses, collectors, or importers knowingly sold counterfeit wines despite doubts about their authenticity. Article indicates that such sales could be prosecuted under federal fraud statues. They're talking about wines in the $1000 a bottle category here. Goes on to say that criminal investigation began in December, after several collectors began pressing auction houses and wine merchants to take some measure of responsibility for the alleged sale of counterfeit wines. Continuing......it states whether auction houses and merchants can be held liable for counterfeits provided to them by otheres could be a big issue in any prosecution arising from this probe.
Any lawyers here that might want to share some thoughts on whether this does or can have any impact on our hobby? Sure seems like alot of similarities to things happening in our hobby. The FBI actually has an "art fraud" unit! Why not a "car fraud" unit as well? Seems like some big dollars are involved in transactions in this end of the collectibles as well.
http://users2.wsj.com/lmda/do/checkLogin...Dhpp_us_pageone (http://users2.wsj.com/lmda/do/checkLogin?mg=wsj-users2&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2 FSB117314967007527891.html%3Fmod%3Dhpp_us_pageone)
In essence the art fraud unit of the FBI is involved. Subpoenas has been issued to rare wine collectors as well as some of the world's leading auction houses. A federal grand jury in NY has begun hearing evidence in a particular case noted in this article. The criminal investigation is focusing, among other things, on whether auction houses, collectors, or importers knowingly sold counterfeit wines despite doubts about their authenticity. Article indicates that such sales could be prosecuted under federal fraud statues. They're talking about wines in the $1000 a bottle category here. Goes on to say that criminal investigation began in December, after several collectors began pressing auction houses and wine merchants to take some measure of responsibility for the alleged sale of counterfeit wines. Continuing......it states whether auction houses and merchants can be held liable for counterfeits provided to them by otheres could be a big issue in any prosecution arising from this probe.
Any lawyers here that might want to share some thoughts on whether this does or can have any impact on our hobby? Sure seems like alot of similarities to things happening in our hobby. The FBI actually has an "art fraud" unit! Why not a "car fraud" unit as well? Seems like some big dollars are involved in transactions in this end of the collectibles as well.