Manjit Bawa fakes in the market were among the early alerts as far as contemporary art is concerned, but ever since, senior artists have been complaining with growing frequency of canvases not theirs being passed off as originals.
Obviously, this is of concern since the value of art has been growing more steadily than the stockmarket, and for far longer. Anjolie Ela Menon is repeatedly shown works that are not by her, though they carry her signature.
Artists, of course, can tell them apart by little tell-tale signs. Also, a lot of the copycats tend to paint from catalogues or books where paintings are often not shown whole. As a result, it creates a new work by an artist who then recognises it immediately as a fake.
Gallerists should be able to tell the difference too, and collectors who buy from them expect it as part of the fee that is levied.
However, often, it is the collectors themselves who are to blame. Not too many are knowledgeable enough, about the artists and their works, since it is the price of an artist that is the reason for most acquisitions.
Often too, collectors enter into negotiations with gallery owners on price, so a gallerist may knowingly enter a conspiracy to peddle fakes to less informed buyers.
However, with contemporary art there are still checks in place