A class action lawsuit has been filed against the artist's foundation, estate, and authentication board for allegedly defrauding art buyers. The lawsuit was filed in Federal Court in Manhattan on behalf of Andy Warhol art owners who claim the Andy Warhol Foundation for the Visual Arts refuses to validate art pieces done by the late pop artist.
The lawsuit claims the foundation controls the Warhol art market by branding real Warhol paintings fakes to raise the value of Warhol works the foundation holds. It is estimated the foundation has sold more than $150 million of Warhol's artwork at artificially inflated prices. Plaintiffs claim paintings have been previously authenticated on multiple occasions before the authentication board was created. However, the suit claims that art work is now being denied authentication by The Andy Warhol Art Authentication Board.
