I love this book: 'Caveat Emptor'

Members of the art world -- particularly buyers and sellers -- have acquired a reputation for being fickle, picky, even snobby. So when one guy manages to deceive them and beat the system ... well, on some levels, it's gratifying.

This week I've been absolutely immersed in Ken Perenyi's new memoir, Caveat Emptor: The Secret Life of an American Art Forger (Pegasus). The story is so crazy I can't believe he didn't tell it sooner: For decades the New Jersey native made a very good living forging valuable paintings. In his book, he reveals exactly how he did it.

Perenyi's biography reads somewhat like a who's who of the art world. Though he comes from a modest background -- as a teen, he attended a technical school in Jersey and enjoyed restoring old cars -- he manages to insert himself into some of the most influential scenes. In the '60s, he rubbed shoulders with members of Andy Warhol's Factory clan, dining with the creative elite at Max's Kansas City. Later, he befriended famous attorney Roy Cohn and became a prominent figure in a legal fight.

Each of Perenyi's friendships and encounters teaches him a little more about art history, technique and, most of all, the business. When he realizes he can duplicate valuable works with little effort, a career is born. For years he travels the world passing off his own paintings as ones by more sought-after folks. Not only does he fool independent dealers, he repeatedly dupes big auction houses with his fakes. (One of them sold for more than $700,000.)

Caveat Emptor is on sale now in print and as an e-book. If you have any interest in how the art business works, I'd say it's a must-read.

For more about Perenyi, you can listen to this NPR story, but I'll warn you: It gives away the ending, which surprised me as much as the premise.