ABSTRACT What’s wrong with art fakes? The authors tested effects of art “forgery” on aesthetic appreciation and the perceived quality of paintings in a multidimensional manner comprising cognitive and emotional variables: When naïve participants were exposed to replicas of works by renowned artists, information about the alleged authenticity status had a major effect on the perceived quality of the painting, and even on artist-associated values such as the artist’s talent. All these variables were negatively influenced when depictions were labeled as copies compared to identical ones labeled as originals. The authors’ findings show the importance of symbolic and personal values as modulators in art appreciation.