Pros

The online auction site, eBay, provides a win-win situation when art buyer and artist connect directly and conclude a sale.

Collectors are often able to pick up the works of "undiscovered" artists for very reasonable prices. They obtain pieces that they enjoy, and have the additional satisfaction of knowing they've contributed to the support and development of artists.

Independent (i.e.: self-represented; outside the agent/gallery sphere) artists gain valuable exposure and sales this way. They are able to sell at prices lower than those a gallery would ask, and still (hopefully) make a profit for their time and talent.

eBay has thoughtfully provided these artists with a bulletin board that allows mutual sharing and support (and, occasionally, flames) to take place within the independent community. A good thing, truly; art can be an extremely lonely profession.

Some independent artists have even formed circles (or umbrella groups), given them names and currently co-op on advertising. Their galleries are entirely online, instead of being "bricks-and-mortar", but offer the benefit of a group identity with written standards.

If you find original art that you like on eBay, and deal with the artist, everyone usually walks away from the auction pleased with the results.

Cons

Now for the bad parts.

In a galaxy far, far away from the independent artists, there are sellers on eBay who knowingly lie about the "original" art they're offering at auction. They have fake prints and copies of oil paintings, and will cheerfully sell these for whatever the market will bear. At times, the market will bear many thousands of dollars for these never-before-seen pieces by Picasso, Degas, Matisse and so on (infinity).

On rare occasions, these thieves are brought to justice and sentenced. Not, however, before years of legal wrangling have passed and fees have been expended (these in addition to money already spent on the "art"). Meanwhile, the buyer is stuck with a very expensive worthless piece of paper or canvas. The fact that the frame may be worth something is cold comfort, indeed.

eBay clearly has prohibitions against seller use of authenticity disclaimers, misleading titles, counterfeit items and outright fraud. Just as clearly, it's impossible that eBay can keep a watchful eye out for "clever wording" in millions of auctions per day. It is up to you, the bidder, to cover your posterior.

How can you tell if one of these lost works is worth buying?

Education is your best defense against fraud. In fact, before going any further, head to Alan Bamberger's site, ArtBusiness.com, and read his excellent set of articles for dealers and collectors. Alan is a professional art appraiser and writer. He is particularly keen on pointing out fraudulent and misleading language in online auction listings. I highly recommend his series entitled "Art Picks From eBay", in which he uses his years of experience to extract ominous wording from ads with the skill of a surgeon.

In the meantime, keep these points in mind before you bid:

Know your artist. If Rembrandt had a wacky phase, it has been documented elsewhere by credible authorities. If Modigliani signed his work in the upper front right hand corner, don't bid on something "he" signed on the lower left stretcher on the back. If any piece is already part of a museum's permanent collection (and a web search will tell you this quickly), chances are the "real thing" is still in the museum, not up for auction on eBay. Do your research.

Know your terminology. Descriptive wordings such as "in the manner/style of", "after" or "attributed to" are all light years away from "BY". It is not uncommon to read an artist's name in an ad's main heading, only to have the seller write disclaimers throughout the rest of the copy.

Know what a provenance is and demand to see it beforehand. It doesn't matter from which attic this lost treasure was unearthed, there must be documented proof that the piece went into said attic. If an ad promises to name names, dates and locations after the winning bid, avoid that auction like the plague. It is virtually screaming that the seller hasn't got a shred of proof of authenticity.

Know what market values are. Again, this involves research. However, both ArtPrice and AskArt are two good starting points for finding this information. Each offers limited free data, with ala carte shopping for more detailed goods. Considering the final amounts on some of the auctions, paying for certified information before bidding is a good investment.

Finally, please remember that the old saw, "If it sounds too good to be true, it probably is", is an old saw because it is valid. If the piece up for auction is truly by Renoir, why aren't Christie's and Sotheby's in a pitched battle to sell it? Common sense is another valuable weapon in the anti-fraud arsenal of collectors. Use it, and don't get taken!