What’s wrong with art fakes? We tested effects of art “forgery” on aesthetic appreciation and the 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 artist talent. All these variables were negatively influenced when depictions were labeled as copies compared to identical ones labeled as originals. Our findings show the importance of symbolic and personal values as modulators in art appreciation.