Italian police say they have exposed a vast forgery network operating across Europe, dealing in counterfeit artworks attributed to some of the most celebrated artists of the modern and contemporary eras.

Authorities from Italy, Spain, France, and Belgium are investigating 38 suspects in connection with the operation, which involved forgery, handling stolen goods and illegal art sales.

The Italian paramilitary Carabinieri art squad, in collaboration with Pisa prosecutors, according to the European Union Agency for Criminal Justice Cooperation announced.

The fake art included forged works by Banksy, Andy Warhol, Pablo Picasso and Salvador Dali.

The operation, led by Pisa's Chief Prosecutor Teresa Angela Camelio, marks a major blow to art crime in Europe.

Experts from Banksy's official archive participated in the investigation, underscoring the gravity of the forgery operation and the challenges in protecting contemporary art from counterfeits.

Authorities reported seizing more than 2,100 counterfeit artworks, collectively valued at approximately €200 million, or $215 million.

Six workshops believed to produce the forged pieces were uncovered in Italy and other parts of Europe, with two located in Tuscany, one in Venice, and others spread across the continent.

The suspects reportedly organized high-profile exhibitions featuring the fake pieces to give their counterfeits legitimacy.

The investigation into the network began in March 2023, when Italian authorities say they found around 200 fake works of art during a search order.

This led investigators to monitor the e-commerce platforms of auction houses to find similar works for sale and the sellers of the pieces.

The investigation identified two forgers and two painting workshops that were used to produce fake works of art.

Investigators say the sophisticated operation spanned several countries.

Pest Control, the office representing Banksy, has long warned art buyers to exercise caution when purchasing his works due to the prevalence of forgeries.