The art forgery network was able to use complicit auction houses in Italy that issued forged certificates and stamps of authenticity, some 500 of which were also seized.
Italian authorities say the network could have done 200 million euros ($212 million) in economic damage by flooding the art market with fake works.
The operation uncovered a network of forgers in Spain, France and Belgium who produced the works, said Eurojust, the European Union agency for judicial cooperation.
Fake Warhols and Banksys were the most commonly forged and the fakes were exhibited at shows in Mestre and Cortona, Italy, with a catalogue published, the authorities said.
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