'Fake' Rembrandt a Real $40M Self-Portrait

A self-portrait formerly considered a Rembrandt knockoff has been deemed a genuine early work of the Dutch master—and valued at $40 million. Rembrandt Laughing, executed on a small copper plate, was examined by Holland's leading Rembrandt experts. A British art collector purchased the work late last year for $4.5 million from an auction house that had appraised it at $3,100.

"It has an incredible presence," said a Rembrandt authority. "The light has the most natural quality you can think of—and I love the naturalness of the laughing." (More Rembrandt stories.)