Bad fakes don't mean it can't be done by someone who knows what they're doing - and from the outset I made the point that it's getting the right paper for a label that is the print issue nowadays (because the lightweight self coloured stocks used for a lot of the really rare labels simply don't exist anymore)...
Though the vinyl, matrix and mastering is a much bigger, more complex and more expensive issue (I could artwork up and have suitable gravure dyes produced to do Frankford Wayne, Bellsound, Virtue or whatever matrix fairly easily - but if you were paying for them they'd cost you a good few hundred quid on their own before you even think about doing the mastering and getting hold of the right raw vinyl - or recycling enough of the right vinyl from old 45s).
Plus of course you'd need unlimited access to the record in question to do that perfect copy - and of course the opportunity to redo each stage if it wasn't up to snuff.
Hypothetically I reckon you could probably do an indistinguishable fake say for about £5k all in, plus an awful lot of hunting around to find the people to actually do the different, highly skilled elements required in doing matching really effectively - but to make it worth your while you'd need to at least triple that in profit (a pretty poxey margin for a crook), so if it was a £5k record you'd need to sell four at full price to even bother doing it... and so four copies of a super sought after sound slip onto the (a very small pool of potential buyers at this price level) market - and people don't notice or question them...AND the price doesn't drop due to their availability meaning you have to sell even more?????
Dx