From BBC News
3 April 2012 Last updated at 11:23 ET
At first, archaeologists at Greece's Culture ministry thought the figure of a woman dated from the 6th century BC. Now, a closer examination has found moulding marks and traces of bubbles which prove it is a copy, sources at the ministry told news agencies.
Two men were arrested last week for allegedly trying to sell the statue for half a million euros (£417,000). They are currently awaiting trial on charges of looting antiquities.
The figure is 1.2m (4ft) tall and depicts an archaic maiden, but experts are now certain it is a cast rather than an original sculpture.
They say it is an identical copy of a statue found in the Acropolis in Athens, and not an item of "priceless historical value" as originally thought.