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Yes. At the end of the movie, when Virgil turns over the so-called portrait of Claire's mother, he finds Billy's signature and an ironic dedication - an explicit proof that Billy knew "Claire" and was part of the heist. It's actually implied he was the mastermind behind it because of his unique knowledge of Virgil's personality and art collection.
No explicit answer is provided, but it seems extremely unlikely - according to Virgil the original would be worth a fortune. It appears more plausible it was just a fake to keep Virgil interested in the case and to give "Claire" the opportunity to charm him.
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