David Smith of Neptune Fine Art was fooled into buying a fake LS Lowry for £330,000. Eventually the fraud was exposed and the fraudster convicted. But now the Antiques Trade Gazette reports that dealer has bought the painting to keep himself humble:
This time, Mr Smith paid just £13,500 for the Manchester street scene when it was offered at Cheshire auctioneers Adam Partridge on October 28, with an estimate of £5000-10,000 and correctly catalogued as by the Manchester artist Arthur Delaney (1927-1987), a follower of Lowry.
“We wanted it and we bought it,” said the Derbyshire-based Mr Smith, following the auction. “We would have paid whatever it took, but now we’ve got it we don’t intend to sell it. We’ll hang it somewhere where we’ll be able to see it every day and have a good laugh.”
Neptune Buy Back Fake Lowry (Antiques Trade Gazette)