Stockton’s Chris Joseph, 58, purchased The Imposter by artist Lucy Pittaway in March 2023.
After a failed attempt to sell the artwork at auction, Joseph accused the artist of making buyers believe her originals would hold or increase in value.
Art lover Chris Joseph says he will burn the artwork he bought from Lucy Pittaway. (Image: NORTH NEWS & PICTURES LTD)
Mr Joseph said: “I was expecting the painting to be worth more than I paid for it.
“The originals are marketed as assets that retain their value.
“But not only has the value gone down, the artwork is literally priceless.”
He originally bought the 45-square-inch painting—depicting a cat in a large hat—for £10,750, complete with a certificate of authenticity and a valuation certificate for the same amount.
The valuation certificate provided with the Lucy Pittaway artwork. (Image: NORTH NEWS & PICTURES LTD)
Just 18 months later, however, the artwork was valued at £1,500 to £2,500 by one auction house and £3,000 to £4,000 by another.
Despite being featured on the front of the auction house’s brochure, the painting failed to attract a single bid when it went under the hammer at Thomas Watson in Darlington.
The Imposter by Lucy Pittaway. (Image: NORTH NEWS & PICTURES LTD)
Chris added: “I have been paying a premium, because I had it insured for £10,750. It’s clearly not worth that.
“Lucy Pittaway is a talented artist, there’s no doubt about it and I’m not saying she isn’t.”
Mr Joseph said he even offered to sell the painting back to Ms Pittaway’s gallery, but was told the gallery only sells art, not purchases it.
He said: “I bought the painting because I genuinely liked it.
“It was part of The Dog Collection, and I was fond of the fact The Imposter was the odd one out.
“What will I do with it now?
“If I have a barbecue, I’ll put it on the barbecue.”
A spokesperson for Ms Pittaway denied any deception, stressing that original artwork, like other investments, is subject to market fluctuations.
The spokesperson said: “Any suggestion that the gentleman has been misled in any way is absolutely untrue.
“Original artwork is an investment, and like any investment, it can be subject to many elements, most of which are entirely out of the artist’s control and cannot be predicted.
“That could include fashions and trends, whether a painting has widespread appeal or whether it is more ‘niche’ in style or subject matter, wider economic factors and the condition of the painting being offered for sale.
“Art in itself is very subjective.
“Not all paintings will be everyone’s ‘cup of tea’ and some pieces are simply just not as popular or sought after as others.”
The spokesperson emphasised that value is not guaranteed, but Ms Pittaway’s originals have generally retained or exceeded their original sale price when resold.
They said: “Art values—like houses, share prices and many others—fluctuate and for that reason we would never guarantee a piece would hold its value.
“However, it is our experience that where Lucy’s originals have been resold, they have not only maintained their original value but in many cases have exceeded their original sale price.”
Ms Pittaway’s team also said they would be willing to advertise Mr Joseph’s painting on their website as a private sale if he wished to find a potential buyer.
The former advertising executive lost his arm aged 20 while working in an iron foundry, Head Wrightson Iron Cast on the outskirts of Stockton.
He had been greasing two gigantic cogs on a crane when he stumbled and his arm was slowly swallowed up by the machinery, which resulted in his limb being amputated.
In the aftermath he developed bipolar and went on to launch successful agency Hook Advertising, which boasted clients including Fujitsu and Schwarzkopf.