The sum, which must be paid back in six months, includes £230,000 compensation to the painting's eventual buyer, David Smith, managing director of Neptune Fine Arts in Derbyshire.
Taylor, or Lord Windsor as he prefers to be known, was sentenced by Judge Roger Dutton, who told him: "You were exposed by the jury as being a fraud, a cheat and an unscrupulous, greedy man. You invented a wholly false and convincing history for [the work] and used the title [Lord Windsor] you bought for £1000 to create an aura about yourself.'"
In 2004, Taylor, 62, of Congleton, Cheshire, spent £7500 on Mill Street Scene, a painting by Arthur Delaney, knowing it to be have been 'in the style of LS Lowry', although it was signed LS Lowry, 1964.
But Taylor invented a story about the work's apparent provenance, telling Bonhams auctioneers that he had bought it in the late 1970s from a Manchester industrialist called Eddie Rosenfeld.
Bonhams estimated the painting at £350,000-400,000 and Taylor used the valuation to dupe Mr Smith into buying the work and handing over a down payment of £230,000 during a meeting at the Ritz Hotel in London in late 2007, after which he discovered the picture was a fake.
