He said his father was a Russian soldier with who his mother had an affair during the 1950s and that he had left her the painting, along with other Russian memorabilia.
However, after an art investigator discovered Mr Currie had bought several items of Russian memorabilia on an internet auction site, he has now admitted making up the entire story.
Mr Currie told The Fife Free Press the elaborate scheme was an art project in itself.
“It was never meant to sell as a Picasso only as an experiment with the broad and mass media fascination and obsession with such iconic items,” he said.
‘Lost Picasso’ found in Methil was all a hoax, says artist