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Looks like you've made up your mind but what hurt is one more perspective, i was just reading your post and it sounds pretty fishy to me as well. If he can't pick it up, he should have someone trustworthy do it for him if it's that important, which it sounds like it is to him.
What i'm thinking is, if the painting is worth that much (i don't know about paintings or how you priced it), and someone has already shown interest, i think odds are good someone else will want it too.
Good luck
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Human rights went on vacation
Money took over a long time ago...
Cuando la historia no se puede escribir con la pluma, se escribe con el fusil
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