So anyone buying his work assuming that it will appreciate is all but certainly in for an unhappy surprise. But given the sheer volume of Liks on the market, his scarcity in museums and the scorn he attracts from gallery owners, the question is: Why do so many people call David Hulme expecting good news?

One answer is that the vast majority of Mr. Lik’s buyers are not well versed in the secondary art market, and they believe that because prices go up inside the galleries, they go up outside them, too. This confusion over price, which is dictated by the company, and value, which is determined by the broader market, is sometimes encouraged by the sales team, according to two former executives at Peter Lik USA, who declined to be identified for fear of being sued by the company. The eight-step presentation, the elaborate price tiers, the long list of professional awards, the “romancing” of the art — all have the effect of suggesting to potential customers that they are making an investment, not spending money. “The salesman would say, ‘Peter Lik is the most awarded landscape artist in history,’ ” said one former executive. “This photograph started at $4,000 and it sold out at $200,000. Now, you tell me how good an investment it is.”

Mr. VanBrocklin, the sporting goods manager, seemed to have bought this message when he said to his friend at the Venetian, “This is one of those deals where you don’t lose money.” That widespread impression has led Mr. Hulme to question whether Lik galleries are “misleading” customers.

Mr. Fatoohi, the Lik executive, said that sales reps are instructed during those four-day training courses to emphasize the beauty of Mr. Lik’s work, and anyone in the galleries who makes rosy investment claims risks being fired. “We tell clients who ask about future values, ‘Buy because you love it,’ ” Mr. Fatoohi said. “There are no guarantees.”

The secondary art market was the one subject that Mr. Lik was reluctant to discuss. Presented with the Artnet results and pressed for a comment, he said of his work, “It’s like a Mercedes-Benz. You drive it off the lot, it loses half its value.”

Mr. Bernfield, the collector with 50 Liks, sounds as if he’d be content with his purchases no matter what. He loves the images. That said, he also believes that his photographs are a good investment, a conclusion that stems largely from the delighted reactions of friends. But he has other evidence, and not surprisingly, all of it is lifted directly from the gallery: the bustle of customers, the list of accolades, the pricing tiers.

And Peter Lik just sold an image for a record-breaking $6.5 million, didn’t he?