Millionaire Ivan Massow has resigned as chairman of a top arts body after calling works by leading artists "craftless tat".

The gay 34-year-old businessman, who grew up in Brighton, last night resigned as chairman of the Institute of Contemporary Arts.

He had previously written an article which attacked the state of British art.

In the piece, Mr Massow claimed conceptual art by the likes of Tracy Emin and Damien Hirst was "pretentious, self-indulgent and craftless tat".

Mr Massow was made chairman of the institute in 1999 to help with fund-raising and strategy.

A statement from the ICA read: "Ivan Massow, chairman of the ICA, resigned from his post with immediate effect.

"An interim chairman will be announced within the next few days and meanwhile it is very much business as usual."

Mr Massow said: "One person said she wanted me to resign, others had criticisms ... they were not prepared to come off the fence."

Yesterday Mr Massow, who defected from the Tories to Labour 18 months ago, said he would love to be MP for Brighton Kemp Town.