phallicy

1. a deceptive, misleading, or false notion, belief, etc. expressed for the benefit of one's statue.
2. living with a sense of diminished influence.
3. the pretence or illusion of importance; harboured within a bloated EGO.
4. deceptive, misleading, or false nature regarding one's statue, esp. size; erroneousness in relating facts regarding one's statue.

Use in a sentence:

"He boasted that he was well-endowed in the art world, and this became a commonly believed phallicy".