The First Art Newspaper on the Net   Established in 1996 United States Thursday, August 22, 2019

US fund boss James Tomilson Hill III refuses to sell masterpiece as pound plunges
The painting was loaned to the National Gallery after being rediscovered in 2008.

LONDON (AFP).- A US hedge fund chief has refused to sell a Renaissance masterpiece painting to Britain's National Gallery after the Brexit vote sent the pound tumbling.

The iconic London museum had met the £30 million asking price agreed in a 2015 deal with James Tomilson Hill III, chief executive of the Blackstone Alternative Asset Group, for Jacopo Pontormo's "Portrait of a Young Man in a Red Cap".

But Tomilson Hill now argues that the pound's weakness against the dollar would leave him with a "material loss".

The work depicts a young aristocrat, Carlo Neroni, holding a love letter in one hand, the other hovering over his sword as he prepares to defend the Florentine republic from the armies of the Holy Roman emperor Charles V.

The 1530 painting was previously owned by the family of the Third Earl of Caledon, who bought it in 1825. It was loaned to the National Gallery after being rediscovered in 2008.

Hill stepped in and bought the work in 2015 but was unable to take it back to the United States after Britain's culture department put a temporary block on its export in December 2015, ruling it was of "national importance".

Hill agreed with the Export Reviewing Committee to sell the painting to the National Gallery for £30,618,987, the sterling equivalent of the amount he paid, in dollars, for the work in 2015.

But he has changed his mind in the wake of Britain's vote in June to leave the European Union, which slashed the value of sterling against the dollar by 18 percent.

"Mr Hill has declined to accept the National Gallery's offer to purchase the Pontormo, given the offer would have resulted in a material loss," his spokesperson told The Art Newspaper.

The British government is unlikely to grant Hill an export licence, meaning he would have to keep the painting in the UK.

© Agence France-Presse

Today's News

February 8, 2017

Dulwich presents first major monographic exhibition of work by Vanessa Bell

The Met makes its images of public-domain artworks freely available through new Open Access policy

US fund boss James Tomilson Hill III refuses to sell masterpiece as pound plunges

Christie's announces highlights from its Impressionist & Modern Art Evening Sale

Christie's announces highlights from its the Art of The Surreal sale

New Museum opens first major New York museum survey of work by Raymond Pettibon

Claremont Rug Company names 50 Best-of-the-Best Antique Oriental rugs sold in 2016 with online gallery exhibition

South Korea ex-culture minister charged over artist blacklist

Artist's Syria bus memorial angers German far right

500 years of robots go on show in London

Exhibition includes over thirty new paintings, sculptures, drawings, and prints by Vija Celmins

Exhibition at Marlborough Gallery spans thirty years of Bill Jacklin's work

Denis Piel's first exhibition in Russia opens at the Lumiere Brothers Center for Photography

David Gill Gallery opens José Yaque's debut UK show

Clars to offer important property from the Metropolitan Museum of Art

New York City artists purchase land in South Bronx for work/live spaces

Sylvester Stallone's library collection of rare books debuts at Heritage Auctions

The best contemporary art galleries in Europe

The Kunsthaus Hamburg opens Ida Ekblad's first institutional solo exhibition in Germany.

2017 edition of India Art Fair attracts international audiences and new collectors

Nationalmuseum Design opens exhibition of works by designer Eero Aarnio

Glitterati Incorporated publishes "Birds"

Paddle8 announces a series of auctions in collaboration with Melet Mercantile

Luiz Zerbini's first exhibition with Stephen Friedman Gallery opens in London

Most Popular Last Seven Days

1.- Conservation reveals Wellington Collection work was painted by Titian's Workshop

2.- New dinosaur discovered after lying misidentified in university's vaults for over 30 years

3.- Unseen Texas Chainsaw Massacre outtakes and stills sold for a combined $26,880

4.- National gallery reveals conserved Italian altarpiece by Giovanni Martini da Udine

5.- London's Tate Modern evacuated after child falls, teen arrested

6.- Bavarian State Minister of the Arts restitutes nine works of art

7.- Boy thrown from London's Tate Modern is French tourist visiting UK

8.- Child thrown from London gallery has broken spine, legs and arm

9.- £10 million Turner masterpiece may leave British shores

10.- Tourists banned from sitting on Rome's Spanish Steps

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful