Business

Deal reached to buy major artwork from business magnate John Magnier

Portrait of Omai had been locked in a stand-off between Magnier and the British art establishment since he bought it in 2001

Nicholas Cullinan, the director of the National Portrait Gallery, said in a statement that the painting had “never been in a museum collection … now it has the potential to be in two. Picture: PA

A deal has been reached between Britain’s National Portrait Gallery and the John Paul Getty Museum in Los Angeles to buy a major artwork from John Magnier, the Irish billionaire, for £50 million.

The two museums have announced plans to jointly acquire and share ownership of Portrait of Omai, a Joshua Reynolds painting from 1776.

The piece of art has been locked in a stand-off between Magnier and the British art establishment since he bought ...