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
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 ...