A new law is set to save the UK's national treasures going to overseas buyers after the National Gallery lost a £30million battle to keep a 16th Century masterpiece.
The introduction of legally binding offers from January 1, which marks the first major change in the export deferral system in more than 65 years, will mean that this can no longer happen, the Government has said.
The National Gallery raised £30 million to acquire Pontormo’s Portrait of a Young Man in a Red Cap (1530) which was subsequently pulled from sale by its owner - US hedge fund manager Tom Hill.
The National Gallery raised £30 million to acquire Pontormo’s Portrait of a Young Man in a Red Cap (1530) (pictured) which was subsequently pulled from sale by its owner - US hedge fund manager Tom Hill