US funder rejects National Gallery’s offer to buy Pontormo portrait

THE ART NEWSPAPER | Martin Bailey:

Tom Hill, the American hedge fund manager who paid over £30m for a Pontormo portrait, is refusing to accept a matching offer from London’s National Gallery. Never before has a UK museum been thwarted in buying an export-deferred artwork after successfully raising a sum of this magnitude.

Hill argues that if he accepts the National Gallery’s offer, he would lose over $10m, because of the fall in the value of the pound. His spokeswoman revealed to The Art Newspaper: “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.”… Read more

Image: Pontormo’s Portrait of a Young Man in a Red Cap (1530) ( Image: DCMS)