John Magnier and the battle over one of Britain’s national treasures via IrishTimesBiz
In a statement to The Irish Times this week, the National Portrait Gallery said “almost half” the amount had been raised. However, that has been the position for some time, and the gallery has been fundraising for almost a year.
Ironically, when the 18-century Omai painting was put on the market in 2001, it was because the then owner, Simon Howard, faced a huge tax bill after his divorce. It had hung for over 200 years in Castle Howard in Yorkshire, where the TV adaptation of Brideshead Revisited was filmed. When news of the Omai loan emerged in 2005, the Department of Finance changed the required length of the loan from six years to 10, but it confirmed that the change would not be applied retrospectively. In a statement in February 2006, just after the amendment was made, the Department said: “There was a concern that people were going to start using this [Section 606] as a tax-avoidance measure.”
The value of Omai shown on the export licence application was £50m, a figure independently confirmed by the British art dealer Anthony Mould, and then accepted by the secretary of state as being its fair market price. John Magnier accepts a trophy at Royal Ascot 2015 from the then Duchess of Cornwall and Prince of Wales, along with fellow horse owner Michael Tabor. Photograph: Alan Crowhurst/Getty Images for Ascot Racecourse
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Battle to buy Manchester United: the big dos and don’ts for the next ownersFriday is the bid deadline: here are things that whoever succeeds the Glazers must get right
Read more »
John ‘Bubbles’ O’Dwyer announces Tipperary retirement31-year-old won two senior All-Irelands and was named as an All Star forward in 2014
Read more »
'So long' - John 'Bubbles' O'Dwyer retires from inter-county hurlingTwice an All-Ireland winner with Tipp, 'Bubbles' O'Dwyer calls time on his inter-county days.
Read more »
Dubliners’ disposable income, Coinbase’s Irish plans, and Any Other Business with John BurnsDubliners’ disposable income, Coinbase’s Irish plans, and Any Other Business with John Burns via IrishTimesBiz
Read more »
John Burns: Roy Keane’s box office appeal with corporatesAny Other Business: Michael O’Leary on Polish politicians, a shortage of spa therapists, IDA’s search for a CEO, and speculation at RTÉ
Read more »