New York billionaire Leon Black's bid to take £29m Raphael from UK blocked by Ed Vaizey

The private equity tycoon must wait until 3 July to discover if he can take the drawing - which he bought in December - out of England

A billionaire New York financier revealed as the mystery buyer of a £29 million Raphael drawing, auctioned by Sotheby’s in London, must wait to discover if he will ever be allowed to add the work to his $750 million collection.

Leon Black was this week named as the purchaser of Head of a Young Apostle, an 11-inch wide work by the Renaissance master, sold last December after a four-party bidding war.

The study of a bearded man has been part of the Duke of Devonshire’s collection at Chatsworth in Derbyshire since the 1700s. It broke the auction record for a work on paper, fetching £29 million, three times its estimate.

However Black, the billionaire founder of private-equity group Apollo Global Management, and the owner of Elvis Presley’s Graceland mansion, has not been able to ship the latest addition to his collection, which already includes a Raphael drawing as well as works by Picasso and Van Gogh.

Ed Vaizey, Arts minister, placed a temporary export bar on the Raphael to give a final opportunity for someone to raise the money to keep the drawing in the UK.

Black must wait until 3 July to hear if any serious offer has been made. If there is a chance that an institution or individual could raise the sum required, the export ban could be extended to January 2014.

“I hope that placing a temporary export bar on the Raphael will allow time for a UK buyer to come forward and secure this magnificent example of Raphael's work for the nation,” Vaizey said when he imposed the order.

Vaizey said he hoped the “amazing coup” which allowed the Ashmolean museum to acquire Manet’s Mademoiselle Claus, also at risk of leaving the UK, could be repeated. However the Manet was priced at a comparatively affordable £7.8 million.

Black, 61, whose personal fortune is estimated at $4.3 billion by Forbes, is rarely denied.

The Wall Street private equity tycoon emerged as the $120 million buyer of one of the four original versions of Edvard Munch’s The Scream last year.

The Raphael Apostle was sold last year to “benefit the long-term future of Chatsworth and its collections”.

Drawn around 1520, Head of a Young Apostle is a study for the head of one of the figures in Raphael’s last great painting, The Transfiguration, which hangs in the Vatican.

Questioned about the Raphael at the Art Basel Swiss contemporary art air, Black said: “I'm not going to talk about it. I just want to enjoy the fair.”

An export bar allowed the National Gallery to reclaim Raphael’s Madonna of the Pinks, which the Getty museum in California had been prepared to pay £29 million for. The Heritage Lottery fund and contributions from members of the public helped raise sufficient funds to keep the painting in Britain in 2004.

Arts Council England, which administers the export licence scheme, said it could not comment on any potential bids for the Raphael until 3 July. No serious offers have been tabled and Black expects to claim his purchase next month, according to the Wall Street Journal.

Black’s Apollo group has sold about $13 billion in assets in the past 15 months. “We’re selling everything that’s not nailed down,” Black recently said at an investors’ conference. Graceland is available for sale too, his company indicated.

Arts and Entertainment
BBC Three was launched a little over five years ago with the slogan: “Three, is a magic number, yes it is.”

BBC Trust agrees to axe channel from TV in favour of digital move

TV
Arts and Entertainment
British actor Idris Elba is also a DJ and rapper who played Ibiza last summer

film
Arts and Entertainment

books
Arts and Entertainment
Armie Hammer in the new film of ‘The Lone Ranger’

TV
Arts and Entertainment

festivals
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment

ebooksNow available in paperback
Arts and Entertainment

ebooks
Arts and Entertainment
Buying a stairway to Hubbard: the Scientology centre in Los Angeles
film review Chilling inside views on a secretive church
Arts and Entertainment
Jason Williamson, left, and Andrew Fearn of Sleaford Mods
musicYou are nobody in public life until you have been soundly insulted by Sleaford Mods
Arts and Entertainment
Natalie Dew (Jess) in Bend It Like Beckham The Musical
theatreReview: Bend It Like Beckham hits back of the net on opening night
Arts and Entertainment
The young sea-faring Charles Darwin – seen here in an 1809 portrait – is to be portrayed as an Indiana Jones-style adventurer
film
Arts and Entertainment
The audience aimed thousands of Apple’s product units at Taylor Swift throughout the show
musicReview: On stage her manner is natural, her command of space masterful
Arts and Entertainment
Channel 4 is reviving its Chris Evans-hosted Nineties hit TFI Friday

TV
Arts and Entertainment
Harrison Ford plays Indiana Jones in The Last Crusade (1989)

film
Arts and Entertainment

music
Arts and Entertainment
A Glastonbury reveller hides under an umbrella at the festival last year

Glastonbury
Arts and Entertainment

music
Arts and Entertainment
Miles Morales is to replace Peter Parker as the new Spider-Man

comics
Arts and Entertainment
The sequel to 1993's Jurassic Park, Jurassic World, has stormed into the global record books to score the highest worldwide opening weekend in history.

film
Arts and Entertainment
Odi (Will Tudor)
tvReview: Humans, episode 2
Arts and Entertainment
Can't cope with a Port-A-loo? We've got the solution for you

FestivalsFive ways to avoid the portable toilets

Arts and Entertainment
Some zookeepers have been braver than others in the #jurassiczoo trend

Jurassic WorldThe results are completely brilliant

Arts and Entertainment
An original Miffy illustration
art
Arts and Entertainment
Man of mystery: Ian McKellen as an ageing Sherlock Holmes
film review
Arts and Entertainment
Kitchen set: Yvette Fielding, Patricia Potter, Chesney Hawkes, Sarah Harding and Sheree Murphy
TV review
Arts and Entertainment
Chris Evans has been confirmed as the new host of Top Gear
TV
Arts and Entertainment
Top of the class: Iggy Azalea and the catchy ‘Fancy’
music
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

ES Rentals

    Independent Dating
    and  

    By clicking 'Search' you
    are agreeing to our
    Terms of Use.

    Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

    Making of a killer

    What motivated a shy student to kill 38 holidaymakers in Tunisia?
    Ajmer: The ancient Indian metropolis chosen to be a 'smart city' where residents would just be happy to have power and running water

    Residents just want water and power in a city chosen to be a ‘smart’ metropolis

    The Indian Government has launched an ambitious plan to transform 100 of its crumbling cities
    How to stop an asteroid hitting Earth: Would people co-operate to face down a global peril?

    How to stop an asteroid hitting Earth

    Would people cooperate to face a global peril?
    Just one day to find €1.6bn: Greece edges nearer euro exit

    One day to find €1.6bn

    Greece is edging inexorably towards an exit from the euro
    New 'Iron Man' augmented reality technology could help surgeons and firefighters, say scientists

    'Iron Man' augmented reality technology could become reality

    Holographic projections would provide extra information on objects in a person's visual field in real time
    Sugary drinks 'are killing 184,000 adults around the world every year'

    Sugary drinks are killing 184,000 adults around the world every year

    The drinks that should be eliminated from people's diets
    Pride of Place: Historians map out untold LGBT histories of locations throughout UK

    Historians map out untold LGBT histories

    Public are being asked to help improve the map
    Lionel, Patti, Burt and The Who rock Glasto

    Lionel, Patti, Burt and The Who rock Glasto

    This was the year of 24-carat Golden Oldies
    Paris Fashion Week

    Paris Fashion Week

    Thom Browne's scarecrows offer a rare beacon in commercial offerings
    A year of the caliphate:

    Isis, a year of the caliphate

    Who can defeat the so-called 'Islamic State' – and how?
    Marks and Spencer: Can a new team of designers put the spark back into the high-street brand?

    Marks and Spencer

    Can a new team of designers put the spark back into the high-street brand?
    'We haven't invaded France': Italy's Prime Minister 'reclaims' Europe's highest peak

    'We haven't invaded France'

    Italy's Prime Minister 'reclaims' Europe's highest peak
    Isis in Kobani: Why we ignore the worst of the massacres

    Why do we ignore the worst of the massacres?

    The West’s determination not to offend its Sunni allies helps Isis and puts us all at risk, says Patrick Cockburn
    7/7 bombings 10 years on: Four emergency workers who saved lives recall the shocking day that 52 people were killed

    Remembering 7/7 ten years on

    Four emergency workers recall their memories of that day – and reveal how it's affected them ever since
    Humans: Are the scientists developing robots in danger of replicating the hit Channel 4 drama?

    They’re here to help

    We want robots to do our drudge work, and to look enough like us for comfort. But are the scientists developing artificial intelligence in danger of replicating the TV drama Humans?