One of the most expensive British paintings ever sold is to go on display in the National Gallery in Dublin next month after a four- year battle about its future home.

The Portrait of Omai, by Sir Joshua Reynolds, was bought in November 2001 for €14.9 million, the second-highest price ever paid for a British painting. The painting is now valued at over €18 million.

There has been speculation that the buyer was horseracing tycoon John Magnier, although this has never been confirmed by Mr Magnier.

Since its purchase the painting of a Tahitian prince has been the subject of an intense battle by the Tate Gallery to keep it in Britain. The Tate has had the support of the British government.

However the British government recently granted a temporary export licence for the painting after the owner made it clear it would be given on loan to the National Gallery of Ireland. The export licence application made by solicitors for the owner was for six years.

Under a 1997 tax relief clause, those who lend valuable works of art to major galleries for a minimum of six years are exempt from paying capital gains tax of 20 per cent if they subsequently sell the painting.

The painting was sold by Christies auctioneers in November 2001 to British art dealer Guy Richardson.

Posted: 01|12|06 at 11:03 am. Filed under: Fine Arts Antiques.