It has been reported by the BBC that the export application submitted by the new owner of a £35 million Rembrandt (covered here) has now been withdrawn. The work will therefore remain in the UK and will potentially be loaned by the owner to a museum or gallery in this country.

One wonders if the next step for the Owner may be to apply for a temporary export licence… in this situation, such a licence could last up to three years. The work would then have to be returned to the UK for three years before a subsequent temporary licence could be applied for.