The $47.6m Raphael drawing said to be bought by Leon Black, the US private equity billionaire, is being held up by the UK’s cultural export committee, Bloomberg‘s Scott Reyburn reports:

“The Committee recommended the export decision be deferred on the grounds that the drawing is of outstanding significance for the study of Raphael’s work,” said the statement.

The Committee awarded the drawing a starred rating, signifying that “every possible effort” should be made to raise the funds to keep the work in the U.K., said the statement. […]

The decision on the export license will be deferred until May 25. This period may be extended until Nov. 25 if a U.K.- based purchaser expresses a serious intention to match the recommended price of 29.2 million pounds, the department’s release said.

Raphael’s $47.6 Million Muse Export Banned by U.K. Government (Bloomberg)