The case of Blackstone’s Tom Hill and the Pontormo he bought in Britain but now cannot leave the country is fascinating for what it reveals—or doesnt’ reveal—about Hill’s motivations.

Hill bought a Pontormo portrait from a faded English aristocratic family for £30m. The UK public was called upon to raise money to match the sum. While that process took place, the referendum on the UK’s participation in the European Union took place and the British pound fell substantially.

That left Hill in a bad spot. Continue Reading