Investment group pays £50m cash for Hirst's diamond skull

The £50 million diamond and platinum-covered skull by Damien Hirst has been bought by an unnamed investment group.

But the artist has retained a stake to keep some control over what happens to it. Plans are under way for a worldwide tour of the skull, which was unveiled at White Cube gallery in June.

Frank Dunphy, who manages Hirst's business interests, said the buyers will pay in cash but had not received a discount. "I anticipate that the sale will close in three to four weeks, when all the paperwork is finished," he said.

Part of the deal was that the skull will be shown in museums around the world for two or three years but details are not finalised.

When the work went on display amid tight security, Hirst made clear his desire for it to have a life in public. "It will be sad if it ends up in a vault," he said.

A spokesman for White Cube said: "Damien is keen for the piece to be seen by a broader audience."

Hirst, 42, is believed to be Britain's wealthiest living artist. The sale of the works from White Cube's two galleries this summer made £130 million even before the skull deal was struck.