I would have been very pleased for the National Galleries to buy it

Jean-Luc Baroni

The Edinburgh-based National Galleries of Scotland had been in the running to acquire it, but was unable to compete with the American buyer after the Heritage Lottery Fund refused to help fund its bid.

The National Galleries' bid needed lottery fund back-up to the tune of 75%.

Speaking from Italy, Mr Baroni told BBC News Online the deal had only been clinched with the American buyer after the National Galleries had been offered a chance to buy.

"I would have been very pleased for the National Galleries to buy it - I said that when I bought the drawing," he said.

Simon Howard (r), current master of Castle Howard

A reserve period had been fixed until the end of December 2001 in order for the National Galleries to try to raise the money, he said.

It was during this period that the drawing's eventual buyer had shown an interest," Mr Baroni added.

That buyer had been willing to wait, and to "let the National Gallery make their own decision", he said.

The sale had only been made after a further month and half had expired beyond the end of the reserve period.

'Good home'

In a way, he said, the prospect of the drawing leaving the UK was "very sad".

But he added: "On the other hand, I believe it is going to a good home."

It is thought the study belongs to a small group of large-scale figures which the young Michelangelo is believed to have made very early in his career, between about 1495 and 1505.

It can certainly be numbered among the very earliest drawings by the grand master of the Italian High Renaissance.

Julien Stock, an expert from Sotheby's, recognised the drawing immediately as a Michelangelo when he visited Castle Howard last year.

Sotheby's said Study of a Mourning Woman was most probably purchased at a London auction of 1747 at which Henry Howard, 4th Earl of Carlisle was known to have been an active buyer.