The painting is valued at $80 million. Painted in Paris in 1901 when Picasso was only 19 years old, the work marks the start of the Spanish painter's famed "Blue Period." The painting was bequeathed to Lady Aberconway in 1947 by Samuel Courtauld, the legendary industrialist and prolific art collector, who acquired the painting in 1924.
Additionally, public institutions in England can pay significantly less for artworks than their market prices through private sale arrangements that provide shared tax advantages to the two parties (the original price of the Manet work was $45.4 million). Thus, the steep asking-price for Child With A Dove is likely to be higher than what a British museum may ultimately end up paying, if time is provided to raise funds to purchase the work.
Following the Manet episode, it appears that Vaizey is seeking a similar result in this case.
Source: Reuters, BBC