There is a tug of war over a Henry Moore sculpture worth millions of pounds.
It's officially called Draped Seated Woman but is nicknamed Old Flo and as we reported last night - Bromley Council say they own it and they want to put it on public display.
But Tower Hamlets say it's theirs, but they want to sell it and have revealed they're speaking to lawyers about the situation. So, who's right and why is there such confusion? And will this tug of war end up in the courts? Piers Hopkirk has been finding out.
It is such a pity that on the very day the government announced a further £23m of cuts in cash terms to our local residents over the next two years, a London Council and an Arts organisation choose to compound the financial pain by seeking to block a sale that would fund much needed homes and services.
Unfortunately we may have to settle this matter in court using funds that would be better spent on purchasing art for the nation and funding local services in both Bromley and Tower Hamlets.
– Tower Hamlets councillor Rania Khan, Cabinet member for Culture
Following the challenge by the Art Fund, joined by Bromley Council, over the decision to sell Henry Moore's Draped Seated Woman, Tower Hamlets Council has obtained firm legal opinion clearly identifying the borough as the owner of the famous artwork.
The ownership of 'Old Flo' is beyond doubt. Following the two major London local government reorganisations in 1965 and 1985 there are many examples of assets, including artwork, being transferred with land or houses without being expressly named in the documentation of the time.
If Bromley owned the sculpture why have they stayed silent for 27 years?
This move is an insult to the East End as we need the sale proceeds to help alleviate the impact of government cuts by improving housing, preserving local heritage sites and supporting cultural programmes.
Following its joint campaign with the Art Fund to save Henry Moore's Draped Seated Woman - aka Old Flo - the Museum of London has responded enthusiastically to the London Borough of Bromley's assertion that it owns the artwork.
Bromley Council has written to Tower Hamlet's Mayor Lutfur Rahman challenging his right to sell the much-loved sculpture. This new development follows the presentation of powerful new evidence that could stop the sale.
Bromley's decision follows many hours of detailed archival research conducted by the museum's specialists and others. The paper trail they uncovered shows that when the London County Council was abolished in 1963, the ownership of Old Flo was not transferred to Tower Hamlets Council.
The sculpture remained instead the property of the GLC, until the GLC's own abolition in 1985. Old Flo, along with other former assets of the GLC were vested in the GLC's London Residuary Body, and transferred to Bromley Council.
Following recent developments relating to the ownership of the Henry Moore statue, Draped Seated Woman, the Mayor of London has welcomed news that Bromley Council has asserted ownership and pledged not to sell the beloved art work.
The Mayor is delighted that Councillor Stephen Carr, Leader of Bromley Council has committed to displaying it for the benefit of the public, as Henry Moore intended.
The Mayor is keen to work with the council, alongside other partners including the Art Fund, Museum of London, the Tate and Henry Moore Foundation, to find a suitable London location as soon as possible.
The Mayor of London, Boris Johnson, said: "This is fantastic news from Bromley Council and I welcome Councillor Stephen Carr's vision for Old Flo's future. Its only right that she is given a public home so she can help enrich the lives of those around her, just as Henry Moore intended.
"The Museum of London Docklands has offered to provide this and it would be wonderful if we can work alongside the council to bring her back to the people of East London as soon as possible."
Boris Johnson has urged Tower Hamlets to reconsider its decision to sell off a multi-million pound Henry Moore sculpture.
The council has decided to auction "Draped Seated Woman" (also known as Old Flo) in order to pay off its debts. It's currently on loan to the Yorkshire Sculpture Park - but the Mayor would like to see it returned to east London. He said it would be a tragedy for the artwork to be lost.
A London council has decided a multi-million pound sculpture created by Henry Moore would be more useful translated into cash.
It was originally sold by the sculptor - for a massively reduced price - on condition it be displayed in a socially deprived area.
But in a meeting tonight Tower Hamlets Council decided to sell it off in order to pay its debts.
Councillor Shahed Ali says the money will be ploughed into services that will make a big difference to the local community, but the decision has been criticised by Sharon Ament from the Museum of London.