0e8b024e-3082-4c6d-8808-e8956a3279ca-620x372 Tracey Emin’s My Bed alongside Francis Bacon study at the Tate
Image via theguardian.com
Photograph: Lauren Hurley/PA

German Art collector Count Christian Duerckheim purchased the piece in 2014, and will now loan it to Tate Britain for 10 years. A decision much to the delight of the artist, as Emin expressed her delight at it going the gallery, "the natural home" for her piece.

"It's fantastic, it's like the work has come home. Weirdly enough, it was actually first shown in Japan but it made itself when it was at the Tate, and the response people had to it is part of its identity," Emin commented as she welled up at the reveal at Tate Britian.

The piece will be displayed alongside Francis Bacon's Study of a Dog, 1951 and Reclining Woman, 1961 and six of Emin's 2014 drawings she presented to the Tate to celebrate the work going on display at the gallery.

My Bed will go on to be displayed in Emin's home town of Margate at the Turner Contemporary and then on to Tate Liverpool.

"I think now people see the bed as a very different thing. With history and time, the bed now looks incredibly sweet and there's this enchantment to it. I think people will see it differently as they see me differently. And there are things on that bed that now have a place in history. Even forms of contraception, the fact that I don't have periods anymore, the fact that the belt that went round my waist now only fits around my thigh.''

Tracey Emin and Francis Bacon artwork at Tate Britain, London, Britain - 30 Mar 2015 Tracey Emin’s My Bed
Image via theguardian.com

"Back in the 90s, it was all about cool Britannia and the shock factor and now I hope, 15 years later, people will finally see it as a portrait of a younger woman and how time affects all of us. I am still very proud of it and I am grateful that the right person bought it.''

Emin created My Bed in her Waterloo council flat in 1998 then in 1999 it went on display at the Tate and was nominated for the Turner Prize.

The artwork went on sale at Christie's in July with a starting bid of £650 000.

Buyer Duerckheim commented: "I always admired the honesty of Tracey, but I bought My Bed because it is a metaphor for life, where troubles begin and logics die."

Prior to this it was purchased by Charles Saatchi in 2000 for £150 000, it was put on display at Saatchi Gallery, County Hall London and reportedly Saatchi placed the work in the dining room of his own home.

Tate's curator Elena Crippa said "It's wonderful to have it back at the Tate and Tracey was very thrilled to have My Bed coming back here. It is a very important moment for her as an artist as well as for us as an institution."

"It's a new moment for My Bed and a moment to reassess it. It is not just about the media hype, it is about looking at the formal qualities of the work and thinking about the work in more historical terms alongside other major figures."