British artist Tracey Emin's controversial art piece 'My Bed,' which garnered more negative attention when it was sold for a staggering £2.45 million ($4.2 million) at an auction earlier this month, will remain in Britain for the foreseeable future.

Tracey Emin
Tracey Emin with her most notable art piece 'My Bed'

The art installation, which was predicted by Christie's Auction House in London to sell for between £800,000 and £1.2 million, was purchased by Count Christian Duerckheim, and on Tuesday (July 29th) the Tate group of museums announced that 'My Bed' will be placed in their care after he agreed to a loan long-term deal, Reuters reports, 

More: What Exactly Is So Significant About Tracy Emin's 'My Bed'?

In a statement, the Tate said the new owner, who is a German industrialist, had "confirmed that the work will return to the UK and that a long-term loan to Tate is being finalised. Full details will be announced in the autumn."

"I am absolutely delighted that Count Duerckheim has agreed to loan such an important work to Tate for a period of at least 10 years," Nicholas Serota, Director of Tate, added. "We look forward to displaying the work and are most grateful to Count Duerckheim for his generosity in creating an opportunity for visitors to see a work that now has iconic status."

More: See All Our Photos Of Tracey Emin With 'My Bed' At Christie's Auction House 

But what is so special about Emin's infamous installation?

'My Bed,' which was created in 1998 and shortlisted in autumn 1999 for the Turner Prize, is exactly what it is called, the bed of the 50 year-old artist that she claims to have spent a full week in after going through a unpleasant breakup, leaving her depressed.

My Bed
'My Bed' was sold for £2.45 million

The controversial ensemble is surrounded by empty Vodka bottles, cigarette buds, a pair of knickers with menstrual period stains, and pregnancy tests. Everyday items such as slippers and a newspaper are also present.

The purpose of 'My Bed' is to tell a story, a very tragic confession by Emin, critiquing her own slutty past and flaws, as well as highlighting the unappealing contexts of sexual expectations.