From the Telegraph:
http://www.telegraph.co.uk/news/10422566/The-Queen-will-be-left-holding-the-baby-at-Christmas.html
The christening of Prince George marked the first time that four generations of monarchs — present and future — had gathered for a picture for more than a century. It was in 1894, at the christening of the future Edward VIII that such a majestic group had last sat for a photographer, when the baby was seen with his father, grandfather and great-grandmother — George V, Edward VII and Queen Victoria.
There was, however, one shot that William and Daniel Downey, the court photographers of Ebury Street, Belgravia, managed to take that Jason Bell appeared to have neglected in his much-talked-about set of photographs last month: the reigning monarch with the baby.
“Of course, it is the obvious shot and I don’t for one moment think that it didn’t occur to Mr Bell to take it,” a senior courtier tells me, somewhat teasingly, when I raise the question. “I mean, the man is a professional, after all. All I can really say on this matter is: 'watch this space’.”
Mandrake is reliably informed that Bell did indeed photograph the Queen holding Prince George, but the picture was witheld on the highest possible authority. The reason is simple. The Queen herself wishes to publish the picture — a touching study, so I am told — on her Christmas card this year. The two of them together may also, so I am told, appear on the card that the Cambridges send out.