We reconsider the ‘‘long-range’’ component of the radiative transition B→K*γ. A careful analysis of the vector dominance amplitude B→V1V2→V1γ is carried out, with emphasis on the role of gauge invariance. The procedure for incorporating phenomenological B→V1V2 data is identified, and polarization data, only recently available, is employed to estimate the magnitude of the vector dominance effect. We summarize uncertainties in the B→K*γ radiative transition produced by long-range effects and provide suggestions for further experimental work.