Titian's masterpiece Diana and Callisto has been saved for the nation in a 45 million pound deal.
The oil painting, one of a series of six created for King Philip II of Spain in the 16th century, was bought after a fundraising campaign which saw the National Gallery in London pledge 25 million pounds towards the cost of keeping it in the country.
It will remain on show with another of Titian's works, its companion piece Diana and Actaeon, and be shared between the gallery and the National Galleries of Scotland in Edinburgh.
National Gallery director Nicholas Penny said: "For more than a hundred years these two great paintings by Titian have been regarded as pre-eminent among the masterpieces in private hands in the UK.
"We have been able to secure both of them for the public, in a period of economic hardship, because of the esteem and affection that both institutions have enjoyed for many decades.
"It is a triumph for us, but also for our predecessors, made possible by today's supporters, but also by benefactors who have long departed."
Diana and Callisto and Diana and Actaeon have been in the UK for more than 200 years and were both painted as part of a cycle of works for Philip II of Spain.
They left Titian’s studio together and have only changed hands three times since then (from the Spanish Royal Collection to the Orléans collection, and then at the end of the eighteenth century to the Bridgewater Collection, a collection of old master's paintings which has been on long-term loan to the National Galleries of Scotland).
The two paintings were offered by the Duke of Sutherland, to NGS and National Gallery in London at prices significantly lower than their market value.
Having raised £50 million in 2009 to acquire Diana and Actaeon, the Galleries were given until December 2012 to find a similar amount for Diana and Callisto.
To meet this, the Trustees of the National Gallery in London allocated a proportion of their remaining reserves, made up mainly of bequests from members of the public, to the acquisition.
To assist the Galleries in meeting the funding target, the Duke of Sutherland and his family agreed to a further reduction of the asking price to £45m. By agreement with all parties a new, earlier deadline was established of the end of March 2012.
As a result of the joint acquisition, Diana and Callisto will be shared by both institutions and displayed together with Diana and Actaeon on a rotating basis in London and Edinburgh, so that the public will have access to both works together.
The paintings will be in London for 60 per cent of the time and Edinburgh for the other 40 per cent, reflecting the fact that a larger proportion of the funding has come from London.
Diana and Callisto will be on display from today in London for the next 18 months (to be joined by Diana and Actaeon on its return from a regional tour in July), and then on display in Scotland for 12 months.
Both paintings will then be shown together in London for three years and in Scotland for two years before settling into a display cycle of six years in London and four in Scotland.
John Leighton, Director-General of the National Galleries of Scotland, said, “It has long been an absolute priority for the National Galleries of Scotland to retain the world-famous Bridgewater loan in this country and to keep these superlative masterpieces on view for the enjoyment and inspiration of our visitors We are delighted that the purchase of Callisto will now keep that loan intact and allows the public to continue to enjoy some of the greatest achievements of Western European art. We are hugely grateful to the HLF, the Art Fund and to all the trusts and individuals who have helped to make this possible.”
The Titian pictures have been on continuous public view in the Scottish National Gallery since they were placed there on loan, along with other paintings in the Bridgewater Collection, in 1945 by the then 5th Earl of Ellesmere (later 6th Duke of Sutherland).
The current Duke of Sutherland says he is pleased continue the family's support for public art: “I am delighted that these two great masterpieces by Titian will remain together as they have been since they were painted in 1556-59 and on view for the public in Britain.
"I congratulate the two Galleries on their success in securing these works and I would like to express my gratitude for their helpful and supportive approach. I look forward to many more years association between my family and the National Galleries of Scotland through the continuing loan of the Bridgewater Collection."
Cabinet Secretary for Culture and External Affairs, Fiona Hyslop said, “Securing the long term loan of the Bridgewater Collection is fantastic news – it is great for Scotland, our cultural collections and our economy. The arrangements announced today will see both Titian paintings in Scotland for the Commonwealth Games and Year of Homecoming 2014, enticing people from both home and abroad to visit our national galleries and Scotland.”
Diana and Callisto: how the painting was paid for
• £5 million reduction in the asking price by the Duke of Sutherland
• £3 million from the Heritage Lottery Fund
• £2 million from the Art Fund (with an additional£75,000 for a digital public engagement programme)
• £15 million donations and grants from individual donors and trusts including The Monument Trust, The Rothschild Foundation, Chris Rokos, Sir Siegmund Warburg’s Voluntary Settlement, the J. Paul Getty Jnr Charitable Trust, James and Clare Kirkman, Sarah and David Kowitz, Patrons of the National Galleries of Scotland, and others who prefer to remain anonymous.
• £25 million from the National Gallery charitable reserves, principally from legacies left by the public to the NGL over many years
Share