First Titian Secured

Reuters is reporting the National Galleries of Scotland and London's National Gallery have completed negotiations with the Duke of Sutherland and purchased Titian's Diana and Actaeon for $71 million (50 million pounds). The sale was recently in jeopardy for a short while over the ability of the museums to display the rest of the Duke of Sutherland's Bridgewater collection of Old Masters, and the Dukes right to sell portions in the future. It now appears the museums will get to keep the on loan Bridgwater collection for the next 21 years without the Duke of Sutherland reducing the collection. The museums get the Titian at a reduced market price and the use of the Bridgewater collection for the next 21 years. The galleries will now focus on raising an additional 50 million pounds to secure the purchase of a companion Titian, Diana and Callisto. The deadline for completing the negotiations for Diana and Callisto is in 2012.

The Reuters article states"Diana and Actaeon," belonging to the Duke of Sutherland, was offered at what experts said was a reduced price for a seminal work, although the owner benefits from significant tax breaks because it has been acquired by the nation.

The galleries now have until 2012 to gather the funds to buy a related painting, "Diana and Callisto," for the same amount of money.

Of the 50 million raised for Diana and Actaeon, the Scottish government pledged 12.5 million pounds, 7.4 million came from public donations, 12.5 million from National Galleries in London and another 10 million pounds came from the National Heritage Memorial Fund.

To read the Reuters article, click HERE.