Diana and Actaeon, 1556-59, Titian (Tiziano Vecellio), National Gallery of Scotland. Lent by the Duke of Sutherland 1945

EDINBURGH.- The National Galleries of Scotland and the National Gallery, London are delighted to announce that Titian’s Diana and Actaeon has been acquired for the nation from the Duke of Sutherland.

The painting will be shared by the National Galleries of Scotland and National Gallery, London and will be displayed for five years at each institution in turn. The purchase of Titian’s 'Diana and Actaeon' brings this extraordinary painting into public ownership and we have received assurances that the rest of the Bridgewater Collection will remain on loan to the National Galleries of Scotland for the next 21 years.

The National Galleries of Scotland and the National Gallery, London, formed a partnership in August 2008 to raise £50 million to acquire 'Diana and Actaeon' by 31 December 2008. We are grateful to the Duke of Sutherland for offering the painting at much below its market value and for giving us several years in which to make payments.

John Leighton, Director-General of the National Galleries of Scotland said:

“We are absolutely thrilled that one of the most important paintings in the world will be added to the national collections for the enjoyment and inspiration of the public and we are delighted that the world-famous Bridgewater Collection will continue to be available on long loan to Scotland. We are hugely grateful to all the individuals and all the funding bodies who responded so warmly and wholeheartedly to this campaign over the past four months.”

Dr Nicholas Penny, Director of the National Gallery, London said:

“The response to our appeal to buy this great painting has been astonishing. The notes pressed into collecting boxes and the cheques sent to us by the general public, the generosity of individual friends of the gallery and the support given by the trustees of charitable bodies combine to make this a great success story. It testifies to the power of Titian's painting and the conviction that public access to the greatest works of art is of the utmost importance.”

Spokesman for the Duke of Sutherland said:

“A spokesman for the Duke of Sutherland said the Duke was delighted to have reached agreement for this wonderful work to remain in Britain, on public view. He expressed his great appreciation to the Galleries for their helpful and supportive approach over the past 18 months of complex and painstaking negotiations, and he looked forward to many more years association between his family and the National Galleries of Scotland through the continuing loan of the Bridgewater Collection."

Breakdown of funding

• £7.4 million in donations and pledges from individuals trusts and the general public, of which £150,000 was donated via The Art Fund. (The amount raised from the general public in response to leaflets, direct mail, collection boxes, sales of badges and the media is circa £400,000).

• £2 million from The Monument Trust

• £1 million from The Art Fund

• £10 million from the National Heritage Memorial Fund

• £12.5 million Scottish Government Special purchase grant

• £12.5 million from NGL, comprising £11.5 from bequests, general donations and investment income from these sources and £1 million Grant-in-Aid

• £4.6 million from NGS purchase funds, trust funds and reserves