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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Entertainment > Article Home Business & Finance News U.S. Politics International Technology Entertainment Film Music People Television Arts Industry Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters London gallery saves one key Titian, one to go Mon Feb 2, 2009 6:47am EST Email | Print | Share | Reprints | Single Page [-] Text [+] EDINBURGH (Reuters) - The National Galleries of Scotland and London's National Gallery said on Monday they had raised the 50 million pounds ($71 million) needed to save a key work by Renaissance master Titian before it was put up for sale. The campaign to save the painting has drawn criticism from politicians who said the money, some of which came from government funds, could have been spent more wisely during a deepening recession. "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. The deadline for the sale was December 31, 2008, but it was extended. The National Gallery in London has called the two Titians "the greatest Renaissance pictures left in private hands." In 2002, Peter Paul Rubens' "The Massacre of the Innocents" fetched 49.5 million pounds in an auction record for an old master painting. Titian's grand canvases, painted between 1556 and 1559, were part of a series of six mythology paintings produced for King Philip II of Spain. The Titians are part of the Bridgewater collection, which has been on loan to the National Galleries of Scotland since 1945 and includes works by Raphael and Rembrandt. The galleries have been assured that the loan will now extend to 2030. (Reporting by Ian Mackenzie and Mike Collett-White, editing by Paul Casciato) © Thomson Reuters 2009 All rights reserved Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: "Eat, Pray" film project journeys to new studio Also on Reuters Slideshow Slideshow: Steelers edge Cardinals to win Super Bowl Hard times give government jobs greater allure Video Video: Angry UK reception for China Premier More Entertainment News Super Bowl ads upbeat, but can't ignore economy | Video Thriller "Taken" snatches box office crown | Video "Kung Fu Panda" sweeps Annie Awards "Eat, Pray" film project journeys to new studio Danny Boyle wins top director award for "Slumdog" More Entertainment News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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