A £50 million Renaissance masterpiece by Titian has been saved from being sold on the open market thanks to a £17.5 million contribution from the Scottish Executive, it has been claimed.

In August the National Galleries of Scotland and the London-based National Gallery joined forces to buy Diana and Actaeon, Titian's 1550s masterpiece that he painted for King Phillip II of Spain.

The Duke of Sutherland offered the painting to them for £50 million - which experts believe is a knock-down price - on condition they raised their funds by December 31.

Now the Scottish Executive has sealed the deal, according to the Independent on Sunday, which also reported that the National Gallery has promised £12.5 million.