The National Galleries of Scotland and London's National Gallery said they had raised the €55 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 €55 million raised for Diana and Actaeon, the Scottish government pledged €13.8 million, €8.1 million came from public donations, €13.8 million from National Galleries in London and another €11million came from the National Heritage Memorial Fund.

The deadline for the sale was last December 31, but it was extended.