IT IS 700 years old, painted in vivid golds and red, considered a true masterpiece of the early Italian Renaissance and is worth more than £5m.
And now a "rare and beautiful" painting called Christ Between Saints Paul And Peter is to have a new home at Hull's Ferens Arts Gallery – for a bargain £1.6m.
The art work was painted by Sienese old master Pietro Lorenzetti in about 1320AD, more than a century before Michelangelo and Leonardo da Vinci arrived on the Renaissance scene.
The coup comes as Hull pushes its bid to become the UK's City Of Culture 2017 in a move that some hope will bolsters the city's artistic credentials.
Councillor Terry Geraghty, Hull City Council's portfolio holder for culture, said: "I am tremendously proud that Hull's Ferens Art Gallery has been able to purchase this rare art work, allowing it to remain in the country.
"Hull is shortlisted for City of Culture 2017 and a purchase of this rarity and significance helps to highlight the city's existing cultural strengths and serious ambitions to maximise the potential offered through cultural regeneration.
"Hull is in a very fortunate position due to the Ferens Endowment Fund, established in 1928 by Thomas Robinson Ferens and dedicated to acquiring new artworks for the Ferens permanent collection.
"With the generous additional support we have received from our partners the National Gallery, Heritage Lottery Fund and Art Fund, we have together secured something very special."
The painting was bought by the Ferens after it was barred from export by the Government when it sold at auction for £5,081,250 in London.
Due to the Lorenzetti's importance, the painting was placed under a temporary export stop by the Culture Secretary, providing an opportunity for public institutions to raise the funds to acquire it.
Under the terms of a private treaty sale that followed the export ban, the Ferens was able to buy the Lorenzetti for £1.6m – significantly below its full market value of £5m.
The painting will now undergo a year of restoration work at the National Gallery in London before travelling to its new home in Hull.
Fiona Spiers, head of the Heritage Lottery Fund Yorkshire and the Humber, said: "This is a fantastic story for Hull and is one of the most significant acquisitions for the Ferens Gallery collections since the 1960s.
"The work, which is one of the most important examples of early Renaissance art and will now be saved for the nation, is a very special addition both for the gallery and local community, as well as for putting Hull's visitor offer firmly on the heritage tourism map."
Video: The painting is auctioned at Christie's last year
The Lorenzetti has been bought in memory of the Ferens former Director, John Bradshaw, who died in 2001, using his bequest. In addition, more local funds came from the Ferens Endowment Fund, a trust ring-fenced for the purchase of art works established by Thomas Ferens, the gallery's founder, in 1928. The purchase was made using £856,000 from the Ferens Endowment Fund with the Heritage Lottery Fund and Art Fund awarding £758,000 and £200,000 respectively to Hull City Council. Once here, the Heritage Lottery Fund grant will also enable an extensive "public engagement programme" around the Lorenzetti which is expected to last a total of 20 months. This will create three new jobs, one of which will focus on working with volunteers to develop a programme of learning activities in Hull, meaning art lovers will be able to learn about the painting and its place in the Ferens collection. Kirsten Simister, curator of the Hull gallery, said: "During my time at the Ferens, I have been looking for a major purchase to honour John Bradshaw's memory but did not imagine in my wildest dreams that I would find anything as exciting as the Lorenzetti. "The Lorenzetti adds depth and quality to the range of our existing permanent collection, becoming our earliest art work by 130 years. It will help us to tell visitors about the origins of Western art bringing a new dimension to their enjoyment and experience."
Video: The painting is auctioned at Christie's last year
The Lorenzetti has been bought in memory of the Ferens former Director, John Bradshaw, who died in 2001, using his bequest. In addition, more local funds came from the Ferens Endowment Fund, a trust ring-fenced for the purchase of art works established by Thomas Ferens, the gallery's founder, in 1928. The purchase was made using £856,000 from the Ferens Endowment Fund with the Heritage Lottery Fund and Art Fund awarding £758,000 and £200,000 respectively to Hull City Council. Once here, the Heritage Lottery Fund grant will also enable an extensive "public engagement programme" around the Lorenzetti which is expected to last a total of 20 months. This will create three new jobs, one of which will focus on working with volunteers to develop a programme of learning activities in Hull, meaning art lovers will be able to learn about the painting and its place in the Ferens collection. Kirsten Simister, curator of the Hull gallery, said: "During my time at the Ferens, I have been looking for a major purchase to honour John Bradshaw's memory but did not imagine in my wildest dreams that I would find anything as exciting as the Lorenzetti. "The Lorenzetti adds depth and quality to the range of our existing permanent collection, becoming our earliest art work by 130 years. It will help us to tell visitors about the origins of Western art bringing a new dimension to their enjoyment and experience."
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