The work is now on display at the National Maritime Museum, which also contributed to the purchase fund.

"And when it comes to the most expensive items," he said, "museums, with their restricted purchase funds, will not be in the game at all."

Brooks initially estimated MyFC's purchase fund at £1,375,000 if 50,000 people were to sign up as members.

On October 20, 1886, the canal company shareholders finally settled on how to distribute the purchase funds amongst themselves.

Now Mr. Binnewies says he expects it will take three or four years to put together a purchase fund.

In 1912, a purchase fund for new artworks was set up to build upon the 33 artworks.

By 2007 the Alliance had provided purchase funds for over 300 works of art.

The painting was sold last weekend to establish a purchase fund for 20th-century American art.

"For the most part," he said, "brokers are not the ones that transfer the bulk of the purchase funds."