LONDON, ENGLAND.-The Third Earl of Halifax, owner of Portrait of a Young Man by Titian, has decided to sell the work. It has been on show at the National Gallery since 1992.

The National Gallery issued the following statement:

"The 'Portrait of a Young Man' has been on loan from the Earl of Halifax to the National Gallery since 1992.

The Earl of Halifax now wishes to sell the painting.

On deciding this, The Earl of Halifax offered it to the National Gallery well in advance, for which we are very grateful.

For the past two years exhaustive discussions have been held between representatives of the Earl of Halifax and representatives of the National Gallery and the National Galleries of Scotland, with a view to a joint purchase.

Both Galleries deeply regret that, despite the owner's patience, no arrangement has been found that the two Galleries could finance.

This case highlights the difficulties faced by public institutions in funding purchases.

The removal of Titian's 'Portrait of a Young Man' from the National Gallery would be a great loss to the UK public."