Fears money will not come through for £100m Titians

The director of the National Gallery in London admitted today that he has "serious concerns" funds will not come through in time to save two Titian masterpieces.

Nicholas Penny claimed the £50 million needed to secure the first of two Renaissance oil paintings may not be confirmed by 31 December, when the deadline expires.

His counterpart at the National Galleries of Scotland, John Leighton, has also voiced fears that the works could be lost to Britain forever.

Both men have denied reports of a "firm understanding" that both works should remain together. They have also slammed suggestions that the cash has been quietly confirmed by the Scottish government and the Treasury.

The two paintings, which are being sold by the Duke of Sutherland, have been the main exhibit at the Scottish National Galleries since 1945.

Diana And Actaeon and Diana And Callisto, both completed in 1559 and valued at £150 million each, have been offered to the National Gallery and the National Galleries of Scotland for a third of the price - on the condition that the first £50million is confirmed by the end of this year and the second is guaranteed within the next four years.

Mr Penny told the Evening Standard: "I'm very concerned about the future of these paintings. We are talking about the greatest paintings in private ownership anywhere.

"I want them to stay in the UK and contrary to some reports in the media, there have been absolutely no guarantees made about them."

Mr Perry has had talks with the Department of Culture, Media and Sport on a deal to show the paintings for five years at a time in Scotland and London. Mr Leighton said: "Secret deals and transfers and guarantees are complete nonsense. There are ongoing discussions but nothing has been confirmed."