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The Reviewing Committee on the Export of Works Of Art have given the NPG a further five months to match the selling price for a work of art painted in England in 1640-41. So far £3.2m has been raised towards the target of £12.5m.

A three-month export-bar was imposed in November when the sale of the painting was agreed between an overseas buyer and the London dealer Philip Mould (who bought it at Sotheby's in 2009 for £8.3m in association with Milwaukee collector and dealer Alfred Bader).

The NPG had until February 13 to confirm its serious intention to raise the funds and until July 13 to meet the full purchase price.