The Armada Portrait of Elizabeth I has been saved from export, after a public appeal which helped raise the £10.3m asking price.
The portrait, painted in about 1590 and thought to have been commissioned by Sir Francis Drake, the hero of the victory over the Spanish Armada victory in 1588.
The appeal raised £1.5m from 8,000 donations, and the cost was met with £7.4m from the Heritage Lottery Fund, £1m from the Art Fund which also ran the appeal, and £400,000 from Royal Museums Greenwich with donations from the Linbury Trust, the Garfield Weston Foundation and the Headley Trust.
The picture is currently on show in the Queen’s House, which stands on the site of Greenwich Palace where Elizabeth I was born, before going for conservation work and will then be on permanent display there from October.
Stephen Deuchar, director of the Art Fund and a former curator at the National Maritime Museum which is now part of Royal Museums Greenwich, said the campaign to save the picture had been “a triumph of popular will”.