The upcoming auction, he [Philip Walker - the Head of the Culture for the City] said, was a "once in a generation opportunity to purchase a significant work of art by such a significant great master artist", adding that while the plan was for the council to actually make the transaction - should it bid successfully - the cost would be covered through fundraising.

Councillor John Goulandris described the bid as a "once in a lifetime opportunity", but pointed out there was only a "narrow window" to raise funds at a time when the council's finances were "extraordinarily tight".

In response to Mr Goulandris' requests for assurance that costs would not fall to the local authority, Mr Walker said the "intention" was to raise enough money to pay for the painting.