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The National Portrait Gallery originally needed to meet a £12.5m bill, but following discussions between the owners of the painting, Alfred Bader and the London art dealer Philip Mould, and the collector, James Stunt, the gallery now has the opportunity to purchase the work for £10m. To date the campaign has raised £3.6m. The campaign (see www.savevandyck.org) run by the gallery and the Art Fund has until July 20 to raise the remaining funds.

A three-month export-bar had been imposed in November when the sale of the painting was agreed between the buyer and Mr Mould (who bought it at Sotheby's in 2009 for £8.3m in association with Mr Bader, the Milwaukee collector and dealer). That time limit was later extended.