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If Yinka Shonibare's sculpture is to secure a new berth, on permanent show at the National Maritime Museum in Greenwich, £362,500 must be raised by April. So far only £94,000 has been raised. Meanwhile, a private Korean collector has made Shonibare a bid of twice the sum the artist is asking for the work to stay in Britain.

The sculpture, inspired by Nelson's Victory, has now been removed from Trafalgar Square after 20 months on display, making way for the next contemporary work chosen for the site.

But Stephen Deuchar, director of The Art Fund charity, which kick-started fundraising with a £50,000 grant, said they were on target with the public appeal. But he added: "The perilous period begins now when the work comes off the plinth. I feel very strongly it's the most successful, in the people's mind, of the fourth plinth commissions to date.

"I honestly think London would be appalled if it ended up in the garden of a private collector in South Korea, which I gather is a real possibility. It's our job to continue to bring the urgency of the case to public notice."

www.artfund.org/ship