ONE of the most celebrated masterpieces of the Italian Renaissance was unveiled today at the National Gallery, which is campaigning to raise £50million to save it for the nation.

Diana And Actaeon, by Titian, is regarded as one of the 16th-century painter's finest works.

Inspired by the Roman poet Ovid, it is one of six large-scale mythological scenes which the Venetian master painted for King Philip II of Spain.

A host of British artists attended the unveiling today to support the campaign. They included Bob and Roberta Smith, Tom Phillips, Brian Clarke, Paula Rego, Sir Peter Blake and Michael Craig-Martin.

The oil painting has been on show in the National Gallery of Scotland since 1945. But its owner the Duke of Sutherland is now selling it, and the galleries have until the end of the year to raise the £50million price.

The Duke is also selling the painting's companion piece, Diana And Callisto, but the National Galleries in England and Scotland have until 2012 to raise the £60million needed to acquire it.

Should they succeed in saving the paintings, both will go on a rotating display in London and Edinburgh, spending five years at each.

More than 60 British artists, led by Lucian Freud, today backed the campaign. Freud described the Titians as "the most beautiful pictures in the world".

The drive to save them was boosted last week with £1million from The Art Fund, the largest amount pledged in the charity's 105-year history. Despite the credit crunch it is hoped art lovers will now step in. A spokeswoman for the National Gallery said: "While we are in a very difficult economic climate, this great painting could be lost for ever unless we raise £50million by December. It is a substantially reduced offer from the Duke of Sutherland."

Diana And Actaeon has not been displayed in London since before the Second World War. It will be hung alongside its sequel, Titian's Death Of Acteaon, until 20 November. The two works will be reunited for the first time in two centuries.

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