Galleries seek Titian works

London’s National Gallery and the National Galleries of Scotland, which are campaigning to buy a $73.7-million Titian painting for the U.K. national collections, said they would announce the outcome in January.

“There has been very good progress in both fundraising and the negotiation of terms for this important acquisition,” the museums said in a press release Tuesday. “Our efforts to bring the campaign to a successful conclusion continue, and we will not be making any further announcements until January.”

The museums have until year’s end to buy Titian’s “Diana and Actaeon,” on loan to the nation from the Duke of Sutherland.

If enough money is raised to buy the painting -- one of several 16th century works the Renaissance artist executed for Philip II of Spain -- the galleries would have the option to acquire, for a similar amount, another Titian, “Diana and Callisto,” by 2012.