AN ancient painting currently on show at Penlee Gallery is to be sold by its owner, with the gallery as preferred buyer if it can raise an asking price of £65,000.

The Cornish Fisher Folk is an oil-on-canvas depiction of life in a turn-of-the-century fishing village by Walter Langley, a pioneer of the Newlyn School that attracted artists to the area for its ‘natural light’.

First exhibited in 1908 at the Royal Academy, it is currently owned by Waverley Borough Council in Surrey and on loan to Penlee Gallery. The council only recently became aware of its possession of the work, and hopes it will be sold to raise funds towards the restoration of Farnham Museum.

Investigations discovered the picture was sold in 1910 for £100. Following the death of the purchaser, it was passed down to a second owner who subsequently bequeathed it to Godalming Parish Council, a forerunner of Waverley Borough Council, which inherited it when the borough was created in 1974.

In July this year, the council arts officer wrote to Penlee House and Gallery offering it the opportunity to buy the painting at a price no lower than £65,000 – even though in theory it could attract more at auction – with all funds destined for Farnham Museum. Penlee Gallery confirmed its interest, but explained it lacked the cash and would need to fundraise.

The decision to sell the painting was discussed at an executive meeting on Tuesday, December 9. Cllr Paul Follows, leader of the borough, said: “This is not a joke item; this is very much a real painting that the council possesses.”

Referring to the subjective nature of art, Cllr Follows admitted the painting was “not something that I personally find particularly attractive”.

Cllr Mark Merryweather added: “With all the reorganisation going on, I’m only half-joking when I say that being down there, it was at risk of being forgotten about. I think it clearly has some value for those people who appreciate it, those particularly down in Penlee.”

The proposed sale to Penlee Gallery is likely to be below best consideration, according to reports presented to the committee, but these were offset by compelling social, cultural and reputational benefits.

The painting is publicly accessible as part of Penlee’s permanent exhibition programme, so selling it to the gallery would ensure the artwork’s continued professional conservation, curation and long-term display, securing its preservation for future generations.

Penlee is being offered the opportunity to buy the work for £65,000 with all the money going towards the restoration of Farnham Museum. Should it be successful, a sell-on clause would be attached entitling Waverley to a pre-agreed percentage of a subsequent sale should it be sold to a third party.

If Penlee is unable to raise the cash by March, the council will auction the painting, with £100,000 ringfenced for the museum and anything above that to shared between other arts organisations in Surrey.

Cllr Merryweather added: “Everybody is satisfied we are doing this properly for as close to as we can get to best value.”