IT HAS long been one of the most-recognisable images, associated with whisky and Scotland’s romantic heyday in the Victorian era, and has even loaned its name to a popular television series.

Now the iconic painting The Monarch of the Glen, by Sir Edwin Landseer, could be staying permanently in Scotland, thanks to a deal done by the world’s largest whisky producers, Diageo, and the National Galleries of Scotland (NGS).

There remains the small matter of NGS raising £4 million to complete the deal to keep the painting in Edinburgh, where it has been a major attraction in the 17 years since Diageo first loaned it to NGS.

The whisky giant had stated it would put the painting to auction and Christie’s had estimated it could fetch up to £10m, far in excess of anything ever paid for a Landseer before. His auction record stands at £1.15m for Scene in Chillingham Park: Portrait of Lord Ossulston, or Death of the Wild Bull, which was sold by Christie’s in 2003.

Once the emblem of whisky firm Dewars, The Monarch of the Glen features a “Royal” stag believed to be standing in Glen Affric. It dates from 1851, when Sir Edwin was commissioned to paint three works for the House of Lords. The artworks were instead sold into private hands and The Monarch of the Glen was bought by the Earl of Londesborough.

It was last bought at auction 100 years ago by soap company Pears, from whom Dewars acquired it. Christie’s were responsible for selling the painting then and have assisted in ensuring it now finds a permanent home in the Galleries.

Jussi Pylkkanen, global president of Christie’s, said: “This superb painting was purchased from Christie’s in 1916, and it is fitting exactly 100 years later in our 250th year it has the opportunity to find its permanent home in the National Galleries of Scotland.”

If the fundraising campaign is successful – and NGS sources are confident the money can be raised – the painting will pass from private to public hands for the first time.

Sir John Leighton, director-general of the National Galleries of Scotland, welcomed Diageo’s partnership approach. He said: “We are delighted with this grand gesture by Diageo, which offers a once-in-a-lifetime opportunity for this major work to be acquired for the nation.

“The Monarch of the Glen is an iconic image which is famous across the world. The ideal home for such an important and resonant picture is the Scottish National Gallery, where it can be enjoyed and admired by millions of visitors in the context of the nation’s unrivalled collection of Scottish, British and European art.”

David Cutter, Diageo’s senior director in Scotland and president of global supply and procurement, said: “We are delighted to partner with the National Galleries of Scotland, to create the opportunity for The Monarch of the Glen to remain on public display in Scotland on a permanent basis.”

Political reaction was for once unanimous. Fiona Hyslop, cabinet secretary for culture, tourism and external affairs, said: “Recent reaction to news of its auction underlined the importance of this painting and I’m pleased the National Galleries and Diageo have agreed a plan to ensure its long association with Scotland can continue.”

Secretary of State for Scotland David Mundell said: “The Monarch of the Glen is a unique piece of Scotland’s rich cultural heritage and this is very welcome news in the National Galleries’ ongoing effort to keep this iconic painting on public display.

“The UK is home to some of the world’s great artworks, and it is important that they remain in our fantastic museums and galleries”