Page last updated at 13:10 GMT, Thursday, 8 April 2010 14:10 UK

Stanhope Forbes picture fails to sell at auction

Inner harbour - Abbey Slip, by Stanhope Forbes
The scene was painted by Forbes in 1921

A painting of Penzance by one of Cornwall's most important artists has failed to sell at auction.

"Inner Harbour - Abbey Slip" was painted in oils by Dublin-born Stanhope Alexander Forbes in 1921.

Forbes, regarded as founder of the Newlyn School of painters, died in Newlyn in 1947, aged 89.

Bids for the picture reached £170,000 but it did not meet the reserve price. It had been estimated to make between £240,000 and £260,000.

The picture has been in the possession of its current owner since 1973.

Auctioneers said they were debating with the owner whether it would be put up for sale again.

The Newlyn School favoured open-air painting, using the atmosphere and realism of local colour.

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