Falmouth Art Gallery made a brave attempt to acquire at auction an important painting by Charles Napier Hemy RA (1841-1917) for the town's collection. Sadly the painting went for £100,000 plus commission and import taxes to a private buyer via telephone.

A disappointed Falmouth Art Gallery curator Brian Stewart said: "It was not a record price for a Hemy, but a very high one. It is a very good painting. We are devasted to have come so close to acquiring the work, and then losing out. Nevertheless, we are most grateful to the Art Fund, MLA/V&A Purchase Grant Fund and private donations for giving us their support."

The gallery had raised significant funding from the Art Fund and MLA/V&A Purchase Grant Fund as well as assistance from The David Messum Gallery, London. However, in the end the bidding on the picture was just too high and the gallery was unsuccessful.

The painting was originally sold by the artist in 1904 and transported to Australia where it has remained until the present day, when it was auctioned by Bonhams.

Hemy settled in Falmouth in 1881, and produced many of his finest works here. He was Falmouth's first Royal Academician and along with Henry Scott Tuke is know internationally.

The large oil painting was originally titled The Crab Merchant at Sea' and was exhibited at the Royal Academy of 1904 (no. 52), when Hemy was at the height of his powers. The same year the Chantrey Bequest purchased London River (no. 236) for a £1000.

The painting was purchased in 1904 by the Knox family in memory of Sir Edward Knox 1819-1901 and presented to the Union of Universities and Schools Club of Sydney, Australia where it has remained until this sale.