“The Wisdow of the Earth” by Romanian-born sculptor C. Brancusi is valued at 11m Euro | Photo: artmarkt.ro

The long saga of “The Wisdow of the Earth”, one of the finest artworks of Romanian-born modernist sculptor Constantin Brancusi, may be nearing an end after the Romanian government announced its intention to buy the sculpture after years of disputes with its owners.

The government is offering 11 million euro for the sculpture, some 5 million euro from the state budget, and will launch a public subscription to raise the rest, Culture Minister Vlad Alexandrescu announced on Wednesday on Facebook.

The announcement was hailed by many in Romania, including art lovers, who see the sculpture as an iconic image of the country. The former Communist regime extensively used the statue in history manuals and books about national identity.

But the owners of the statue still doubt the government will keep its promise and pay up. “When we reached the agreement on the transaction, the government said it had all the money. Now, I notice that Culture Minister says Bucharest needs to raise part of it,” Bogdan Grabowski, the lawyer for the sculpture’s owners, said on Thursday. “The government has only 14 days at its disposal to pay the entire sum,” he added.

The statue’s history reflects the turmoil of Romania’s recent history. “The Wisdom of the Earth” was carved in 1907 by Brancusi, who spent most of his artistic life in Paris. Four years later, Gheorghe Romascu, a Romanian engineer and art lover, bought it.

The Communist regime confiscated it in 1957 and it became the subject of a long legal battle after the Communist regime of Nicolae Ceausescu fell. In 2008 the artwork was returned to the family of the original owner.

The owners decided to sell it in 2014 and asked for 20 million euro. The Romanian state, which has first rights, in the first instance offered 5 million euro. More negotiations followed and an agreement was reached only this week.

The statue represents a woman, carved from limestone, who sits looking enigmatically ahead. It is currently on display at the Cotroceni National Museum in Bucharest.

Known as “the father of modern sculpture,” Brancusi was one of the most influential sculptors of the 20th century as well as a painter and a photographer.

Romania last month marked 140 years since his birth with many public events organized in his honour in Romania and abroad.

Last year, one of the first versions of Brancusi’s work “La Muse Endormie” [“The Sleeping Muse”] auctioned in New York for $9.12 million US.