A new panel has been established to assist with the retention and public display of important cultural items that might otherwise be sold outside the UK.

The Treasures for Our Future panel, to be chaired by Sir Martin Jacomb – formerly a trustee of the National Heritage Memorial Fund and chair of the British Council – was announced on 15 October at a reception at 11 Downing St and has been created to provide a forum where owners can discuss the disposal of their cultural assets and ensure they remain in this country.

The panel will also provide help to public institutions in the UK which are seeking to acquire items – including advice on fundraising, although it will not be a funding body for acquisitions.

Sir Martin said: “For too long we have seen one crisis after another as it is announced that important items are to go under the auctioneer’s hammer. Museums, archives and libraries are then faced with a desperate race against time to negotiate an acquisition, before the hammer falls.”

Other members of the panel include Neil MacGregor, director of the British Museum; David Barrie, director of the National Art Collections Fund and Loyd Grossman, chair of the Campaign for Museums.

Administrative assistance will be provided by Resource: The Council for Museums, Archives and Libraries.