A council is to go ahead with the controversial sale of the Henry Moore sculpture Draped Seated Woman to claw back money lost in budget cuts.
The sale, by Tower Hamlets Council, had drawn vocal opposition from prominent figures in the British art world, including film-maker Danny Boyle, Tate director Sir Nicholas Serota and the artist's daughter Mary Moore.
The artwork was originally sold to the council by Mr Moore at a below-market price in the 1960s with the understanding that it would be placed in east London.
It has been on loan to the Yorkshire Sculpture Park for the last 15 years and will now be put up for sale as Tower Hamlets attempts to make £100m savings by 2015.
The council said on their website that it was a "tough decision" but one that was made due to the "massive government cuts we are facing".
Earlier this month a number of leading arts figures signed a letter opposing the sale. The letter argued that "the mayor's proposal goes against the spirit of Henry Moore's original sale" and urged the council to reconsider. Danny Boyle had called for the sculpture, known as Old Flo, to be erected in the Olympic Park.
The council said that it looked at other options of displaying the sculpture in a public place, such as Victoria Park, but the insurance costs and threat of vandalism and theft were too high.
They said the risk of the sculpture being stolen was "very real" and pointed to a £3m sculpture by fellow West Yorkshire scupltor Barbra Hepworth that was stolen from Dulwich Park in 2005 and has never been recovered.
The council's decision was made at a cabinet meeting last night and drew an angry response from local politicians who had opposed the move.
A council spokesman said that the piece was expected to raise between £4m and £17m and will be sold through Christie's auction house.
On their website Tower Hamlets noted they are not alone in selling artworks in recent years. In 2011 Bolton Council put up 35 works of art to be sold from artists including Millais, Picasso and Hutchison, while in 2006 Bury Council raised £1.4m by selling LS Lowry's A Riverbank.