A painting by one of Britain’s leading 20th Century artists must stay in the country in the hope that one of its galleries or institutions will buy it, the government said.

Sir Stanley Spencer, who was born and spent most of his life in Cookham, Berkshire, is probably best known for the series of artworks he created on the theme of resurrection.

The Resurrection of the Good and the Bad, finished in 1915, is the first piece exploring that topic and is an “immensely valuable” piece to use in the study of his work, the Department for Digital, Culture, Media and Sport (DCMS) said.

Bids for the painting, with a recommended price of £450,000, will be welcomed until mid-December.

The diptych – an artwork spread across two panels – shows the Good on the left and the Bad on the right.

The export ban for the painting was recommended by the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest (RCEWA) and accepted by arts minister Ruth Mackenzie.

Mark Hallett, a member of the RCEWA, said: “The Resurrection of the Good and the Bad is crucial to a better understanding of this central strand of Spencer’s artistic practice and is deserving of a great deal more research.

“It is imperative that we try and keep it in the UK.”