17 October 2012 Last updated at 10:43 ET

No buyer for Irma Stern painting to fund African scholars at Oxford

Irma Stern's subject matter included exotic figures and landscapes

A South African painting, being auctioned to fund a scholarship for African students at Oxford University, has failed to sell.

The Irma Stern painting, Portrait of a Young Mpondo, features a young warrior and dates from the 1930s.

Auctioneers Bonhams had said the painting was expected to fetch between £200,000 and £300,000.

It had been hoped the sale would fund a postgraduate scholarship for African students at Oxford University.

The painting was formerly owned by South Africa's wealthy Oppenheimer family and gifted to the university.

It was part of the collection of Sir Ernest and Lady Oppenheimer, from Johannesburg.

Sir Ernest was a key benefactor of the university.