The Netherlands and France will split ownership of a portrait pair painted by Rembrandt after a potential bidding battle was averted. A deal was struck to buy the works at €160m from France's Rothschild banking family.

The 1634 full-length double wedding portraits - Portrait of Marten Soolmans and Portrait of Oopjen Coppit - have been in the Rothschild's private collection in France since 1877.

After the Netherlands said it had 160 million in financing to buy the pair last month, France offered up 80 million euros ($89 million) for just one portrait.

“We believe these two rare portraits should always be allowed to be admired together, alternately between the Rijksmuseum and the Louvre, so they are accessible to the broader public, both young and old,” Jet Bussemaker said in a letter to the Dutch parliament.

Dutch prime minister, Mark Rutte, and the French president, François Hollande, finalized the joint purchase at the United Nations this week.

“A few months ago it still seemed unthinkable. But now two beautiful portraits will be together in the public domain, in two museums of world fame,” Rijksmuseum director Wim Pijbes, told Dutch Radio 1.