A deal could be sealed by the end of the week for the sale of a rare warplane owned by Sir Tim Wallace.
The 1940 Hawker Hurricane, one of only 11 remaining worldwide, was put up for auction in Melbourne on Sunday night, but failed to reach the reserve price of $3.2 million.
The aircraft had been expected to fetch up to $4 million but the highest bid was $2.9 million. Catherine Davison of Bonhams & Goodman auctioneers says the losing bidder now has the right to negotiate.
The plane, a survivor of both the Battle of France and the Battle of Britain, was restored by Sir Tim, an aviation enthusiast, in the 1990s.