The UK's £16bn (€25bn) Railways Pension Fund will consider offers of between £2m and £5m for a bronze statue - the final work of art held by the scheme from the many it purchased in the 1970s as a hedge against inflation.

At its peak, the fund owned 2,425 works of art which have produced a real return of almost 4% per annum since purchase, according to Chris Hitchen, head of investments at the scheme, speaking at the National Association of Pension Funds investment conference in Eastbourne.