He ended up paying $176,900 for the work, which had a pre-auction estimate of between $60,000 and $80,000.

“I wasn’t confident when a couple of paintings went for four to five times they were estimated at,” he said yesterday.

The auction of 119 Nolan works took place in Melbourne on Monday night.

Mr Suta’s purchase — Shot — was especially significant, as it was the last Nolan painting.

The work from 1991, a year before Nolan died, portrays a wounded Kelly, his guns raised in a final gesture of defiance.

Shot was the last of 119 lots, and ended up being the biggest sale of the night.

The next biggest sale was the 1956 painting Armour in Landscape, which realised $97,600, while the work Kelly at Glenrowan from 1962 sold for $61,000.

The works come from the private collection of Lady Mary Nolan, Nolan’s third wife.

Mr Suta was shocked but clearly delighted by his purchase.

“I haven’t slept for 24 hours,” he said.

“Sidney Nolan is a famous painter. Shot was his last painting and I find it fascinating that he turned out that picture before his death.

“From my point of view it is a pretty good result.”

Mr Suta said he was now going through the process of insuring the painting “and then securing it”.

“I’m going to lend it to galleries that have already contacted me about the painting,” he said.

That was something he had been asked to do should he end up buying the work.

“I’m not going to interrupt that process,” he said.

Mr Suta said there were about five people vying for the painting, with barrister Trevor Monti QC putting in bids on his behalf.

That provided another link to the Kelly story — Mr Suta instructed Mr Monti in 2011 to obtain the release of Kelly’s remains to the family.