Berardo company retains 214 artworks

 In Art assets, News

The Collections Association (Associação de Coleções), a company based in Funchal, Madeira, that is part of the companies owned by entrepreneur and art collector José Berardo, has acquired all the 214 works of art that had been bought by the Berardo Collection Museum (Museu Colecção Berardo) from 2007 with monies from an acquisition fund co-financed by the entrepreneur and the Portuguese State says Público.

The news was confirmed by the Ministry of Culture which stated that Berardo actioned an option for a guaranteed purchase under an agreement made in 2006.
This protocol, which goes back to the creation of the Berardo Collection Museum in the Cultural Centre in Belém, foresees that should the Berardo Collection – Modern and Contemporary Art Foundation be wound up, the collector or anyone appointed by him, may buy these works for the price they cost at the time, paying only he part that was disbursed by the State”.