The star-studded art collection of Portuguese tycoon José “Joe” Berardo, seized by the state in 2019, will be a key feature of the new Museum of Contemporary Art (Museu de Arte Contemporânea/Centro Cultural de Belém) in Lisbon, opening on October 28.
Key Takeaways
- Event: Opening of the Museum of Contemporary Art in Lisbon on October 28.
- Highlight: Berardo Collection, seized in 2019, will be a central exhibit.
- Other Collections: Ellipse Collection and Teixeira de Freitas Collection will also be featured.
- Special Exhibition: Solo exhibition by Belgian artist Berlinde de Bruyckere.
- Legal Status: Berardo Collection remains in legal limbo, pending court decision.
The Berardo Collection
The Berardo Collection, assembled by José “Joe” Berardo, includes around 900 works by renowned artists such as Picasso, Joan Miró, Piet Mondrian, Gerhard Richter, and Francis Bacon. Valued at €316 million ($352 million) in 2006, the collection’s worth has likely increased significantly over the years.
Seized by the state in 2019 due to Berardo’s failure to repay over $1 billion in debt collateralized by the artworks, the collection will now be a focal point of the new museum. Despite the seizure, Berardo remains the legal owner pending a court decision.
The New Museum
The Museum of Contemporary Art (MAC/CCB) will open its doors on October 28, featuring the Berardo Collection, the Ellipse Collection, and the Teixeira de Freitas Collection. The museum aims to serve as a platform for dialogue and understanding of various artistic paths and contemporary art practices, bridging the past and present.
Other Collections
- Ellipse Collection: Consists of 860 works assembled by the late former banker João Rendeiro. After his bankruptcy and subsequent death in a South African prison, the collection was incorporated into the state art collection.
- Teixeira de Freitas Collection: Another significant collection to be featured in the new museum.
Special Exhibition
The inaugural presentation will also include a solo exhibition by Belgian artist Berlinde de Bruyckere, adding a contemporary touch to the museum’s opening.
Centro Cultural de Belém (CCB)
CCB, Lisbon’s main cultural complex, spans over 1 million square feet and offers a wide variety of arts and culture programs, including visual arts, architecture, and performing arts. The complex has been home to the Museu Coleção Berardo since June 2007.
Legal and Financial Background
The Berardo Collection was seized after three Portuguese banks—Caixa Geral de Depósitos, Banco Comercial Português, and Novo Banco—failed to collect on Berardo’s mounting debts. The artworks had been placed as collateral for nearly €1 billion ($1.1 billion) in bank loans. Berardo was arrested in 2021 over alleged fraud but was later released on bail. As of May this year, no charges have been filed.
Future Prospects
The new museum is expected to be a significant cultural landmark in Lisbon, offering a rich blend of historical and contemporary art. The inclusion of the Berardo Collection, despite its legal complexities, adds a layer of intrigue and value to the museum’s offerings.
