The Berardo Collection controversy

The Portuguese Government is seeking to reevaluate the Berardo Collection. The collection is on public display through a protocol signed with the Government, where after a certain number of years, the state has an option to acquire the collection. The snag is that 75% of the collection has also been given as guarantee for several bank loans. Berardo reportedly borrowed around a billion Euros to buy bank shares which are now estimated to be worth only 70,000 Euros. The collection had initially been estimated by Sotheby’s to be worth over 300 million Euro. Some time ago, it emerged that Berardo, instead of contributing to the collection financially, as set out in the protocol signed with the state, had instead been providing new acquisitions. He recently acquired the complete ouevre of an unknown Madeiran artist, which was billed, in Madeira, as a great discovery, to be coveted by many museums the world over.