A Portuguese collector’s blue-chip art has been seized to settle $1.1 billion in debts.
The Museu Coleção Berardo in Lisbon. Photo by Metro Centric, via Wikimedia Commons.
The art collection of billionaire José Berardo has been seized by the Portuguese government to help settle his debts of nearly €1 billion ($1.1 billion). Yet the Lisbon museum that showcases work from his collection, Museu Coleção Berardo, will remain open and continue its current programming as planned, according to a report in The Art Newspaper.
Since 2017, three Portuguese banks had been trying to take hold of 75 percent of Berardo’s collection, which had been put up as collateral for his debts. According to reports cited by The Guardian, it’s unclear if the creditors will eventually take possession of parts of the collection, which is currently being held by the state.