In November 2022, Prime Minister Antonio Costa announced that the art collections of Ellipse and the bankrupt BPP would move into public custody. The inspection must take place within six months.
An official source said on Thursday that the latest inspections, which began in 2023, on art pieces acquired by the state from the Ellipse and BPP collections, are scheduled to begin next week, and are expected to be completed within six months.
Contacted by Lusa regarding the news reported by Expresso regarding this inspection, a contact source from the Museus e Monumentos de Portugal (MMP) indicated that “inspection of the missing pieces was agreed this week, which should begin next week.”
The same source indicated that “inspections of the Ellipse and BPP collections began in 2023, that is, before the exhibitions of the BBP collection were held at the Serralves Museum of Contemporary Art (between May 3 and November 5, 2023), and the Ellipse collection at MAC/CCB (currently underway).” in November 2022. Prime Minister António Costa announced that the bankrupt art collections Ellipse and Banco Privado Português (BPP) would move into public custody and be included in the State Collection of Contemporary Art (CACE).
It was agreed that the Portuguese state would become the owner of these two artistic groups through the exchange of credits worth 34.86 million euros, which it had with the BPP Liquidation Committee, after this banking institution, led by the banker João Rendero (1952-). 2022), after it went bankrupt.
According to the weekly newspaper Expresso, which cites the BPP liquidation committee, “In order to determine the value of the collections, the works of art must be examined by a tripartite commission that includes a representative from the Museus e Monumentos de Portugal, and another from the Holma [holding detentora da Coleção Ellipse]And an independent third party appointed by the two entities.”
In this regard, the BPP Liquidation Committee told the newspaper that “the inspection began this week and that the goal is not only to agree on the final value of the collections but also to verify the condition of the artworks.” To Lusa, MMP noted, in an email response to several questions, that “inspection of the missing parts was agreed this week, which should start next week.” It is estimated that the inspection will be completed within a maximum period of six months.
“The value of these collections has already been assessed, and it is now necessary to verify the effective state of conservation of each work and possible adjustment of the assessment value,” adds the same MMP source in response. MMP also states that the Ellipse collection “consists of 858 works, and the BPP collection comprises 385 works.”
“Regarding the works that have already been verified, those in the Ellipse collection are in the MAC/CCB and those in the BPP collection in the Serralves Museum. The artworks that have not yet been verified are in the warehouse in the Capeche owned by the Liquidation Authority,” the source noted. Himself when asked about the whereabouts of the business.
“When ownership is transferred to the State, these works will be incorporated into the State Contemporary Art Collection, under the supervision of the Museus e Monumentos de Portugal, with works from the Ellipse Collection (858 works) deposited in the MAC/CCB, and artworks from the BPP Collection (385).” Deposited in the Serralves Museum of Contemporary Art in Porto.”
Speaking to Expresso, Manuel Méndez Paulo, who chairs the Liquidation Committee (CL) of the bankrupt BPP, stated that upon completion of the inspection, “the business will transfer permanently to the state realm and with this debt guaranteed by the state in 2008 for €450 million, When a group of banks financed BPP assistance.”
In 2022, the Ministry of Culture indicated that the Ellipse Collection would move to public custody in exchange for a €30.1 million transfer of credit from consultancy Holma, while the BPP Art Collection would be merged for €4.76 million. . The two collections, totaling 1,243 contemporary works of art, include pieces by artists such as Nan Goldin, William Kentridge, Pedro Cabrita Reyes, Stan Douglas, Gabriel Orozco, Julião Sarmiento, Douglas Gordon, Helena Almeida, Lourdes Castro, and Pedro Calapez.
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