ABOVE: Portuguese business magnate Joe Berardo, who is donating a huge collection to the Portuguese government to start a new museum of 20th century art.

After ten years of bickering over the details of the deal, Portuguese tycoon Joe Berardo and the government of Portugal have reached an agreement that sees Berardo loaning a significant portion of his 4,000-strong collection to the state to start a new museum of 20th century art. While the bulk of the collection is comprised of old books, jewelery, coins, and other upscale garage-sale fare, it also includes some Picasso, Dali, Miro, Koons, Bacon, and Warhol. Like other art-rich collectors before him, Berardo was holding the government’s feet to the fire by threatening to move his collection to another country, probably France.

The 900 pieces mentioned in the deal will be set up and on display in a new museum by the end of the year, according to the Portuguese culture minister. But it looks like it’s not going to be a flashy new building per se, as the works are going to be housed in the Belem Cultural Centre in Lisbon. Perhaps they’ll tack on a new wing to put it in? Perhaps there’s another big-bucked portuguese industrialist looking for a museum extension to put his name on?

LINK: Reuters > Portugal to create museum of 20th century art