Amid fears a Madrid museum could lose over 400 works from a major collection, a temporary loan agreement has been reached.
Earlier this week it was reported that the works, by artists including Monet, Rodin, Matisse, and Picasso, could enter limbo after the Museo Thyssen-Bornemisza museum failed to reach a new loan agreement with its owner, Baroness Carmen Cervera. The widow of an industrial tycoon, Cervera wanted a new contract that would allow her to loan works from the collection—valued at €750 million—to other museums within Spain and internationally. Cervera previously attempted to sell the collection to the Spanish state, though was ultimately unsuccessful. A six-month loan extension was signed in 2016, and expired on Monday; officials have drafted another extension for three months, during which time a longer lasting agreement will hopefully be negotiated. The dispute even attracted the involvement of Spanish government, with the Minister of Education, Sport, and Culture helping to negotiate the settlement.