Britain Drops Bid to Acquire Art Collection

Britain said today that it has dropped a bid to acquire one of the world’s greatest private art collections, belonging to Baron Hans Heinrich Thyssen-Bornemisza, after hearing he provisionally agreed to lend most of it to Spain for 10 years.

British Arts Minister Richard Luce told Parliament that the government has withdrawn its proposal to house the collection, rated in the art world as second in importance only to that of Queen Elizabeth II.

“Baron Thyssen-Bornemisza has entered into preliminary accord with the Spanish government, which is intended to lead to a loan of most of the collection for display in Madrid for a period of up to 10 years,” Luce said.

“In these circumstances, the government has withdrawn its proposal.”

Luce added that if the arrangements with Spain fell through and the collection’s trustees approached Britain about a long-term location here, it might reconsider its position.

The baron, a 67-year-old Swiss industrialist, has been seeking a permanent home to keep intact the bulk of his collection, estimated to be worth more than $1.4 billion. It consists of 572 Old Masters’ works and about 900 modern paintings.