Portugal seizes art from businessman who owes almost £1bn

World The Guardian

José Berardo finally relinquishes trove including works by Miró, Mondrian and Bacon Portugal has seized a trove of contemporary artwork, including paintings by Joan Miró and Piet Mondrian, from its debt-riddled owner, the government has confirmed. For months, three Portuguese banks had tried but failed to seize the art collection from Portuguese businessman José Berardo. The 75-year-old had offered the works as collateral for his debt which totalled nearly €1bn (£920m). Continue reading... …

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