MADRID.- The Royal Board of Trustees of the Prado Museum in its annual meeting approved the deposit and exhibition of Buste de Femme 43, by Pablo Picasso from 1943. The painting is a donation to American Friends of the Prado Museum from the Aramont Art Collection of the Arango Montull family.

The Royal Board of Trustees of the Prado Museum also accepted the generous donation of the Portrait of Philip III by Velázquez by American Friends of the Prado Museum which had been deposited at the Prado since 2016.

Javier Solana, Chairman of the Board, stated “American Friends’ actions are certainly great news for Spain and all those who visit our country attracted by our artistic and cultural heritage. A painting from one of our greatest artistic geniuses which up to now had been in a United States’ private collection will be displayed in public thanks to the Arango Montull Family’s and American Friends’ generosity, for all of those who love Picasso’s work, our museums and culture.”

In addition, during the annual meeting the Board of Trustees approved the financial results for 2020 impacted by the health crisis associated with the world pandemic and resulting in an annual loss of 18,5 million euros.

Miguel Falomir, Director of the Prado Museum, indicated “the Museum has been able to overcome great challenges continuing to operate effectively while maintaining its activities and excellence which make the Prado a Spanish cultural jewel internationally.




American Friends of the Prado Museum continues to fulfill its mission to support the Prado Museum with the deposit of Buste de Femme 43 by Pablo Ruiz Picasso and the donation of the Portrait of Philip III by Velázquez, while working closely with the Museum in a broad range of initiatives and projects.

Javier Solana, Chairman of the Board, stated “American Friends’ actions are certainly great news for Spain and all those who visit our country attracted by our artistic and cultural heritage. A painting from one of our greatest artistic geniuses which up to now had been in a United States’ private collection will be displayed in public for all of those who love Picasso’s work, our museums and culture. The Arango Montull Family’s and American Friends’ generosity is helping enrich Spanish cultural heritage.”

He added that “the Spanish institutions reacted swiftly to carry out the process which augments Spain’s artistic offering.”

Solana explained that the initiative came from the representatives of American Friends and the Ministry of Culture was immediately informed. The Chairman expressed his gratitude to the Ministry of Culture and Sports for its support for this deposit.

The Director of the Museum, Miguel Falomir, expressed his gratitude to the donors. Mr. Falomir is very pleased with the interest and commitment to the Prado Museum coming from collectors in United States. He added, “this deposit is excellent news for our institution whose primary mission is to make art accessible to everyone.”

The Board of Trustees of the Prado Museum in the meeting today approved the financial results for 2020 which ended with a loss of 18,5 million euros. Revenues declined 75.5% from 33.1 million to 8.1 million due to an 84% decline in ticket sales from our 2019 all-time record of visitors and a 90% decline in Prado Store and restaurant revenues. Nevertheless, both the government funding of 15,2 million euros and the corporate and individual support of 3,8 million euros remained consistent with prior years