Museo del Prado
Funding

In 1991, Manuel Villaescusa bequeathed his fortune of nearly $40 million in Madrid real estate to the Prado, to be used solely for the acquisition of paintings. The museum subsequently sold Villaescusa's buildings to realize income from them. The bequest suddenly made the Prado one of the most formidable bidders for paintings in the world.

Until the early 2000s, the Prado's annual income was approximately $18 million, $15 million of which came from the government and the remainder from private contributions, publications, and admissions. In 2001, the conservative government of José María Aznar decided to change the museum's financing platform, ushering in a public-private partnership. Under its new bylaws, which the Cortes Generales approved in 2003, the Prado must gradually reduce its level of state support to 50 percent from 80 percent. In exchange, the museum gained control of the budget — which was roughly €35 million in 2004 — and the power to raise money from corporate donations and merchandising. However, its 2004 €150 million expansion was paid for by the Spanish state.
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