The Masterworks Foundation has started 2004 on an optimistic note with the announcement from its capital campaign committee of an important new gift and other significant successes in the past year.

A $100,000 pledge from Bermuda-based Allied World Assurance Company, Ltd (AWAC) has pushed the total of funds raised to date over the $4 million mark, thus reaching two-thirds of its goal towards the building of a state-of-the-art museum which will showcase Bermuda art created by both international and local artists.

?The success of the capital campaign is attributed to the close partnership and shared vision of individual supporters, businesses such as AWAC, and the Government.

?The site of the new museum at the Arrowroot Building in the Botanical Gardens has been granted by the Bermuda Government for a ?peppercorn annual rent,? Foundation executive director Tom Butterfield said.

AWAC has pledged an additional $25,000 over the next five years in support of The Foundation?s educational initiatives.

Of AWAC?s pledge to the Foundation, AWAC vice-chairman Michael Morrison said: ?AWAC is pleased to support the Masterworks Foundation. Art and art education are part of Bermuda?s rich cultural legacy, and what the Foundation is doing has both historical and artistic significance.

?Its art collection gives all of us in Bermuda an opportunity to view and appreciate works by internationally recognised artists, while at the same time ensuring the preservation of the Island?s cultural treasures.

?We look forward to the opening of the art museum, and hope it will become a vehicle for greater cultural awareness and national pride here in Bermuda.?

AWAC?s cheque was presented by Mr. Morrision to illiam Madeiros, chairman of the Foundation?s capital campaign committee. Capital campaign honorary chairperson, Lady Vereker, and committee member Michael Hamer joined in expressing their thanks to AWAC for its support.

Mr. Butterfield said support from on-Island individuals had given the campaign its early impetus, and he noted that the local and international business community was now signalling its confidence in the importance of the new museum by participating in this phase of the campaign.

?We are now well on our way to building a true people?s museum. This pledge represents a tremendous contribution to the future of the arts in Bermuda?, Mr. Butterfield said.

?The museum provides the ideal chance for corporations to contribute to the building of a cultural institution which will be here for generations to come.

?It is very encouraging to see the interest in the array of naming opportunities for specific areas within the museum. This bodes well for the coming year.?

Initial construction work is scheduled to begin this winter, with a projected completion date in the autumn of 2005.