Lisbon

Gulbenkian: the museum that takes us back to 1969

It reopens after 12 months of renovation work, prioritising authenticity over the pursuit of visitor numbers, thanks to the Foundation – which has assets of 3.7 billion – and its new director, Xavier F. Salomon

Calouste Gulbenkian Museum (foto Pedro Pina)

4' min read

Translated by AI
Versione italiana

4' min read

Translated by AI
Versione italiana

Most international museums use expansion projects to increase their services, exhibition space and visitor numbers, but the Gulbenkian Museum in Lisbon, following a closure of around 12 months, has chosen to “take a step back”: returning the museum to its 1969 design, prioritising the aesthetic experience over the pursuit of large visitor numbers. Seventy years after the founding of the Fundação Calouste Gulbenkian and almost sixty years after the museum’s opening, the institution is returning to its roots with a €7.7 million project, as outlined in the 2025 budget, which aims to restore the architecture, the exhibition layout and the atmosphere conceived in 1969, whilst updating the facilities without altering its identity. This is a counter-trend decision at a time when many museums are investing to expand their spaces, increase services and attract new visitor numbers.

Il direttore del Gulbenkian Xavier F. Salomon

Leading this new phase is Xavier F. Salomon, an art historian born in Rome, formerly a curator at the Metropolitan Museum of Art in New York and Deputy Director of the Frick Collection, where he also oversaw the institution’s complex process of transformation and reopening. Appointed director of the Gulbenkian in July 2025 and taking up his post in early 2026, Salomon thus found himself, for the second time, managing the delicate balance between a historic collection, an architectural legacy with a strong sense of identity, and the demands of a contemporary museum.

Loading...

Calouste Gulbenkian Museum (foto Pedro Pina)

A choice that goes against the grain: a return to authenticity

At the heart of this new challenge lies a collection born of the vision of Calouste Sarkis Gulbenkian (1869–1955), an Armenian oil magnate who built up one of the most extraordinary private collections of the 20th century. Manet, Renoir, Rembrandt, Guardi, as well as one of the most important collections of René Lalique and artefacts from ancient Egypt, Greece and Mesopotamia: an encyclopaedic collection that reflects its owner’s cosmopolitanism and which, following his death, was transformed into public heritage.

It is precisely this concept of a collection, rather than the quality of the individual masterpieces alone, that makes the Gulbenkian a unique case. The museum brings together different eras and cultures within a modernist building designed by Ruy Jervis d’Athouguia, Pedro Cid and Alberto Pessoa, where art, space and nature form part of the same experience. The reopening has chosen to preserve this relationship and, alongside more discreet LED lighting, anti-reflective glass, the return of fabrics on the walls and, above all, concise captions without multimedia screens, because – in Salomon’s view – “nothing must compete with the works or the architecture”.

Behind this decision, however, lies a factor that sets the Gulbenkian apart from much of the European museum system: the financial strength of the Fundação Calouste Gulbenkian, one of Europe’s leading private cultural foundations, which supports the museum and the Centro de Arte Moderna – CAM – where, until 28 September, Rosa Barba is presenting ‘Drawing Vocabularies’, a site-specific installation and the Italian artist’s first exhibition in Portugal.

Key figures for the 2025 financial year

The figures for 2025 highlight the most important feature of the Gulbenkian model: the Foundation has financial assets of such a scale that it can sustain its cultural, scientific and philanthropic mission over the long term. The return on financial investments constitutes an essential source of funding, whilst the assets are preserved and feed into the Capital Fund. The most interesting figure, therefore, is not merely how much the assets yield, but the extent to which their size enables the Foundation to maintain autonomy in its cultural decisions. Even in 2025, a year characterised by a much lower financial return than the previous year, net assets have grown and the Foundation has retained a significant capacity to invest and support its activities.

At the end of 2025, the Fundação Calouste Gulbenkian’s net assets stood at 3.718 billion euros, an increase of 51.4 million – equivalent to 1.4 per cent – compared with the previous year, thanks mainly to the positive return on its portfolio of financial assets. Total assets stood at €4.009 billion, up 0.3% from the €3.996 billion recorded in 2024, with this change driven mainly by the performance of current financial assets, in particular listed shares and investment funds.

In 2025, the portfolio generated a financial return of €196.5 million, less than half the €454.3 million recorded in 2024, a particularly favourable year for the markets. Despite the sharp decline in financial performance, net assets therefore continued to grow. In 2025, a further €65.1 million was transferred to the Capital Fund – the fund set aside to support the Foundation’s mission over the long term – down from €347.9 million in 2024.

In terms of costs, the Foundation recorded a significant reduction: operating expenses fell to €115.1 million, down 10.3 per cent from the €128.3 million recorded in 2024. This reduction is mainly due to the transfer of the Gulbenkian Institute for Science’s scientific research activities to the Gulbenkian Institute for Molecular Medicine Foundation (GIMM). The operating profit stood at €11.7 million, down on 2024, mainly due to the reduction in external funding for IGC research projects transferred to the GIMM.

Cash flows also fell, from €64.8 million in 2024 to €26.8 million in 2025, mainly as a result of investment activities, which saw a higher volume of disposals of financial assets and a lower volume of acquisitions.

Loading...

Overall, the financial statements paint a picture of a Foundation with strong financial and capital resources, capable of sustaining its cultural mission even in the face of a much more modest return on financial investments compared with the previous year. It is this factor that enables us to view the reopening of the Gulbenkian Museum and the investment of €7.7 million in its refurbishment not merely as an architectural project, but as part of a long-term cultural strategy.

Copyright reserved ©
Loading...

Brand connect

Loading...

Newsletter

Notizie e approfondimenti sugli avvenimenti politici, economici e finanziari.

Iscriviti