History
In 1991, the Basque government suggested to the Solomon R. Guggenheim Foundation that it would fund a Guggenheim museum to be built in Bilbao's decrepit port area, once the city's main source of income. The Basque government agreed to cover the US$100 million construction cost, to create a US$50 million acquisitions fund, to pay a one-time US$20 million fee to the Guggenheim and to subsidize the museum's US$12 million annual budget. In exchange, the Foundation agreed to manage the institution, rotate parts of its permanent collection through the Bilbao museum and organize temporary exhibitions.
The museum was eventually built at a cost of US$89 million. About 5,000 residents of Bilbao attended a preopening extravaganza outside the museum on the night preceding the official opening, featuring an outdoor light show and concerts. On October 18, 1997, the museum was opened by Juan Carlos I of Spain.
Read more about this topic: Guggenheim Museum Bilbao
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