While Britain celebrated the 50th anniversary of the Queen's coronation on Monday, the Masterworks Foundation was equally jubilant, having just acquired the third jewel in its Winslow Homer crown.

After 12 years of fruitless sleuthing, director Tom Butterfield finally got lucky, and the elusive watercolour entitled 'Opposite Ireland Island, Bermuda' resurfaced for sale from a private collection.

Believed to be the very last Bermuda Homer which will come on the market from a private collection - the others are in museums and galleries in America and Europe - Mr. Butterfield lost no time in signalling "We'll have it" on behalf of the Foundation.

Thanks to the generosity of an unnamed sponsor who has provided a bridging loan, the Foundation is already two-fifths of the way to reaching its target in relation to the hefty price tag.

The watercolour on paper measures 14 1/2 inches by 21 1/8 inches and was painted by Homer in 1899 during the first of three annual visits to Bermuda, and in the year in which he was particularly fascinated by the North Shore side of the Island, and specifically the area from Spanish Point to Shelly Bay.

The scene captured in 'Opposite Ireland Island, Bermuda' is from what is now known as Spanish Point Park looking toward Dockyard. It has survived its 104 years in excellent condition, with the colours as fresh and vibrant as if they were recently done.

Unsurprisingly, Mr. Butterfield is ecstatic that the Masterworks Foundation has been able to complete a trio of Bermuda watercolours by this renowned American artist for its permanent collection.

"I never thought in my lifetime that we would see one Winslow Homer, but thanks to a family trust on the Island and the Humann Foundation, Masterworks already has two, and now the third brings to a conclusion any oppportunities for a Bermuda Homer coming out of private hands again," he said. "It is one of the great works that Homer did on North Shore, and we have been tracking it for about 12 years. We knew it existed but we didn't know where it was from 1992 until we received an e-mail a few weeks ago."

Referring to the Foundation's plans to create a proper museum for its collection at the Arrowroot Factory in the Botanical Gardens, Mr. Butterfield noted: "This gives us even greater urgency to complete the museum by 2005."

The newest painting was unveiled to gasps of delight on Monday evening at Government House during a special reception by the Governor and Lady Vereker.

In expressing her own excitement, Lady Vereker said: "This really puts Masterworks in the big league, and that is what is so important. It repositions Bermuda more globally than ever."

At the same gathering, Mr. Butterfield also announced that he hopes to negotiate with the Bermuda National Gallery to have all three Homers displayed there in the near future, and if successful, a fourth companion piece would be loaned for inclusion.