With the opening of its Terrace Gallery at Dockyard, the Masterworks Foundation will, in a sense, have come full circle.

Due to celebrate its tenth anniversary this July, Masterworks was originally formed with the primary aim of bringing Bermudian, or Bermuda-related artwork home. Successful, in many ways, beyond its dreams in that it has acquired works by such stellar figures as Winslow Homer and Georgia O'Keeffe, the Foundation continues to turn up fascinating examples of artists who came here to paint -- the latest acquisition is the "Winter Light'' show at the Bermuda National Gallery by American artist Niles Spencer providing a fine example.

Now, however, this aspect of the work progresses to the next logical step, which is to establish an artist-in-residence scheme. Artists from both Bermuda and overseas will once again come here to paint. As part of the arrangement, each artist chosen will be expected to donate a work to the Foundation, thus continuing to upgrade Masterworks' core collection.

Thrilled by the acquisition of space at Dockyard which will serve as studio, gallery and temporary living quarters (plus a small, attractive courtyard) for visiting artists, assistant director Elise Outerbridge says, "We are so thrilled. I have to keep pinching myself because I can't believe this is actually happening!'' Speaking to The Royal Gazette after the first "Open Day'' held at the new venue on Sunday, she and director Tom Butterfield are convinced that this latest venture will help to further establish the Dockyard area as a vibrant and successful arts centre -- a view held also, apparently, by Cultural Affairs minister Yvette Swan, who was impressed during her visit there at the weekend.

"I think we all realised that this whole area is an architectural jewel and, therefore, the most perfect setting for an arts centre,'' enthuses Mr.

Butterfield. "We believe that opening up this studio and gallery, which was originally built in 1849, will move that perception forward and will be of benefit to the entire Dockyard concept.'' He emphasises that Masterworks is working closely with the Arts Centre at Dockyard.

"We have had a very good meeting with curator Julie Hastings-Smith, with discussions on how we can utilise each other's energies in terms of joint events and fund-raising.'' He points out that the Arts Centre already has a strong workshop programme in place, "so if one of their workshop artists wanted to stay here for a while, we could now offer them a place to stay. The aim would be to fit our artists into the existing programme.'' `Artists-in-residence' scheme From Page 23 The studio space where artists-in-residence would live is especially attractive as it has natural northern light, says Mr. Butterfield. It is hoped the gallery will be open by March 15 with the first visiting artists (as yet unnamed) arriving shortly thereafter.

With plans for the first two or three visiting artists still being finalised, Mr. Outerbridge says the Terrace Gallery will be open seven days a week.

"We are not an entrepreneurial outfit but we do think it should be open all week, especially in the season.'' Admitting he was "amazed'' by the number of people making obviously "casual'' visits to the West End, Mr. Butterfield says he believes the potential for Dockyard is almost limitless.

"Now, we have a need for more volunteers so we are making an urgent appeal for people at the West End who would like to help out -- maybe in tandem, such as retired couples. And guess what! There is no meter maid up there. We have found that the parking hassle has been a big problem in attracting volunteers in Hamilton.'' Mr. Butterfield emphasises that the proposed artist-in-residence scheme will embrace people from Bermuda and from overseas. "It is absolutely essential to keep the outside influence strong here -- Bermuda is already extremely isolated and insular in artistic terms,'' he points out. "But we don't want to think merely in terms of artists from other countries, but also from different areas, even different continents. The Caribbean, for instance, has a very strong and pervasive artistic spirit and Dr. Swan is in process of finding us an artist from that area.'' It is expected that artists would visit for a minimum of a month and a maximum of three months. "If there is any difficulty in getting this scheme off the ground,'' adds Mr. Butterfield, "it will be in getting the artistic community here to get together! We feel there is a real need to have artists from other lands and to strengthen this sense of exchange. One of the stipulations is that they will have to conduct workshops at some point, to leave the studio open for schools and other groups to come in at certain times to observe the artistic process.'' Masterworks sees this project as a "win-win'' situation on several levels.

"First of all, it will involve local artists. Secondly, artists from overseas will be able to experience the Bermuda environment and third, it will be a tourism draw and another way to accent the concept of cultural tourism.

Conversely, when artists exhibit their work they will be painting Bermuda, or the spirit of Bermuda. It might be abstract, but will still reflect the colour and spirit of this island.'' Masterworks has come up with an ingenious plan to help pay for this latest project. "Dreams are built one brick at a time,'' says Mrs. Outerbridge. "We are asking people to buy one brick for $50 and your name -- or your children's, dog's, cat's or canary's name -- can be `in-mortar-ised' forever on the brick.'' Bill Outerbridge of Pembroke Tile has donated the old bricks from previous excavations and the Island Pottery is painting the names on the bricks which will be set up in the courtyard.

Mrs. Outerbridge is also hopeful that this latest project might help produce another "master'' from within the ranks -- aspiring or current! "We see this as another step forward which will certainly not detract from any other organisation. On the contrary, it is a way of enhancing all the other arts and, if successful, could lead to the inclusion of other branches of the arts, such as poets, dancers, actors, and so on.'' Anyone who would like to purchase a brick or volunteer with the Dockyard project is asked to telephone Masterworks at 295-5580.

NEW GALLERY -- Masterworks' Elise Outerbridge.