"One of the disadvantages in trying to build a collection of Bermudiana, is the difficulty of viewing original works by first-hand inspection,'' explains Masterworks exhibitions co-ordinator, Mrs. Elise Outerbridge.

"Transparencies and prints, while useful as a guide, offer a pale imitation of the real thing.'' This was certainly the case with Winslow Homer's 1901 oil painting of the S.S.

Trinidad off the North Shore, which was recently loaned to Masterworks for a period of five days by Sotheby's of New York.

"Fortunately, we have established quite a rapport with them,'' she says, "and they agreed to let us borrow the painting so that we could have it on show for the Queen's visit to the National Gallery.'' This painting is just one of several which the Masterworks Foundation brings in on loan, in the hope that funds might be raised by individuals or companies to purchase, and so secure for them a permanent home in Bermuda.

The current show offers a broad selection of such works, in oils and watercolours, and ranging from portraits to landscapes by artists from Britain, the US and Canada. They include two landscapes by celebrated Canadian artist, John Lyman -- one of the Great Sound from Harbour Road, and one of St.

George's.

One of the most attractive pictures on view is a large oil by American artist Ambrose Webster of three Bermudian females, entitled `Marjorie, Joy and Louise.' Says Mrs. Outerbridge, "We would still like to try and identify these models, so if anyone has any idea who these ladies might have been, we would like to hear from you!'' Webster made more than a dozen visits to paint on the Island between 1914 and 1929.

There is an interesting watercolour by Evelyn Bicknell which was originally mistitled `Higgins Beach, Maine'. It took the eagle eye of Mr. Stephen Lusher to notice the mistake when he was browsing through an art catalogue. He instantly recognised the picture as in fact depicting the North Shore of Bermuda.

"This is a perfect example of why it is so important to personally view the original,'' comments Mrs. Outerbridge. "It wasn't until the piece arrived here that we were able to pick up minuscule longtails, an old ruined chimney and the buildings of Dockyard in the distance.'' Other pictures "on borrowed time'' include a set of seven watercolour views of the Island painted by John Plummer in 1885, Charles Hawthorne's `The Emerald Wave', a view of St. George's Bay by Ogden Pleissner and `Behind the Bake Shop' by George Ault.

At present, says Mrs. Outerbridge, the Foundation's most pressing financial commitment is the repayment of a bank loan used to secure `Trees and Roofs', by famed American modernist, Charles Demuth while he was in Bermuda in 1917 with fellow-artist, Marsden Hartley.

To this end, Masterworks director Mr. Tom Butterfield is about to undertake what he says will definitely be his last London Marathon (on Sunday, April 17). Funds raised from this heroic undertaking will go towards payment to secure this unique work.

"We're very pleased with the way pledges are coming in, and there's still a week to go before I leave for London, so there's every hope that this fund-raiser may realise its goal,'' says the irrepressible Mr. Butterfield.

He has also announced that a special reception will be held at the gallery on May 16, "so that sponsors and interested members can come along and find out how much we've managed to raise and how the money will be spent.'' Enquiries concerning any of the borrowed paintings, or those wishing to pledge for Tom Butterfield's last Marathon run, are asked to call Masterworks at 295-5580, Monday through Saturday, between 10 a.m. and 4 p.m.

LOANS FOR MASTERWORKS -- A Bermuda painting by Winslow Homer is just one of a selection which are loaned from time to time to the Masterworks Foundation, for consideration by overseas institutions. This Homer painting of the North Shore has since been returned to New York, but many others are currently on show at the Masterworks' Front Street gallery.