Masterworks Foundation Gallery.

And this week gallery chief Mr. Tom Butterfield said: "I'm absolutely thrilled -- it's wonderful.'' The cash was raised in just two-and-a-half hours in a Telethon on Tuesday night.

Mr. Butterfield said: "The goodwill and the commitment from hundreds of people was staggering.

"It was a great response and the overall feeling is that the evening was a tremendous success.'' All the money will go towards the purchase of three paintings of Bermudians by American artist Ambrose Webster. Mr. Butterfield said that the sum raised was just short of the $50,000 target set for the evening.

But he added: "We hope a trickle effect will mean we will reach $50,000 easily.

"I'm not only optimistic, I'm one hundred percent confident we will reach the target.'' The three Webster works, painted in Bermuda earlier this century, show a Bermudian couple, two sisters and a mother with two children.

Mr. Butterfield said: "To some extent these portraits may be considered the most important concerning Bermuda.

"I liken them -- and I'm not alone in this observation -- to Paul Gaughin's Tahitian paintings. They reveal a people and a culture and tell us something about ourselves. They will be really very exciting additions to our collection.'' When the paintings, which are in a private collection overseas but currently on show in Masterworks' Front Street gallery, will officially be handed over is as yet unknown.

But Mr. Butterfield said: "The acquisition date won't be known until all the money is in -- but we are able to make a commitment and say we will keep them here in Bermuda.'' After the official handover, the three paintings will be permanently housed in the National Gallery in Hamilton's City Hall.