Masterworks Foundation came up with the scheme to show artworks from its Bermudiana Collection which it has no room to exhibit at its Bermuda House Lane gallery -- and in the meantime raise thousands of dollars.

The gallery is hoping to rent out some 60 artworks from the collection to brighten up the interiors of Bermuda-based international companies.

Mid Ocean Reinsurance was the first company to take part in the scheme and yesterday handed over a cheque to Masterworks to rent 14 paintings, worth a total of $25,000.

Glaxo Insurance and Renaissance Reinsurance have also joined in the scheme.

Masterworks trustee Mr. Tom Butterfield, on hand to accept the cheque, said international companies had shown enthusiasm for the idea and he hoped to soon have rented out all 60 of the Bermuda artworks.

"We are making an 18-20 percent return on our investment (in buying Bermuda artworks),'' he said.

Bermuda sketches, oil paintings and limited edition prints would be rented out. Original watercolours had to remain at the gallery for preservation purposes, he said.

The beauty of the scheme, he said, is that Bermudian paintings are shown throughout the year and if the gallery needs them back for an exhibition it can always borrow them.

RENT-A-PAINTING -- Mid Ocean Re claims processor Mrs. Kim Durham presents a cheque to Masterworks Foundation trustee Mr. Tom Butterfield for one-year's rent for 14 paintings worth $25,000 from its Bermudiana Collection.