In 1992 took place the opening of the new building, which houses the Museum of modern art. This building was the Fort St. James (the fortress of são Tiago), which is located in Velha Area, the so-called old part of Funchal.

The Museum of modern art in Funchal is one of the best art museums in Portugal. The collection of this Museum is a wonderful and unique by the fact that most of the paintings exhibited in the Museum, donated by the artists. The Museum collection is constantly expanding. Also, in order to replenish and expand the collection, the Museum acquires paintings, however, the price is usually purely symbolic. From time to time, the Museum changes its exhibits, since little space for exhibitions, and all exhibits may not be demonstrated at the same time. The Museum also supports young artists by providing them with exhibition displaying the works of these artists.

The Museum's permanent collection consists of paintings by Portuguese and Madeiran artists since the 1960's. Visitors can admire the works of artists of the 60-ies of XX century - Artur Rosa, Helena Almeida, Joaquim Rodrigo, Manuel Baptista, Antonio Area, Jorge Martins and Nuno Siqueira. The next period of 70-80 years is represented by the works of Bartolomeu Led doshas Santos, Lived Texeira Lopez, Antonio Palolo and many other artists. Among recent acquisitions of the Museum it is worth noting the work of artists of the 90's – Hilda David, Ana Vidigal, Pedro Babito the Flight of the Sophia Range and other. Lovers of Portuguese works of art will appeal to an exhibition of works by Vieira da Silva, a French artist of Portuguese descent.