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Santander defends the transfer of the Gelman Collection to Spain amid the heritage dispute
The controversy surrounding the Gelman Collection—one of the most important private collections of 20th-century Mexican art—has escalated in recent months following the announcement that a substantial portion of the collection will travel to Spain to be exhibited at Faro Santander starting in September. In response to criticism, Banco Santander has publicly defended the legality of the operation, maintaining that the transfer is being carried out in "full compliance with Mexican law."
Assembled throughout the 20th century by collectors Jacques and Natasha Gelman, the collection is notable for its exceptional core of works by Frida Kahlo, comprising ten paintings, as well as pieces by Diego Rivera, Rufino Tamayo, and other key figures of Mexican modernism. Several of these works are currently on display at the Museum of Modern Art in Mexico City.
The conflict intensified at the beginning of this year when Santander announced it had reached a long-term agreement with the Zambrano family to manage 160 of the approximately 300 works that comprise the Gelman Collection. The announcement came about a year and a half after the Mexican government publicly acknowledged that it did not know the collection's precise whereabouts. The bank's intention to move part of the collection to Spain was met with concern by curators, artists, lawyers, and art historians, who believe the operation could violate Mexican laws protecting cultural heritage.
Amid public pressure, the Mexican government announced that the collection will return to the country in 2028. However, the signed agreement allows the works to continue touring internationally until 2030, a point that has fueled discontent among those who demand that the collection remain permanently in Mexican territory and under a public access regime.
Tensions escalated further this week when the Gelman Collection Defense collective—one of the most vocal critics of the government's handling of the case—announced the initiation of legal action against the Mexican state and Banco Santander. The organization maintains that the international circulation project for the collection represents an undue convergence of public and private interests and has labeled the operation "unconstitutional." Among its demands is the creation of a publicly accessible museum dedicated specifically to the Gelman Collection.
In response to these accusations, Santander rejected any wrongdoing. In a statement, the bank affirmed that it "fully understands the cultural and historical importance of the Gelman Collection for Mexico" and emphasized that it is "one of the most important collections of Mexican art," deserving of "the highest standards of care, preservation, and respect." According to the Spanish bank, its involvement is limited to supporting the conservation, study, exhibition, and public access to the works, always within the framework of Mexican law. The institution also highlighted that, thanks to this collaboration, the collection was able to be exhibited in Mexico for the first time in almost two decades and that its return to the country is planned for 2028.
The case is further complicated by the nature of the agreement reached with the Zambrano family, linked to the business legacy of Lorenzo Zambrano, the late cement magnate. A Santander spokesperson confirmed to the Financial Times the existence of a financial agreement between the bank and the family, but declined to reveal its terms.
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