The Contemporary Art Museum of Funchal holds a wide collection of Portuguese contemporary art from the sixties up to today, having as first nucleus the assets from the First Plastic Arts Prize of Funchal, which occurred between 1966 and 1967.
In the beginning this collection was in a temporary exhibition at Quinta Magnólia, but in 1992 it was definitely transferred to São Tiago fortress.

In the initial collection the highlight goes to the works of Joaquim Rodrigo, António Areal, José Escada, Helena Almeida and Artur Rosa, among others.
This institution has been developing a purchase politic through the years, which has granted to museum with the opportunity of having represented in its assets, the most distinguished Portuguese plastic artists, being some of them born in Madeira. Fernando Calhau, António Areal, António Palolo, Rui Sanches, Lourdes Castro, João Queiroz, Michael Biberstein, Patrícia Garrido, Martha Teles, Rui Sanches, Pedro Cabrita Reis, Ana Vidigal, Gäetan, Eduardo Batarda, Daniel Blaufuks, Barbara Assis Pacheco, Miguel Branco, Calapez, Pedro Casqueiro, Rui Chafes, José Pedro Croft, Ilda David, Jorge Molder, José Loureiro, Álvaro Lapa, Ana Hatherly, Vieira de Silva, João Vilhena, Alberto Carneiro, Pedro Gomes, Pedro Proença, Jorge Martins and many others.

The museum's collection of Portuguese contemporary art  is essentially a result of works purchased in art galleries or directly to the author’s. The museum also receives donations of works from exhibitions at the Madeira Tourism Gallery and from private people.