The Museum of Contemporary Art of Funchal has a vast collection of Portuguese contemporary art since the 60s until today, with the initial core the collection of the Fine Arts Prize of the City of Funchal, an initiative carried out in the years 1966 and 1967. This collection of principle was exposed temporarily in the rooms of Quinta Magnolia, passing in short, from 1992 to the Fortress de São Tiago.

In the initial core of works, the focus is on works of Joaquim Rodrigo, António Areal, José Escada, Helena Almeida, Artur Rosa,  among others.

This institution has been developing a procurement policy, lying represented in its collection the most outstanding Portuguese artists, including some born in Madeira Island:  Fernando Calhau, António Palolo, Lourdes Castro, João Queiroz, Michael Biberstein, Patrícia Garrido, Martha Teles, Rui Sanches, Pedro Cabrita Reis, Ana Vidigal, Gäetan, Eduardo Batarda, Daniel Blaufuks, 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, Pedro Gomes, Pedro Proença and many others.

The activity of this museum focuses primarily on temporary exhibitions, sometimes in partnership with other institutions, or providing visibility through changing exhibitions, the artists represented in its collection, including existing local artists in its collection.