Madrid has many art spaces owned by big businesses and run as non-profits. Fundación Mapfre (Sala Recoletos) is one of my favourites, mostly because they have excellently curated exhibitions that are always very well lit and hung. At a reasonable 3 euros, I can think of few better ways to spend an hour or so.
It is near Plaza de Colón, so very central, and housed in a really beautiful building. The ticket office is in the courtyard, but buying online is a good idea if you plan to go on a weekend, as it gets busy on Saturdays and Sundays.
Currently they are showing the exhibition “Rediscovering the Mediterranean”, which explores the work of French, Spanish and Italian artists who were inspired by the Med. Monet, Sorolla and De Chirico are represented amongst others and it is a really delightful show with a broad appeal which will run until mid-January.
In the basement there is a permanent collection of works by Catalan genius Joan Miró, who could do no wrong in my opinion! There is also a very attractive shop to buy postcards or prints of your favourite pieces.