Buffalo Museum Receives $42.5 Million for Expansion, Renovation

Buffalo Museum Receives $42.5 Million for Expansion, Renovation

The in Buffalo, New York, has announced a $42.5 million gift from investment banker and art collector Jeffrey Gundlach.

Part of a $125 million capital campaign, the largest gift ever to a Buffalo cultural institution will fund the completion of a project to improve the museum's campus in Delaware Park. With a design by Shohei Shigematsu, the expansion project will provide much-needed space for the exhibition of the museum's collection of masterworks, which has quadrupled since its last expansion in 1962; create space for special exhibitions; and enhance the visitor experience with new and better spaces for education, dining, and special gatherings. The gift also will bolster the museum's operating endowment to ensure its vibrancy and vitality going forward. In recognition of gift, the museum will be renamed the Buffalo Albright-Knox-Gundlach Art Museum.

In addition to the gift from Gundlach, the campaign has received more than $40.5 million from other individuals, foundations, and corporations, as well as $20 million in government support, including $15 million from the State of New York. Gundlach, the founder and CEO of investment management firm , has been named one of the "50 Most Influential" by Bloomberg Markets magazine (2013, 2015, and 2016), "Money Manager of the Year" by Institutional Investor magazine (2013), and one of Forbes magazine's "Most Powerful People" (2014).

"Many cities around the world have reinvented themselves by investing in culture, and now Buffalo joins the ranks of this movement, with the museum’s rich cultural history and bold vision for the future fueling the engine of a social and economic renaissance," said Janne Sirén, the Peggy Pierce Elfvin Director of the Albright-Knox Art Gallery. "Art and culture, ancient markers of human identity, tell us where we come from, who we are, and what we might aspire to be. Access to art and culture is a basic human right, and that is what our campus development project...is all about."

"." Albright-Knox Art Gallery Press Release 09/23/2016.