Los Angeles Art Museum Receives $500 Million in Rare Paintings

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The Los Angeles County Museum of Art received the biggest gift in its 49-year history, transforming the institution’s collection of nineteenth and twentieth-century European works.

Billionaire Jerry Perenchio agreed to donate 47 , a collection valued at $500 million, that include works by Edgar Degas, Claude Monet and Pablo Picasso, the museum said in a statement on its website. The works will be transferred after his death.

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The donation comes as Los Angeles County supervisors on Wednesday approved $125 million in funding and future financing for a new LACMA building designed by Swiss architect Peter Zumthor that will replace four of the museum’s seven existing strictures. Perenchio’s gift stipulates the new building, which will require an additional $475 million in donations to complete, must be finished before the museum receives the paintings.

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