By Sally Farris Oct. 5th, 2012

The Broad Art Foundation, created in 1984 by Eli and Edith Broad as a “pioneering lending library” is setting up shop in Los Angeles. Named “The Broad,” the fine art museum and headquarters will be right across Grand avenue from the Walt Disney Concert Hall, another architectural masterpiece. Designed by renowned architects Diller Scofidio + Renfro, the three story building will serve as both a gallery and a vault for the Broad’s 2,000 piece contemporary art collection. The building itself will appear to be covered in a honeycombed “veil,” lifting on the corners to allow entry.
A little under 200 artists are to be featured in the museum, including the largest assemblage of Cindy Sherman’s work, one of the most extensive Jeff Koons collections, and some Andy Warhol. The vault of lending pieces is also a major part of the architectural design. Rather than being tucked away in the basement, the vault is suspended in the middle of the museum, and includes peepholes for visitors to take a look at the rest of the Broad collection.
The Broads have been the Medicci’s of the Los Angeles art world, making major contributions to UCLA’s Eli and Edythe Broad Art Center, and contributing $30 million dollars to The Museum of Contemporary Art. Mayor Antonio Villaraigosa himself thanked the Broads for their “countless contributions to our City’s economic and cultural vitality.” The Broad has been 40 years in the making according to Eli Broad, referencing the many years it took to amass his extensive collection, and will finally open in 2013 to the public. The Broad Foundation has assets upwards of two billion, and is not only funding the construction of the building, but also providing a $200 million donation for the upkeep.