Announced at the museum's fourth annual corporate luncheon, the gift will help fund a five-year endowment for new artwork. In recognition of the gift, a focus gallery in the new building will be named after the bank.
Since launching a $120 million capital campaign, the museum has raised $52 million in cash and pledges. With $100 million in bond funds approved by Miami Dade County voters and having exceeded the $31 million threshold needed for construction, all new funds raised through the campaign will be used to cover the museum's operating and program expenses.
The luncheon also raised more than $100,000 from some three hundred guests. The donations will support The Record: Contemporary Art and Vinyl exhibition, which, with support from the John S. and James L. Knight Foundation's Knight Arts Challenge Miami initiative, will open in 2012.
"Bank of America's generous support for Miami Art Museum continues the bank's long track record of enacting positive change in South Florida's arts community," said Miami Art Museum chair Aaron Podhurst. "Private sector support will take on added significance leading up to the debut of Miami Art Museum's new home in Museum Park, and we encourage other members of Miami's corporate sector to follow Bank of America's lead."