The museum announced Tuesday cosmetics executive and philanthropist Leonard Lauder has pledged his renowned collection of Cubist works.
The collection of 78 works includes pieces from Pablo Picasso, Georges Braque, Juan Gris and Fernand Leger and is considered one of the most pre-eminent Cubism collections in the world. It's valued at more than $1 billion.
Museum Director Thomas Campbell says the gift is "truly transformational" and will fill in a critical area in the museum's collection.
The Lauder collection is expected to be presented in an exhibition opening in the fall of 2014.
The museum says a new research center for modern art will be created at the museum.