BUFFALO, N.Y.—Almost two years after the Albright-Knox Art Gallery announced its controversial decision in November 2006 to auction off dozens of older artworks from its collection in order to raise money, the fruits of those sales are starting to be seen, reports the New York Times. The institution argued at the time that it wanted to raise its endowment in order to boost its central mission of showing and collecting contemporary art; 207 works were sold at Sotheby's for $62.7 million.

This week, the institution announced that it has acquired 71 works by 15 artists in a part-gift, part-purchase arrangement from the contemporary art collection amassed by Count Giuseppe Panza di Biumo, the Italian industrialist. The works, valued at $3–3.5 million, were included in “The Panza Collection: An Experience of Color and Light,” on view at the museum last November to February.