The current 36,000-square-foot (3,300 m2) facility was designed by César Pelli and named in honor of the new building’s primary donor Frances Lehman Loeb, a member of the Class of 1928.

Notable holdings include the Warburg Collection of Old Master prints, an important group of Hudson River School paintings given by Matthew Vassar at the college’s inception, and a wide range of works by major European and American twentieth century painters.

The collection, named for Magoon, includes the work of Frederic Church, Asher Durand, and Joseph Mallord William Turner.

Included in this group are significant works by Pablo Picasso, Balthus, Arthur Dove, Ian Hornak, Alfred Stieglitz and Georgia O'Keeffe, Francis Bacon, Jackson Pollock, Alexander Calder, Nancy Graves, and Marsden Hartley.

It features a curved glass entry, and rooms separating covering Asian; Greek and Roman; Medieval, Renaissance, and Baroque; 19th-century American; 19th-century European; and the 20th century.