After Michelson's death in 1978 his wife Janine started to search for a location, and at the suggestion of family friend Wendy Russell Reves, chose Marshall, Texas (Mrs. Reves' birthplace).
The museum houses a permanent collection of works; including over a thousand paintings, drawings, and prints by Michelson.
The museum's collection has expanded to include pieces not associated with Michelson.
In 1999 the museum received the 20th-century American Art collection of Dr. Bernard and Gloria Kronenberg.
The Ramona and Jay Ward Collection of African Masks is another permanent collection and includes masks of the Yoruba, Senufo, and other West African peoples.