Beginning with a suggestion put forward by Thomas J. Watson Jr., CEO of IBM, who maintained a home nearby, the museum was established in 1974 by the Owls Head Foundation.
[1] Its stated mission is to collect, preserve, exhibit and operate pre-1940 aircraft, ground vehicles, engines and related technologies significant to the evolution of transportation for the purpose of education.
[2] At the time of its founding, their collection comprised two automobiles, two aircraft, a high-wheel bicycle and a 100-ton steam engine, but has now grown to approximately 125 objects.
[2] The museum has 24 original and replica aircraft, including:[3] There are 54 vehicles, ranging in date from 1898 through to 1968.
[3] The museum has 18 engines, meant for either stationary use or for transportation, The oldest is an 1895 compound steam engine, the most recent is an Allison J33 turbojet, circa 1955.