Since 1915 it has housed St. Anne's Museum, one of Lübeck's museums of art and cultural history containing Germany's largest collection of medieval sculpture and altar-pieces, including the famous altars by Hans Memling (formerly at Lübeck Cathedral), Bernt Notke, Hermen Rode, Jacob van Utrecht and Benedikt Dreyer.
On the building's second floor is exhibited a large collection of home decor items and interiors of different periods, showing how the area's citizens lived from medieval times up to the 1800s.
St. Anne's Priory and the associated church, which was constructed rather quickly due to lack of space, were built 1502–1515 in late Brick Gothic style.
Among them are Another outstanding piece is the Group of Saint George (1504), which was initially made for St. Jürgen's Chapel in the Ratzeburger Allee by the sculptor Henning von der Heide.
Also remarkable is the Parable of the Ten Virgins, which was initially set up in the church of the castle monastery.
A special collection of representative cups, goblets, pots, utility objects and derivative pieces give praise to the high technical skills of Lübeck's gold and silversmiths and the wealth of their customers.
The development of the middle-class home decor from the Renaissance to the Classicism can be seen in several rooms, which are partially made of Lübeck's private town-houses.
In front of the background of contemporary art – amongst others by Godfrey Kneller and Thomas Quellinus, who made the bust of the councilman Thomas Fredenhagen in the baroque high altar of St. Mary's Church —, which reflects the taste of Lübeck's citizens, and the appropriate decor, made of porcelain by Fürstenberg and Meissen, one can well emphasize the depicted era.
Annexed to this part of the exhibition is a special collection of Faience from Northern Germany in the upper floor, emphasizing the manufactures in Kellinghusen, Stockelsdorf, and Stralsund.
The architecture of the Kunsthalle, which was built modernly in 2004 and has the ruins of the former church and the monastery that burnt down in 1843, was a gift of the Possehl Foundation.
But recently there appeared a conflict between the heirs of von Rüxleben and the museum's administration concerning the management of the inheritance.