January 5, 1978 marks the inaugural meeting where the Living Art Museum Association was established and the initial foundations for its role were set in place.

Since that founding year, Nýló has maintained the original goal to create a platform for progressive exhibitions and critical discussions on experimental art practices but has also remained inherently flexible as necessary within smaller, mainly volunteer-based organisations.

In 1989 Islandsbanki purchased the building and terminated the lease, forcing Nýló to move the museum's holdings into a rented storage space at Þingholtsstræti 6.

The range in perspective on contemporary culture offered through the individuals serving on the board at any given time ensures Nýló maintains a role in these discourses, keeping the museum's engagements challenging and current.

[7] The board members in 2023 were: Sunna Ástþórsdóttir (chairman), Auður Ómarsdóttir, Deepa Iyengar, Guðlaug Mía Eyþórsdóttir, Joe Keys, Lukas Bury, Thora Karlsdóttir, and Þórsteinn Eyfjörð.

Icelandic artists such as Kristján Guðmundsson, Sigurður Guðmundsson, Hildur Hákonardóttir [is], Ásta Ólafsdóttir [is], Finnbogi Pétursson [is], Rúrí [is], Ragnar Kjartansson, Magnús Pálsson, Finnbogi Pétursson [is], and Helgi Fríðjónsson are included, along with works by international artists such as Dieter Roth, Carsten Höller, Dorothy Iannone, John Cage, John Armleder, Joseph Beuys, Matthew Barney, Meredith Monk, Richard Hamilton and Robert Filliou.

[10] Consisting of catalogues, audio and video files, letters, photographs, films, and recorded meeting notes among other things, the archive is continuously growing and being filled in.

As part of the 2008 anniversary program, Nýló began a set of parallel initiatives for the organization and archiving of documents from the history of artist-run spaces and artist performance in Iceland.

The reasons why artists decide to create their own platforms for engagement may be rooted in a need for processes of creative collaboration; many see these initiatives as a part of their individual practice, along with an alternative outlet for expression.

The layout, designed by Ármann Agnarsson, aims to make this information interesting and accessible while providing a foundation of the history of the Living Art Museum.

The process included work meetings where artists, curators and individuals with ties to the museum, based locally and in the Nordic countries, discussed their thoughts and interpretations relating to Nýló.

The result was a discussion in four parts hosted by the Iceland Academy of the Arts, which focused on the possibilities of museums and exhibition venues using Nýló as a focal point.

Contributing writers include Amy Howden-Chapman, Bjarki Bragason, Bergsveinn Þórsson, Birta Guðjónsdóttir, Elena Tzotzi, Gunndís Ýr Finnbogadóttir, Maja Bekan, Gunnhildur Hauksdóttir, Huginn Þór Arason, Ingunn Fjóla Ingþórsdóttir, Katrín Inga Jónsdóttir Hjördísardóttir, Kristín Ómarsdóttir, Oddný Eir Ævarsdóttir, and Unnar Örn.

The gallery was organised by young artists who at the time hosted a variety of cultural events including exhibitions, film screenings, concerts and performances, as well as instigating a platform for critical dialogue with the publication and art magazine, Svart á hvítu or Black on White in English.

The publication includes a large selection of archive material from Ólafur's studio, acquired by the museum last year as a gift on behalf of the artist by his family.

The book also includes an introductory text by Halldór Björn Runólfsson, and interviews with Ólafur's friends and contemporaries, including Hreinn Friðfinnsson, Hildur Hákonardóttir, Kees Visser, Kristján Guðmundsson, Magnús Pálsson, Níels Hafstein, founder and director of The Icelandic Folk and Outsider Art Museum, Rúrí, Sigurður Guðmundsson and Þór Vigfússon.