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For each phase of the project, the museum plans to invite one curator from the chosen region to New York for a two-year residency, where he or she will work with a team of Guggenheim staff to identify new artworks that reflect the range of talents in their areas.
The Foundation will acquire these artworks for its permanent collection and will include them as the focus of exhibitions that open at the museum in New York and subsequently travel to two other cultural institutions or other venues around the world.
The Foundation plans to supplement the exhibitions with a series of public and online programs based on the theme of cross-cultural exchange.
UBS is reportedly contributing more than $ 40 million to the project, which will pay for all of its activities, including the art acquisitions.
Foundation director Richard Armstrong commented: " We are hoping to challenge our Western-centric view of art history.

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