Madrid has unveiled it's latest addition to the global arts scene in the form of the CaixaForum, a Herzog & de Meuron designed contemporary art museum housed in a converted 1899 power station. Costing $94m the museum was funded by the Caixa Foundation, the philanthropic arm of the Spanish bank Caixa d’Estalvis, and one of its main functions will be to show selections from the Foundation’s own impressive collection of more than 700 works of art. The Art Newspaper reports on the impressive architecture:

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