Broad, previously vice chairman of LACMA's board of directors, financed the $56-million Broad Contemporary Art Museum (BCAM) building at LACMA; he also provided an additional $10 million to buy two works of art to be displayed in it. BCAM displayed 220 pieces borrowed from Broad and his Broad Art Foundation when it opened in February 2008. In 2001 LACMA was criticized for hosting a major exhibition of Broad's collection without having secured a promised gift of the works, an act that is prohibited at many prominent art institutions because it can increase the market value of the collection.[54]