As of 2007, the Albright–Knox Art Gallery's endowment stood at about $58 million, generating about $1.1 million a year for acquisitions.[1] Since the proceeds from the sale of some 200 works of art in 2007 were added to the preexisting $22 million acquisitions endowment, the museum has been able to spend as much as almost $5 million on new art annually.[22] In 2013, the Albright–Knox Art Gallery received an $11 million bequest from the estate of longtime board member and Buffalo arts patron Peggy Pierce Elfvin, possibly the largest single gift in the museum's history.[23]