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U.S. museum receives $1 billion donation

  • New York's Metropolitan Museum of Art has received a donation worth $1 billion of Cubist art from cosmetics executive, Leonard Lauder.

    The heir to the Estee Lauder fortune donated 78 works, many of which are considered to be the foremost collections of Cubism in the world.

    It includes pieces from Pablo Picasso, Juan Gris and Fernand Leger.

    In a statement released on Tuesday, Lauder, 80, said his gift was for "the people who live and work in New York and those from around the world who come to visit our great arts institutions".

    The collection is believed to be worth around 13 percent of Lauders' personal wealth, according to Forbes magazine.

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