*This story has been updated to correct the value of the artworks.
Some of the biggest European artists of the modern era can be seen from today at the Auckland Art Gallery.
The new display includes 15 original masterpieces from 11 hugely influential masters - including Pablo Picasso, Salvador Dali and Henri Matisse - which were gifts to the gallery from the late American collectors Julian and Josie Robertson.
More than 300 guests gathered for the exhibition opening on Thursday night.
The works, which were last valued at $178 million, constitute one of the most significant philanthropic gifts in local history.
Auckland Art Gallery curator Kenneth Brummel told Morning Report the gift was "simply phenomenal".
"This gift enables the organisation to offer a comprehensive account of late-19th and early- to mid-20th century European modernism to the people of Aotearoa New Zealand.
"Our tamariki, art lovers from up and down this country, now can travel to Auckland to see the development of modern art, from Degas to Helen Frankenthaler, with major pieces from Pablo Picasso and Henri Matisse.
"No longer do you have to travel to New York, you can come to Auckland to enjoy the best of European modernism."
Brummel said the Robertson family had had a relationship with New Zealand since the late 1970s.
Julian Robertson began speaking to Auckland Art Gallery in 2005 about the possibility of donating works, to reciprocate "the hospitality and generosity and kindness" shown to his family by the people of Aotearoa.
Brummel said he had "many favourites" in the exhibition, but he was becoming "more and more attached" to Espagnole (buste) by Matisse.
However, he encouraged everyone to come and enjoy the exhibition and develop their own relationships with the works on display.
The exhibition is open for two years and is free to the public.
"We want to inspire the public and we want everyone to know that art is for everyone," he said.
"Now that we have this gift, we're able to offer access to what I consider to be one of the best moments in art history.
"Our hope is that this will inspire future generations of artists to create."