The Living Art Museum (Nýlistasafnið) is a non-profit, artist-run museum and association, venue for events, exhibitions, performances, discussions and research. The museum was founded in 1978 in reaction to Icelandic art authorities disregard for contemporary art practices. The 27 founders, who met at an open meeting to discuss the then current situation in Icelandic cultural politics, were a diverse group at various stages of their artistic careers; some had been members of the SÚM movement, while others were still art students in the academy.

The Living Art Museum was founded as a non-political institution, with a pronounced engagement in reflections on society and cultural politics, and the role of introducing and maintaining a current dialogue on contemporary art locally and internationally.

The museum continues to be run according to its founding constitution, by a board of members elected by the association of The Living Art Museum. The museum’s extensive collection is based solely on donations by its members and friends.