Sydney, Australia: Museum of Contemporary Art Australia

If real estate centers on location, then the Museum of Contemporary Art Australia has the market cornered. It's on a great piece of property, hugging the waterfront in downtown Sydney. It's on the edge of the Rocks neighborhood (in Europe it would be called Old Town) of the city, and it overlooks Circular Quay - the hub of Sydney in many ways. It's also close to both the Sydney Harbour Bridge and the Sydney Opera House, the two most famous structures in the city limits.

The story goes back to 1943, when an Australian artist, JW Power, willed some money for a contemporary art museum to be started. The University of Sydney was in charge of the idea, and it opted for a collection that generally traveled rather than be part of one place.  It was called the Power Gallery of Modern Art. 

But when the building that hosted the Maritime Services Board opened up, the collection found a home in 1991. It was called the Museum of Contemporary Art. The facility received a boost when a new wing was added in 2012, and the name used today was adopted. A wide variety of contemporary art is available for viewing.