Built from 1979-1981 by the firm of I.M. Pei, this is the fourth home of the Indiana University permanent art collection. It houses nearly 45,000 pieces with around 3-4% of the collection on display at any given time. While there are certainly masterworks always on display, some areas of the collections are changed every semester to every year.
There are four galleries -- the first floor with Western art from early Christianity until now; the second floor with ancient and Asian art; the third floor with Mesoamerican, Pacific, and African art; the Hexagon with 2-3 special exhibits that change at least twice a year. The galleries are open Tuesdays through Saturdays 10am to 5pm and Sundays Noon to 5pm; the galleries are closed on Mondays for docent and staff training and work. The IUAM is always free and every Saturday afternoon you can take a guided tour. There are monthly special tours and weekly lectures that you can learn about on the IUAM website. The collection is not built from tax money but from donations and grants.
Complaints about the security guards are unwarranted; they protect the collections and they protect you. If you are told to remove a bag or to step back, you are probably doing something wrong. This is NOT a children's hands-on museum, you can visit one of those up in Indy.
Just please note that I am a docent for this museum but I am being as objective as possible in this review while trying to address some misinformation I've seen in a few other reviews.