The Lyon Foundation was established in February 2012 as a new Australian not-for-profit public art museum.

The Foundation's charter is to support and promote contemporary art, with a particular focus on Australian contemporary art practice.  One of its key objects is to build and preserve a permanent collection of Australian contemporary art and to exhibit works from the Foundation collection in a purpose designed museum. 

The Foundation is governed by an independent board of directors which has oversight of its operations and has responsibility for the maintenance, preservation and exhibition of the permanent Collection.  

The Foundation is currently completing construction of its new public museum building on land owned by the Foundation at 217 Cotham Road, Kew.  The museum will open to the public six days each week, commencing in early 2019. 

Pending  completion of the new museum building, the Foundation is lending key works from its Collection to other public art museums and institutions so that they are available for public viewing. Recent artwork loans include loans to the National Gallery of Victoria, the University of Queensland Art Museum and the museum of Contemporary Art in Sydney.