In St. Paul, plans for an ambitious art center housed in a former train station include a series of loans of large-scale works from the Panza collection.

"The Panza collection is really remarkable," Mr. Krens said.

The Panza collection was bought, Mr. Govan said, "not just to acquire it, but as a catalyst for future gifts."

But he said, "We have the resources at our disposal for the Panza collection without detracting from the integrity of the Guggenheim's permanent collection.

The museum's purchase of the Panza collection would require the reported $24 million to $35 million.

The Panza collection in Varese is to be supported by an endowment from the local Government.

By contrast, at the North Adams complex, the Panza collection alone would occupy about 180,000 square feet.

The museum plans to show the original Panza collection along with the new acquisitions in an exhibition in the spring of 1997.

But Mr. Krens sees the Panza collection as of an earlier period, too.

"We don't believe the Panza collection is contemporary art any more," he said.