Known locally by its acronym of Müpa, Palace of Arts (Művészetek Palotája) is a striking complex by the Danube created for the new millennium. It consists of the Bartók National Concert Hall, the Festival Theatre and the Ludwig Museum. The Bartók National Concert Hall is known for its outstanding acoustics created by Russell Johnson, who worked with some of the world’s most renowned architects. This is also the home of the prestigious Hungarian National Philharmonic, founded in 1923. The Ludwig Museum's exhibition space displays artwork by modern and contemporary artists, and it is open all year round.