Rice University Art Gallery hosts a collection of contemporary art. The art is usually created on site by visiting artists or current art students. The pieces are for sale and can be purchased for quite a bargain. As usual, the beauty of art is in the eye of the beholder and I have seen some really great pieces for under $500 but I have also seen some real crap that you could not pay me to take home much less display. It is a small gallery but well worth a trip if you are on campus. I do not think it is open on the weekends.
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