The three institutions housed in the building – the Béla Bartók National Concert Hall at its core, the Ludwig Museum nearest the Danube and the Festival Theatre on the far side – were all constructed in parallel over a period of 28 months as part of a highly sophisticated and carefully coordinated project.
It is telling that the structure and outside appearance of the building are determined by its inner functions. The primary cultural significance of the Palace of Arts is to fill a void in Hungarian culture, yet its world-class technical features make it an outstanding work of Hungarian and international architecture. It is on this basis that the Palace of Arts won the FIABCI Prix d’Excellence in 2006 – often referred to as "the Oscars of architecture and real estate development" – in the "specialised" category for buildings offering public services, such as educational institutions, libraries and airports. This form of “cultural shopping centre”, unique in Hungary and throughout Europe, has been a hit not only with the critics, but also with the public – the Palace of Arts won the FIABCI audience award in 2007.
There are few cultural institutions in Europe that can boast the ISO quality seal. The Palace of Arts was granted ISO 9001:2000 certification in 2006.
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