The Advisory Board was created in 1980 as a high level international support group for the Peggy Guggenheim Collection soon after Peggy Guggenheim's death.
In 2011, after 31 years of his founding presidency af the Advisory Board, Peter Lawson-Johnston (Honorary Chairman of the Solomon R. Guggenheim Foundation) decided to cede his place to his cousin Patrick, The Earl Castle Stewart, former Vice-President.

The Board meets twice a year―once in Venice and once in some other cultural capital which the Board may choose. In 2010 the Board chose the city of Sydney, in 2009 New York and in 2008 Zurich. These meetings are the occasion for the presentation and discussion of the Collection's progress, plans and strategies, as well as for visits to exhibitions, private collections, monuments and museums.

The by-laws foresee a maximum of 60 members―with additional Honorary and Emeritus members. Sub-committees exist to manage the business of the Board and to review other issues and questions submitted to its attention: for Membership and Investment, as well as an Executive Committee.
The chairman of the Executive Committee, David Gallagher represents ex officio the Advisory Board and the Peggy Guggenheim Collection on the Solomon R. Guggenheim Foundation Board of Trustees.

Membership of the Advisory Board is by invitation.

Members