The joint gift was announced Friday by philanthropist Leonard Lauder, gallery owner Larry Gagosian and the Richard Avedon Foundation.
Allen Ginsberg's family (Photo: Richard Avedon)
The works include a 1970 photographic mural of poet Allen Ginsberg's family.
There's also a complete set of four smaller-format murals created between 1969 and 1971.
Those also focus on individuals, including Andy Warhol.
Other works include a portfolio of 69 prints from 1976 of political, financial and intellectual figures. It was first published in Rolling Stone magazine.
The gift was initiated by Lauder after he learned that the Israel Museum collection had no works by Avedon.