In October 1996, the Colby College Museum of Art opened a wing dedicated to Katz that features more than 400 oil paintings, collages, and prints donated by the artist. In addition, he has purchased numerous pieces for the museum by artists such as Jennifer Bartlett, Chuck Close, Francesco Clemente, and Elizabeth Murray. In 2004, he curated a show at Colby of younger painters Elizabeth Peyton, Peter Doig and Merlin James, who work in the same figurative territory staked out by Katz.