As a former New Yorker, it was most difficult to leave behind the cultural center of the world. There is no doubt that New York is home to some of the best and biggest art museums in the world.
While the Tel Aviv Museum of Art cannot compete directly with the Met or the MOMA, it is a gem. The permanent collection has an impressive amount of art given the small size and relatively young age of this country. The museum is currently building a second building that will double its size.
It is also important to keep an eye out for their temporary exhibitions. Some of the temporary exhibits have been fantastic (e.g., Mark Rothko). Recently, I went to an exhibit by Michal Chelbin, an up and coming Israeli photographer. It is a small exhibit - occupies one room - but if you have reason to be in Tel Aviv well worth the stop.
One more tip: Holders of Isracards get into the museum for free
Tel Aviv Museum of Art - 27 Shaul Hamelech Boulevard - 03-607-7020