The new Lewis Glucksman Art Gallery will be "a new and brilliant diamond in Cork's tiara" when the city hosts the European Capital of Culture next year, according to the President, Mrs McAleese.
She made the comments yesterday when she officially opened the €12 million exhibition space at University College Cork.
Mrs McAleese said the gallery reflected the new mood of confidence and optimism in Ireland.
"The metamorphosis that has taken place in Ireland has created an exciting new landscape where opportunities are many, where our economy is booming, an Ireland to which many have returned and fewer are leaving - these new times bear witness to the blossoming of creativity across many facets of Irish life," she said.
The President paid particular tribute to University College Cork and its president, Prof Gerry Wrixon, for his vision in developing the Glucksman Art Gallery and she also praised American philanthropist, Dr Lewis Glucksman, for his generosity in helping bring that vision to such a successful conclusion.
"To undertake a project of the magnitude and complexity of the gallery is a formidable challenge and only do-able because of the supportive partnership between the university, the city, its artistic community and the ever generous Lewis and Loretta Glucksman," she said.
"The creation of this great art gallery in Cork is an emblem of Lewis Glucksman's life, his legendary philanthropy and his goodness to Ireland. Dr Glucksman and his wife, Loretta, are simply the most heartfelt friends of Ireland and they have a deep passion for Ireland's future," she said.
Prof Wrixon also thanked Dr Glucksman for his support for the project.
He also paid tribute to the gallery's director, Ms Fiona Kearney, and her staff before expressing the hope that the gallery would be a further bond between the campus and the wider community in Cork.
Ms Loretta Glucksman said that her husband regretted that he was unable to attend yesterday's opening but he was present in spirit.
She said her husband had a "huge and giving and loving heart" and he believed in the power of all education to improve individual lives. It was that which had prompted him to support the creation of the gallery at UCC.
The gallery opens to the public today and features a collection of American paintings on loan from the Grey Art Gallery of New York University and a collection of works by Dürer which is being exhibited in association with the Chester Beatty Library in Dublin.
