The museum is situated in Sheremetev Palace

At present the majority of the Sheremetev halls, given to the museum in dramatic state, have been restored. The exhibition is arranged in three directions:
a) The history of the Sheremetev family and life of Russian nobility in XVIII - XX cc.
b) Open stores of the unique collection of musical instruments
c) The exhibition of private collections. 

The permanent exhibition "The Sheremetev family and the Musical Life of the 18–20th cc." was organized in 1995 in collaboration with the State Hermitage, the Russian National Library, Pushkin House, the State Tretyakov Gallery, the Ostankino Memorial Palace, the Russian Porcelain Museum in Kuskovo, as well as owners of private collections.

Another notable exhibition is a private collection of A.M.Sarayeva–Bondar (wife of V.V.Strekalov–Obolensky - a Petersburg collector). The collection numbering over 700 works of fine and applied arts (18–20th centuries) is one of the most precious recent acquisitions of the museum. 

The permanent Musical Instruments Collection displayed at the Palace has three thousand exhibits. The Open Stores exhibition opened in the October of 1997 in the Gallery Wing of the Fountain House. Here one can hear the Russian bells, replicas of antique musical instruments, copied in the 19th century from authentic pieces, which had been discovered during the excavations of Ancient Etruria.