I attended a re-opening celebration of the Frederick R. Weisman Art Museum on October 2nd. In addition to expanded exhibit space, they were rebranding the museum as WAM. This use of acronyms seems to be following a trend. A couple of other arts and cultural organizations have also taken this route. The Minneapolis Institute of Arts became the MIA. More recently Twin Cities Public Television became TPT.
One of the benefits of abbreviated names is that it makes it much more convenient to communicate about these institutions via text messaging. e.g. IMO AASAP you G2G to the WAM. LMK RSN if U can go . CWYL.
Help translating the above can be found on the webopedia site.