I purchased and downloaded an album and now cannot find it.

Hello there, JollyJoann.

The following Knowledge Base article has some great guidance for locating your content:

iTunes: Finding lost media and downloads

http://support.apple.com/kb/TS1408

If you find it is not on your computer and your iTunes Store supports it you can try using the following article as well:

Downloading past purchases from the iTunes Store, App Store, and iBooks Store

http://support.apple.com/kb/HT2519

Thanks for reaching out to Apple Support Communities.

Cheers,

Pedro.