Home Arts The Art Institute of San Francisco files for bankruptcy

The Art Institute of San Francisco files for bankruptcy

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THE San Francisco Art Institute (SFAI) filed for Chapter 7 bankruptcy after years of mounting financial difficulties, the San Francisco Chronicle reports. Filing may precipitate liquidation of more than $65 million in assets accumulated since school’s inception creation in 1871including equipment, property, and an extensive archive that features works by famous alumni like Ansel Adams and Dorothea Lange.

After announcing in 2020 that SFAI had obtained his graduation diplomaa final offer from the University of San Francisco for acquire struggling school failed, leaving the institution no choice but to closes its doors. Over the past few years, the school has undertaken fundraising efforts, reopening of registrationsand sold nearly $20 million in debt to the University of California Regents to avoid foreclosure, but to no avail.

The SFAI campus in the Russian Hill neighborhood is home to Diego Rivera’s mural The realization of a fresco showing the construction of a city (1931), a masterpiece that is now in danger. Efforts to safeguard the mural and other gems from the school’s collection led to the creation of the SFAI Legacy Foundation, an independent non-profit organization run by former SFAI librarians Jeff Gunderson and Becky Alexander. The foundation recently moved the school’s archives to a new location in the city’s financial district.

A bankruptcy court filing earlier this month signed by SFAI’s interim chief operating officer Mark Kushner and board chairman Lonnie Graham revealed the school had between 100 and 199 creditors, “likely” including former professors and staff, who may be entitled to severance pay. double.

“While it seems inevitable after the separation of USF and SFAI, it is still a sad ending after 150 storied years that have enriched San Francisco and our national arts community,” the San Francisco Supervisor wrote. , Aaron Peskin, who represents the municipal district that includes the SFAI campus. in a text message to San Francisco standard. “I remain committed to the long-term preservation of Diego Rivera’s iconic murals and ensuring they are accessible to the public.”

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