History
The institute has its roots in the 1866 founding of the Chicago Academy of Design, which local artists established in rented rooms on Clark Street. It was financed by member dues and patron donations. Four years later, the school moved into its own Adams Street building, which was destroyed in the Great Chicago Fire of 1871.
Because of the school's financial and managerial problems after this loss, business leaders in 1878 formed a board of trustees and founded the Chicago Academy of Fine Arts. They expanded its mission beyond education and exhibitions to include collecting. In 1882, the academy was renamed the Art Institute of Chicago. The banker Charles L. Hutchinson served as its elected president until his death in 1924.
Read more about this topic: School Of The Art Institute Of Chicago
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