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Marketing & Communications: SAIC Receives More Than $1 Million Through Bank of America Art Auction

The School of the Art Institute of Chicago (SAIC), one of the nation’s leading art and design schools, today announced it received a $1.2 million donation from Bank of America as the result of an art auction of works from the company's own collection held last night, as well as proceeds from a separate auction with Sotheby's. The donation will fund need-based scholarships for Chicago high school graduates to pursue their education at SAIC.

The live auction, held last night at the school's MacLean Center ballroom, featured the work of 10 artists, eight of whom are SAIC alumni: Ed Paschke, Ray Yoshida (also a long-time professor at SAIC), Joan Mitchell, Miyoko Ito, Richard Estes, Claes Oldenburg, Donald Sultan and Thomas Hart Benton, as well as works by Roy Lichtenstein and Jacob Lawrence. Featured art included:

  • "Sweet Dreams, Baby" by Roy Lichtenstein (1965)
  • "American Indian Theme II" by Roy Lichtenstein (1980)
  • "Holland Hotel" by Richard Estes (1984)
  • "Screwarch Bridge State II" by Claes Oldenburg (1980)
  • "Black Tulip, March 2, 1984" by Donald Sultan (1984)
  • "Iliad" by Miyoko Ito (1981)
  • "Bistro" by Ed Paschke (1981)
  • "Subjective Objects" by Ray Yoshida (1974)
  • "Bedford III" by Joan Mitchell (1981)
  • "Planting" and "Cradling Wheat" by Thomas Hart Benton (1939)
  • "Builders" by Jacob Lawrence (1974)

"We are honored to partner with Bank of America to raise money that will support need-based scholarships for local high school graduates, and we are especially proud that the work of many of our alumni has made this possible," said Walter Massey, president of SAIC. "Through Bank of America's commitment to the arts, talented students from diverse economic backgrounds will have the opportunity to thrive at the School of the Art Institute of Chicago and receive a world-class art and design education."

Bank of America has used its art collection in creative ways, including auctions such as this one and the lending of full exhibitions from its collection to museums at no charge. Since its beginning, the bank's lending program, called Art in our Communities®, has lent to more than 60 shows that have appeared in museums worldwide. This focus on using art to enrich communities is also behind the company's support of museums in Chicago through sponsorships and Museums on Us®, and its role as the global sponsor of the Chicago Symphony Orchestra. A successful auction of artwork from the bank's collection last year raised more than $1 million for the San Francisco General Hospital and Trauma Center.

"Bank of America is committed to creating connections with people and cultures worldwide through the powerful, common language of art," said Tim Maloney, Bank of America Illinois president. "Our commitment to supporting local organizations such as the Art Institute of Chicago and School of the Art Institute of Chicago is a direct demonstration of how the bank is dedicated to putting our assets to work for our community. This collaborative effort will change the lives of young people and enrich our city. We are proud to offer our support for the benefit of needs-based Chicago area students who will further their education at the School of the Art Institute of Chicago through this auction."

"The School of the Art Institute of Chicago continues to be a leader in educating young artists, and Bank of America, through this Art Auction and partnership is providing necessary funds to provide scholarships for deserving high school students to attend the school and fulfill their promise as the artists of tomorrow," said Mayor Rahm Emanuel. "This is an example of how arts education can open educational opportunities for Chicago's children and provide the tools that will help them to drive our diverse cultural institutions into the future."

About the School of the Art Institute of Chicago

A leader in educating artists, designers, and scholars since 1866, the School of the Art Institute of Chicago offers nationally accredited undergraduate, graduate, and post-baccalaureate programs to more than 3,200 students from around the globe. Located in the heart of Chicago, SAIC has an educational philosophy built upon an interdisciplinary approach to art and design, giving students unparalleled opportunities to develop their creative and critical abilities, while working with renowned faculty who include many of the leading practitioners in their fields. Learn more about the School of the Art Institute of Chicago at www.saic.edu.

About the Bank of America Art Collection

The Bank of America Art Collection is the result of the combination of many financial companies that are now a part of Bank of America. The company’s support of the arts is diverse and global, and includes loans from its art collection to museums at no cost through Art in our Communities®; monthly free access to more than 150 museums across the United States to its customers through Museums on Us®; sponsorships; grants to arts organizations for arts education and other projects; and the preservation of cultural treasures around the globe through the Bank of America Art Conservation Project. For additional information on these Bank of America arts programs, please visit museums.bankofamerica.com/arts/.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,900 retail banking offices and approximately 15,700 ATMs and award-winning online banking with 31 million active users and more than 16 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Bank of America CEO Brian Moynihan, Bank of America Illinois President Tim Maloney and Mayor Rahm Emanuel announce the Bank’s donation of over $1.2 million to the School of the Art Institute of Chicago and its President Walter Massey (from left to right: Tim Maloney, Walter Massey, Mayor Emanuel, Brian Moynihan).

Press/Media contact

Bree Witt
P: 312.499.4211 (office)
E: communications@saic.edu