ICA threatened with closure - 25/01/2010

Modern art exhibitions at the Institute of Contemporary Arts (ICA) in London could be under threat after it was warned that the centre may close by the summer.

The ICA's financial deficit currently stands at £600,000, although staff have been warned that this could increase to £1.2 million, putting its future at risk, the Guardian reports.

This is in spite of numerous fundraising efforts, including an auction by Damien Hirst in 2008. Despite targeting £1.3 million, the event only managed to raise £673,300.

If it does close, the ICA will be the first major cultural venue in the UK to close at the hands of recession, which could have implications for the capital's modern art community.

Ekow Eshun, the ICA's director, told the newspaper that financial troubles emerged after "a perfect storm of events that all came together".

Despite accepting responsibility for finances, Mr Eshun went on to say that problems have "been going on for 60 years" and that getting things back on track "isn't straightforward".

The ICA was founded in 1947 by Herbert Read, an art critic, poet and historian.