Billionaire Donors Reshape US Art Institutions Amid Second Gilded Age
As a new Gilded Age unfolds, American arts institutions are experiencing a remarkable influx of nine-figure donations from recently wealthy individuals. In the US, government funding for the arts remains significantly behind that of European countries, while philanthropic donations to the arts reached a total of $25.13 billion in 2024. Earlier this month, Jensen Huang, cofounder of Nvidia, and his wife Lori pledged $75 million via their family foundation to assist Vanderbilt University in creating an art school in San Francisco at the location of the California College of the Arts (CCA), which will close next year after 120 years. Including a previous matching gift of $22.5 million, the Huangs’ total contribution now stands at $97.5 million, encouraging further philanthropic support.
Key facts
- Philanthropic donations to the arts rose to $25.13 billion in 2024.
- Jensen Huang and Lori Huang committed $75 million through their family foundation.
- The gift helps Vanderbilt University build a San Francisco art school.
- The school will replace the California College of the Arts (CCA), closing after 120 years.
- An earlier $22.5 million matching gift brings total Huang contributions to $97.5 million.
- Government support for arts in the US trails European nations.
- The influx of nine-figure gifts is reshaping American arts institutions.
- The second Gilded Age is driving newly minted billionaires to donate heavily.
Entities
Institutions
- Nvidia
- Vanderbilt University
- California College of the Arts
- Crystal Bridges Museum of American Art
- Art & Object
Locations
- United States
- San Francisco
- Europe