When the Great Chicago Fire destroyed the building in 1871 the Academy was thrown into debt . Attempts to continue despite the loss by using rented facilities failed . By 1878 , the Academy was $ 10,000 in debt . Members tried to rescue the ailing institution by making deals with local businessmen , before some finally abandoned it in 1879 to found a new organization , named the '' ' Chicago Academy of Fine Arts ' '' . When the Chicago Academy of Design went bankrupt the same year , the new Chicago Academy of Fine Arts bought its assets at auction
Great Chicago Fire
Great Chicago Fire
Art Institute of Chicago