Activities
The Royal Academy does not receive financial support from the state or crown. Its income is derived from exhibitions, trust and endowment funds, receipts from its trading activities and from the subscriptions of its Friends and Corporate Members. Much of the cost of its activities is met by sponsorship from commercial and industrial companies, in which the Academy was one of the pioneers. The Academy thus depends upon a wide range of support from the private sector for the accomplishment of its artistic aims.
One of its principal sources of revenue is hosting a programme of temporary loan exhibitions. These are of the highest quality, comparable to those at the National Gallery, the Tate Gallery and leading art galleries outside the United Kingdom. In 2004 the highlights of the Academy's permanent collection went on display in the newly restored reception rooms of the original section of Burlington House, which are now known as the "John Madejski Fine Rooms".
Under the direction of the former Exhibitions Secretary Norman Rosenthal the Academy has hosted ambitious exhibitions of contemporary art including in 1997 "Sensation" the collection of work by Young British Artists owned by Charles Saatchi. The show created controversy for including a portrait of Myra Hindley by Marcus Harvey that was vandalised while on display.
The Academy also hosts an annual Royal Academy summer exhibition of new art, which is a well known event on the London social calendar. It is not as fashionable as was the case in earlier centuries, and has been largely ignored by the trendy Brit Artists and their patrons; however Tracey Emin exhibited in the 2005 show. In March 2007 this relationship developed further when Tracey Emin accepted the Academy's invitation to become a Royal Academician, commenting in her weekly newspaper column that, "It doesn't mean that I have become more conformist; it means that the Royal Academy has become more open, which is healthy and brilliant."
Anyone who wishes may submit pictures for inclusion in the summer exhibition and those selected are displayed alongside the works of the Academicians. Many of the works are available for purchase.
In 1977 Sir Hugh Casson founded the Friends of the Royal Academy, a charity designed to provide financial support for the Royal Academy. Membership allows supporters unlimited access to the exhibition programme. Over the years the Friends scheme has grown in size and importance and by 2007 had almost 90,000 members.
In 2004, the Academy attracted media attention for a series of financial scandals and reports of a feud between Rosenthal and other senior staff that resulted in the cancellation of what would have been profitable exhibitions. In 2006, it attracted further press by erroneously placing only the support for a sculpture on display in the belief that it was the sculpture, and then justifying it being kept on display.
In September 2007, Charles Saumarez Smith became secretary and chief executive of the Royal Academy, a newly created post.
The Academy has received many gifts and bequests of objects and money. Many of these gifts were used to establish Trust Funds to support the work of the Royal Academy Schools by providing "Premiums" to students displaying excellence in various artistic genre. The rapid changes that pulsed through 20th century art have left some of the older prize funds looking somewhat anachronistic. But efforts are still made to award each prize to a student producing work that bears a relation to the intentions of the original benefactor.
On Thursday 8 December 2011 Christopher Le Brun was elected President of the Royal Academy upon the retirement of Sir Nicholas Grimshaw.
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