Seattle Art Museum to dissolve by 2022, transfer assets to art institutions led by people of color

The Seattle Art Museum (SAM) announced Monday it would dissolve its corporation and transfer all assets and endowments to a trust to be governed by a coalition of regional art organizations led by people of color. The board of directors unanimously decided to dissolve the corporation by 2022 at an emergency session last week, according to a news release. Chief Financial Officer Cindy Bolton said she doesn’t believe a museum dissolution of this scale has ever been attempted. SAM owns $300 million…