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The museum will continue to exist as an organization and will retain its name in the hopes that it can reopen when the economy improves. It has not been announced what will happen with the space or the collection in the meanwhile.

The decision comes less than three months after executive director Libby Lumpkin resigned in response to the board's announcement that budget cuts at the museum would result in layoffs and salary cuts.

“We’ve tried everything to keep this afloat. It’s just a challenging time,” said Patrick Duffy, president of the museum’s board. “The economic climate has eliminated several of our donations or reduced them significantly.”

The organization was founded 59 years ago as an art league. In 1974 it became an official art museum, and in 2005, under Lumpkin's direction, it refocused on contemporary and modern art. According to the museum Web site, "subsequent to the change, LVAM has attracted greater numbers of regular visitors and a more diversified demographic than ever before."