Goldsmiths, University of London has launched a ¡°philanthropic¡± donation model to help ¡°sustain its future¡±, asking wealthy donors to give works of art to help fund creative education.

Peter Kellner, a former investment banker at Morgan Stanley, has gifted the under-pressure institution his ?4 million art collection, including works by Antony Gormley, Phillip Guston and Lucio Fontana, along with a ?2 million cash donation to kickstart the new fund.

Goldsmiths said Kellner, a well-known supporter of artistic causes, has given it in memory of his friend and artist Basil Beattie, who previously taught art at the provider.

The Goldsmiths Endowment Fund will be used to support arts education, with others being invited to donate money, artworks or entire collections. Any donations will be used by the university for ¡°educational and research purposes while at the same time supporting its financial stability¡±.

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The agreement allows Goldsmiths to sell ¡°some or all¡± of the gifted works after a?defined period, which will ¡°in turn help the university to tackle the challenges posed by the funding crisis in art and creative education¡±.

Goldsmiths ¨C whose alumni include film director Steve McQueen, writer Bernardine Evaristo and musician Damon Albarn ¨C announced last year that it was looking to make 97 staff redundant, which sparked concerns over the future of the institution, known for its radical reputation.

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Arts departments have come under increasing attack across the UK as a national funding crisis deepens. Financial strains have seen Cardiff University announce the planned closure of its music department, while it has been warned that academic ¡°cold spots¡± could be cemented because of the cuts.

Richard Noble, head of art at Goldsmiths, said that the ¡°underfunding¡± of arts ¡°will have damaging effects on Britain¡¯s future¡±, adding that the university was ¡°meeting the challenge by finding innovative ways to sustain itself and its commitment to supporting young people to choose a life in the creative arts¡±.

Noble said the Kellner donation ¡°will form part of the value of the university endowment¡± but will also be used as a teaching and research resource by staff and students, and will be displayed in the university gallery for the public to see.

¡°We hope this extraordinary gift will encourage other collectors and philanthropists to support our endowment fund, which is essential to sustaining Goldsmiths as a leading arts education institution into the future,¡± he added.

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juliette.rowsell@timeshighereducation.com