 In 1882, the name was changed to the current Art Institute of Chicago. The same year, lot of property was purchased near Michigan Avenue and Van Buren Avenue for $45,000. The purpose was to construct a new building for the School. The institute pressed for a new building on the lakefront to be constructed for the fair. When the World's Columbian Exposition was announced to be held in 1892–93.later this building was to be used by the Institute. After agreement by the city, building was completed in time for the second year of the fair. The construction costs were paid by selling the Michigan/Van Buren property. On October 31, 1893, the Institute shifted to their new building.
The Museum of the Institution is famous for its huge collection of 16th century French paintings, Impressionist and American art specifically well known is La Grande Jatte by Seurat . Its collections include early Italian, Dutch, Spanish, and Flemish paintings, including works by El Greco, Rembrandt, and Hals. Many other assets of the Museum include prints and drawings, dating from the 15th cent., and sculpture. The section on decorative arts has porcelains, textiles, glass, and rooms of period furniture. In addition to these valuable assets, the Institute also has a fine collection of Chinese art. Other features include the Ryerson Library for research and the Goodman Memorial Theater with its school of drama.
The School of the Art Institute of Chicago is a professional college of the visual and related arts. It has been commissioned since 1936 by the North Central Association of Colleges and Schools after that since 1944 by the National Association of Schools of Art and Design. The Academy's downtown Chicago campus comprises six buildings. These buildings are located just adjacent to the Museum. In order of acquisition they include280 South Columbus, 37 South Wabash, 112 South Michigan, West Madison, 162 North State, 36 South Wabash, 1926 North Halsted ,The Oxbow Property.
On November 11, 1995, the honorary name "Swami Vivekananda Way" was bestowed to the stretch of Michigan Avenue that passes in front of the Art Institute.
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