The Corcoran Gallery, Washington D.C.’s oldest art museum, has been losing money for years and is currently in need of at least $130 million in renovations. The only major museum on the Mall that is privately owned, times have been tough for the Corcoran who must charge admission and raise large amounts of money to survive. Attendance has dropped drastically and donations to the museum have roughly halved since the recession.

The Corcoran’s commanding Beaux Arts façade and top-notch collection of 17,000 works including pieces by Winslow Homer, Edward Hopper, John Singer Sargent, Claude Monet, and Willem de Kooning are simply not a big enough draw to keep the institution afloat, especially when every other institution on the Mall offers free admission. The Corcoran’s board of trustees are currently debating between a number of options to keep the museum active including selling the current building, combining forces with another institution, and moving out of the city.

While many find the loss of the Corcoran will leave the Washington Mall with a gaping hole, the museum announced that they have been discussing possible solutions with the National Gallery of Art, George Washington University, and a few other unnamed institutions. The Corcoran hired a real estate firm as its adviser in September and hopes to have its future mapped out by the first half of 2013.

The District of Columbia Historic Preservation League is looking to extend the landmark designation for the Corcoran’s exterior and interior. If the institution were approved, any major construction would be subject to public review.