The Royal Academy of Arts was founded by George III in 1768. Governed by artists to ‘promote the arts of design’ and was the first institution in Great Britain devoted solely to the promotion of the visual arts. The Royal Academy raised the standing of art, artists and architecture. It has held an annual selling exhibition since its formation and held its first loan exhibition in 1870 of ‘Ancient Masters’. It now enjoys an unrivalled reputation as a venue for exhibitions of international importance.