Gen Art, the New York-based, non-profit organization for young artists in the fields of film, music, art and fashion, has unexpectedly closed down.

In an e-mail late Wednesday afternoon, founders Ian and Stefan Gerard said the company had finally succumbed to the recession after struggling for the past 18 months.

“During this challenging time we did everything in our power to adjust our business to these new business realities by cutting costs and seeking out alternative funding solutions. However when a major, new, corporate partnership unexpectedly collapsed a few weeks ago, we found ourselves without sufficient resources or time to overcome this sudden and substantial loss of revenue,” said the founders.

“The reality is that we had fiscally planned and relied upon the representations of this partner. Their decision had the unintended effect of pushing Gen Art over the edge.”

The Gerards acknowledged all their supporters over the last 16 years, including corporate partners, volunteers and staff, and wrote, “We hope that where we have left off, others will step up to help fill the void.”