The Pollock-Krasner Foundation was established in 1985 for the purpose of providing financial assistance to individual working artists of established ability. It was established at the bequest of Lee Krasner

Lee Krasner

Lee Krasner was an influential abstract expressionist painter in the second half of the 20th century. On October 25, 1945, she married artist Jackson Pollock, who was also influential in the Abstract Expressionism movement....

, who was an American abstract expressionist painter and the widow of fellow painter Jackson Pollock

Jackson Pollock

Paul Jackson Pollock , known as Jackson Pollock, was an influential American painter and a major figure in the abstract expressionist movement. During his lifetime, Pollock enjoyed considerable fame and notoriety. He was regarded as a mostly reclusive artist. He had a volatile personality, and...

. Krasner left approximately $

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

23 million in cash, securities and art to the foundation.

The foundation provides grants to artists internationally based on "recognizable artistic merit and demonstrable financial need". The foundation also gives out Lee Krasner Awards. These awards are based on the same criteria as grants but also recognize a lifetime of artistic achievement and are by nomination only. By 1988 the foundation had already granted over $1.5 million to about 300 "worthy artists who are in need".