One of its latest shows, Robert Rauschenberg in China, draws a big crowd of young visitors.[Photo provided to China Daily]

According to Xue Mei, chief executive director of UCCA, the operation of the center cost almost 41 million yuan in 2015 and the ratio of Ullens' investment decreased from 100 percent to 25 percent.

The center has been diversifying its sources of funds over the past five years. Annual sponsorships by enterprises and 49 members of its board of trustees contributed about 35 percent in 2015 and its art store, opened in 2012, brought in 20 percent. It also holds an annual charity auction at year end and the proceeds last year were 10.9 million yuan.

Still, UCCA needs a deep-pocketed benefactor who, as Ullens hopes, is willing to develop the institution's potential in supporting contemporary Chinese art and introducing Western art in the coming years.

Li Jianya, an art freelancer in Beijing, says: "The market for contemporary Chinese art is still recovering. And the local elites who collect contemporary pieces are in the middle of building their own galleries."

Despite the uncertainty, Xue says: "UCCA will stand strong and uphold its core values of highlighting artists from China and beyond, and encouraging the public to engage with contemporary art and culture."