Following the definitions of the word 'Institution' from dictionary.com (below) it is easier to explain my meaning.
Definition no.1
Saatchi has established a sort of foundation devoted to the promotion of a particular cause, esp. public and educational - that of the growth and popularization of conceptual art.
Definition no.2
He has also devoted a building and a website (which feels a bit more like an online world) to this.
Definition no.6
Saatchi is definitely an 'established person' whose name is associated with the patronage and promotion of conceptual art. He is seen as the catalyst for the sudden explosion of leading conceptual artists such as Sarah Lucas, Tracey Emin, the Chapman brothers, Damien Hirst etc. and all who followed on a similar path.
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