In 1938, Alfred Korzybski founded the Institute of General Semantics at the former Richardson mansion in Lime Rock and directed it until his death in 1950. The Institute remained there until 1981 when it moved elsewhere. By 1923, Barnum and Richardson had closed its eastern works, which became bankrupt. Initially the village was largely abandoned, but by 1927 it had become the home of an artist colony, the Lime Rock Artists Association, which hosted major exhibits in the village in each of the nine years from 1927 through 1935. The original historic village is still largely intact. Lime Rock is a village and historic district (listed as Lime Rock Historic District) in the town of Salisbury, Connecticut, United States, situated on the Salmon Kill. The village center and the historic district are substantially similar.[clarification needed] The surrounding area is also generally referred to as Lime Rock.