An art school affiliated with sculptor Barbara Hepworth, painter Peter Lanyon and potters Bernard and David Leach will be sold unless half a million pounds is raised to buy it.
Penwith College has decided to sell Penzance School of Art having relocated its art provision to its main campus.
But it has given two of the college's teachers an "off-market" arrangement to come up with £500,000 to buy the building to turn it into a studio and exhibition space.
Sculptor Sara Ross and Jeweller Tasha Scannell have set up PZ Arts CIC and are hosting fundraising events to try to complete the purchase.
Ross said: "Artists and tutors such as Barbara Hepworth, Bernard Leach, David Leach, Peter Lanyon all taught there or went there. It's got so much heritage and needs to be kept alive and brought back to what it was in its heyday."
The Penzance School of Art was built in 1880 and is grade-II listed according to Historic England.
Ross said further funding would be needed to refurbish the buildings to host art classes and studio and exhibition spaces.
She added: "Many students have come through the doors from 16-year-olds to 85-year-olds; it really does serve every age and everybody in the community."
"The space is so important...150 years worth of art has come out of there and you can feel it when you are in the room," said Scannell.
"When you are a creator it's so important to be in the right space."
Scannell said the funds were needed "straight away" as she feared the building would fall into disrepair if left empty.
She said artists who had attended workshops at the college had started small businesses and donated work to be sold at fundraising events.
"People have given their all to this place in the past to make sure there is the provision for the community and there is access to art for everyone."
"For that to be taken away from the community after people have put their blood, sweat and tears to it, it feels that its not doing them justice."
In a statement, Penwith College confirmed the art school was no longer required and the building had "been identified as an asset for disposal".
It added: "We are aware of interest from a community interest company seeking to retain the site for creative use, which aligns with our preference for a community-focused outcome, but no timescale has been set.
"Until those discussions are complete, the building is not being openly marketed."
It added receipts from the sale would be reinvested into supporting student facilities.