The San Francisco Museum of Modern Art has abruptly cancelled its annual $1000-per-ticket Valentine Ball fundraiser, stunning many area arts patrons who had already bought tickets. The ball, which would have been 28 years old this year, was apparently the victim of financial considerations, with museum officials saying that the event would not have raised enough money to be worthwhile. But “at SFMOMA, where the loyalties of key donors are divided and squabbles among trustees are not uncommon, some patrons privately question whether there is more to the story. Word is that those involved with the preparations knew months ago that the party was seriously underfunded and should have been canceled then.”