The 70,000 sq ft Saatchi Gallery in Chelsea, London owned by Cadogan Estate, will become the Museum of Contemporary Art for London, it has been announced.
Art collector Charles Saatchi, 67, is giving more than 200 works and his Saatchi Gallery to the British public. The art collection is valued at £25 million and includes Tracey Emin’s My Bed and Jake and Dinos Chapman’s Tragic Anatomies. Saatchi will retain hundreds of works in his private collection.
The gallery will continue to sell and buy its art. “Saatchi’s view is that it is vital for the museum always to be able to display a ‘living’ and evolving collection of work, rather than an archive of art history.”
A spokesperson for the gallery said it was “currently in discussion with potential government departments who would own the works on behalf of the nation”.