Charles Saatchi gives gallery to nation - 02/07/2010

Charles Saatchi, ad-man turned art collector, announced yesterday (July 1st) that he would be donating his gallery on King's Road in Chelsea, London to the nation when he retires.

He will also be throwing in more than 200 contemporary works including Tracey Emin's My Bed, which was nominated for the Turner Prize in 1999.

The gift to the nation is worth in excess of £25 million and the gallery will be renamed the Museum of Contemporary Art, London.

Mr Saatchi has not revealed when he plans to retire but the art exhibition containing the contemporary artwork will be opened in 2012.

Jeremy Hunt, secretary of state for culture, olympics, media and sport, said: "Mr Saatchi has built up a collection of huge international importance.

"His decision to gift these works to the nation is an act of incredible generosity and I'd like to thank him on behalf of the government."

Other pieces that will be displayed include Richard Wilson's Oil Room Installation, a signature piece of the Saatchi Gallery.

This is Wilson's most famous work and consists of a room half-filled with used sump oil to create the illusion that the space has been turned upside down.

Posted by Harry Baxter