Saatchi to Donate Part of His Collection to the British State

The most important British contemporary art collector, Charles Saatchi, will donate his gallery located in London's Chelsea neighborhood, along with a collection of 200 works by artists such as Tracey Emin, Grayson Perry, and Chapman brothers. According to The Guardian, 67-year-old Saatchi has announced that the 70,000 square-foot gallery will become the Museum of Contemporary Art of London (MOCA London). The Cadogan Estate property company ¿ which owns the old military building located in the exclusive Chelsea neighborhood that houses the Saatchi collection ¿ has agreed to continue leasing the space to the Museum. With an estimated value of more than 25 million pounds (38 million USD, or 30 million Euros), the works ¿ according to a press release ¿ will soon be transferred to a foundation, as the museum is currently negotiating with British authorities concerning which government branch will be entrusted with the collection. The only thing that remains to be known is when Saatchi will retire so that the donation can take place. It is now certain, however, that the 200 works will be presented in three exhibitions to be held in 2012. Among the works that will be donated are classic pieces by the Young British Artists (YBA), an artistic current from the 1990s that Saatchi himself promoted. Saatchi wishes the Gallery to continue presenting a collection that is ¿alive¿ and in constant evolution. Aside from the permanent collection, the donation will include many other works that the Museum can commercially exploit to use the money generated from sales to purchase new works.