Charles Saatchi is gifting his London gallery to the nation along with more than 25 million pounds worth of art to secure the institution's future as a showcase for emerging artists. More than 200 works will be donated including Tracey Emin's signature My Bed (1998) and Jake and Dinos Chapman's Tragic Anatomies (1996). The gallery will continue to operate under the Saatchi masthead until he retires when it will be renamed the Museum of Contemporary Art, London. The running costs are to be met through sponsorship, catering, retailing and hall hire and the foundation set up to run the gallery will have the right to buy and sell art.
Image: Charles Saatchi