Marlborough Gallery‘s governing trust has listed its London building, the ten-story, 10,300-square-foot Scandia House, for over £25 million, or approximately $32 million, the Art Newspaper reported Thursday.
Real estate agency Pilcher London is the exclusive agent for the property, which is located in London’s posh Mayfair district, not far from major galleries like David Zwirner and Gagosian. The gallery is set to vacate the building by the end of the year, according to the Art Newspaper.
The listing of the building comes after the gallery announced in April that it had decided to sunset its operations. As of June, it no longer represents artists or estates, or holds exhibitions.
The process of sunsetting the gallery is expected to take several years, given that the gallery’s inventory of photographs, works on paper, and paintings. That inventory is reputed to be collectively worth as much as $250 million. The gallery also owns real estate in New York, Madrid, and Barcelona, in addition to the Scandia House property.
The gallery has kept some employees on staff since the announcement to assist in the liquidation and the various operations necessary to close the gallery permanently.
Founded in 1946, Marlborough was for decades a major player in both New York and London. The gallery built its reputation on French Impressionist and Post-Impressionist painters like Edgar Degas and Auguste Renoir, before staging exhibitions for modernists such as Wassily Kandinsky and Kurt Schwitters Once the gallery opened in New York in 1963, it began representing Abstract Expressionists like Philip Guston and Robert Motherwell, and the estates of Franz Kline and Jackson Pollock.
