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Saatchi Gallery handed over to the state

2nd July 2010

Charles Saatchi has handed over his internationally acclaimed art gallery to the state.

The Saatchi Gallery will be renamed the Museum of Contemporary Art and, along with the building, 200 works of art will be thrown in.

In total, the donation is worth an estimated GBP 25 million and includes a number of seminal works by contemporary British and international artists - perhaps the most notable being Tracey Emin's My Bed, which was shortlisted for the Turner Prize.

Jeremy Hunt, secretary of state for culture, Olympics, media and sport, said: 'Charles 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.'

Advertising mogul Saatchi opened the doors to the gallery in 1985. In 2004, more than 100 artworks in Saatchi's collection were destroyed when art storage firm Momart's warehouse caught fire in Leyton, East London.

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