Saatchi Gallery Debts
According to this report by the Guardian newspaper, the company that was set up to run the Saatchi Gallery in South Bank, London has has found itself in court for not paying a debt of £1.8 million.
Saatchi firm wound up with debts of £1.8m
"Mr Saatchi, who was earlier accused of "distortion, intimidation and evasion" in his dealings with the landlords, has already announced plans for a new gallery to display his collection, said to be the most important of British contemporary art in the world. It will open in Chelsea, west London, in 2007. A liquidator will now examine the assets of Danova.
However, a spokesman for Mr Saatchi said Danovo was purely the vehicle through which the lease for the County Hall building was held. It has no association with Mr Saatchi's artworks and no other recoverable assets. He said Mr Saatchi had offered to pay £1.6m in full and final settlement of the debt, adding: "That offer remains on the table."
The new Saatchi Gallery at Kings Road, Chelsea looks impressive, and big enough at 50,000 square feet. See a virtual tour of the new gallery.
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