Now the mystery is solved as Halcyon Gallery have announced that they acquired the lease of the Grade II listed building at 144-146 New Bond Street, which was originally designed as an art gallery in 1911. They hope to open by the autumn.
"Halcyon Gallery will continue the building's 100-year legacy as a purpose-built art space with a sympathetic design by Allford Hall Monaghan Morris, the architectural firm who have designed several London landmarks such as the Barbican Centre," said a spokesman.
The 10,000 sq ft space over three floors - formerly known as the Palace of the Arts, and a temple to traditional antiques - will see a new lease of life as a haven for contemporary art.
"Our aim is to bring this distinguished building into the 21st century with a design which will incorporate the original features while creating an inspiring new contemporary art space,"said Paul Green, president of Halcyon Gallery.
"It will enable us to expand our stable of artists and exhibition programme, and give us a dedicated exhibition space for our collection of rare masterpieces from Impressionism to Pop."
In February 2008, the company opened its flagship gallery and headquarters at 24 Bruton Street in Mayfair. The gallery at 144-146 New Bond Street will operate in addition to 24 Bruton Street.