The Russian art and objects specialist in Piccadilly Arcade was established by Martin- Zakheim and John Gaze in 1974.
The first part of the collection will be offered at Dawson’s Auctioneers of Maidenhead on May 26 and will include 150 lots of porcelain, icons and other Russian artefacts.
Woolley & Wallis of Salisbury will also auction items.
Martin-Zakheim was diagnosed with an aggressive brain tumour recently and although he has outlived the initial 12-month prognosis, his wife Alexandra said “running the shop became an impossibility and its recent closure has marked the end of an era”. Gaze died in 2012.
Martin-Zakheim began as a general antiques dealer in his teens but began to specialise in Russian artworks and icons in the late 1960s.
Alexandra added: “Born into a family of Russian immigrants who’d come to Whitechapel as smoked salmon dealers on alien papers in 1895, it should be no surprise that Chris ended up dealing in all things Russian. His particular love of icons was legendary and his customers would sit with him for hours before making their choice.”