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The most glamorous and lucrative arts and antiques fair in London is closing after 75 years.
Shocked dealers were told today that Grosvenor House has decided to pull the plug on its fair for financial reasons.
This year's event, which took place earlier this month, recorded strong takings for nearly 100 dealers who had bought stands.
Visitor numbers were up two per cent on last year to nearly 20,000 despite the event being hit by the Tube strike.
The Duchess of Cornwall was the guest of honour at this year's charity gala, which raised more than £500,000.
It is understood that the hotel, which established the fair and owned the name, believes it can get a more profitable return on the use of its beautiful central Great Room for dinners, balls and receptions.
The Grosvenor House Art and Antiques Fair runs for just a week but another week is required either side to set up and dismantle the show.
Costs have also risen for the hotel because of increasing insurance premiums which would have required an rise in rental charges to dealers to break even.
But members of the British Antique Dealers' Association, who were closely involved in the event, are now looking to find an alternative site to mount a new fair.
London is the second biggest art and antiques centre in the world after New York.
Simon Phillips, chairman of the fair, said: "It is a great disappointment to me that the fair has come to an end. I quite understand that it no longer makes financial sense to continue the fair.
"It has been a long and happy partnership but most great events have a lifespan and a diamond anniversary is a fitting point on which to end on a positive note."
