Guggenheim Foundation of New York is to close its Berlin art gallery at the end of this year, according to an announcement Monday by Germany's biggest bank, which provides its prime inner-city location.

For 14 years, the German Guggenheim has hosted contemporary art exhibitions in a space at the Berlin office of Deutsche Bank, on the capital's most prestigious avenue, Unter den Linden. Deutsche Bank said it would use the space in future for “dialogue” between politicians and business figures, M&C reported quoting DPA.

The Berlin Guggenheim has hosted 57 exhibitions since 1997. It is currently showing 12 works of video art dealing with language. The show, entitled 'Found in Translation,' will be followed by three more exhibitions before the closure.

In a statement which caught art lovers by surprise, Deutsche Bank said both sides had decided to close the gallery when their current contract expires, and would put their relationship on a new basis. Art is a major tourist draw in Berlin.

The original New York museum for modern and contemporary art was founded by Solomon R Guggenheim. It also has branches in Venice and Bilbao, and is planning to open in Abu Dhabi.