01/19/2012 06:09 pm ET

Exit Art Closing: Non-Profit New York Art Space Closing In May

Exit Art announced today that its iconic non-profit art space will close its doors at the end of May.

The gallery was co-founded in 1982 in SoHo by Papo Colo and his late wife Jeanette Ingberman and later moved to a large space in Hell's Kitchen. The couple met when Ingberman was a organizing a show at the Bronx Museum and their shows often focused on underrepresented artists.

According to a press release, Exit Art will close out its 30-year run on the town with a gala. "Exit With A Bang!" will take place on March 6, featuring an auction and helmed by master of ceremonies Martha Wilson as Barbara Bush. Jerry Harrison of the Talking Heads and Modern Lovers will be a special guest. Artwork by the likes of Ida Applebroog, Tehching Hseih, Cindy Sherman, Lawrence Weiner and William Wegman will be auctioned. Artist Will Cotton will even bake a cake for the event.

The iconic gallery will publish two final books: Alternative Histories, an examination of art spaces in New York City and Unfinished Memories: 30 Years of Exit Art.

Calo told The New York Times that running "an art space in New York, especially a nonprofit one, is a sort of miracle, because the art world is a for-profit culture."

Exit Art found its first home at 578 Broadway in SoHo before moving just up the block to 548 in 1992. Over a decade later, the celebrated duo moved to the massive ground-floor venue on Tenth Avenue in Hell's Kitchen. Their final home also included a 70-seat gallery.