Yvon Lambert has just announced that he is closing his New York gallery and is "largely withdraw[ing] from my gallery life." Gallery director Olivier Bélot will continue on with the Paris gallery.

In a press statement, the 75-year-old dealer, who established his Paris gallery in 1967, said that he will continue to be involved with the artists and will supervise several projects within the gallery.

Lambert also briefly ran a London space, from fall 2008 to spring 2009, an enterprise that proved too expensive as the global economy plummeted.

The Chelsea gallery has been in operation for seven years. Some of its more memorable shows include a wall-covering installation of 25,000 black paper moths by Carlos Amorales (2007), Andres Serrano's "Shit" photographs (2008), an installation of spinning lights in a Mylar-lined room by Zilvinas Kempinas (2010) and a haunting painting and video installation by Markus Schinwald (2010).

The swansong exhibition, "Play Time," is on view May 20 through June 4. It will feature the gallery's New York artists, including Robert Barry, Jill Magid, Shinique Smith, Nick Van Woert and Carter.