The Gallery was opened in a building located in Dedinje, in the former home of Milica Zorić i Rodoljub Čolaković. The former family residence was converted into a new exhibition space; in addition, studios for visiting artists, workshops and a screening room were built next to the Gallery. The Čolaković family amassed a substantial and valuable collection of Yugoslav artworks (paintings, drawings, watercolors, pastels, tapestries and sculptures) and objects of applied arts, such as antique furniture, oriental carpets, glassware and porcelain, that lend a pleasant ambience to the Gallery.