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Tracey Emin. My Bed 1998 (detail) Photograph: Murdo Macleod

The enigmatic ad-man turned art collector Charles Saatchi is to hand to the nation his Chelsea gallery and more than 200 works – including pieces by Tracey Emin, Grayson Perry and the Chapman Brothers.

Saatchi, 67, announced today that the 70,000 sq ft gallery would be renamed MOCA London (Museum of Contemporary Art, London) when he retires, and would feature “a strong, rotating permanent collection of major installations”, all of it free to the public.