The building was constructed after a design by Oldrich Tyl and Josef Fuchs in the years 1925-1929.

Until 1951 trade fairs were held in the building; later the palace served as headquarters for several foreign trade companies. In 1974 the functionalist structure was destroyed by fire. Since its reconstruction in 1995, the building has housed the National Gallery's collections of modern and contemporary art. Since 2000 it has also been the home of the 19th century collection.