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The fair will run for an additional day next year, from June 28 to July 4, with the preview on June 27. Although exhibitor numbers are yet to be confirmed, the event will be a little larger in 2012, with around 165 stands compared to 152 in 2011.

Fair director Nicola Winwood said: "We are delighted to announce Masterpiece London, for the second year running, has secured planning permission to take place at the South Grounds of the Royal Hospital Chelsea, London SW3 in 2012.

"Reflecting on the tremendous success of the 2011 fair, which attracted over 28,000 visitors, there is little doubt the location provides the ideal setting to present such a captivating showcase of art and design."

However, due to restrictions imposed by the Royal Borough of Kensington and Chelsea on the number of events premitted at the Royal Hospital Chelsea, Decorex and Art London, which have both taken place at the venue for a number of years, will not have their contracts renewed after 2012.