The famed Colnaghi Gallery which has been specialising in old master paintings since the 18th Century is being restructured by its owners, the German Oetker group. Oetker, which bought the Gallery in 1986, have decided to close the New York Gallery and to reduce the surface of their London compound. Meanwhile, the managers of the Colnaghi Gallery, Richard Knight and Nicholas Hall, have been replaced last October by Jean-Luc Baroni, a specialist in old master drawings.