Founded in 1986 by Mr. Peters, the Gerald Peters Gallery, Dallas, earned a reputation as an art institution, promoting the work of contemporary regional and national artists. In addition, the gallery has fostered the work of emerging artists and introduced to the area exhibitions originating at Gerald Peters Gallery, Santa Fe, devoted to such classical artists as Maillol and Picasso.

The partnership between Dr. Pillsbury and Mr. Peters was formed in the fall of 1999 and plans began shortly thereafter for a major expansion and renovation project. The partners acquired two buildings adjacent to the existing space—the former Bifano Fur Salon to the East and, to the West, the former site of Las Negras Studio. Construction and renovation began in July, 2000, and was completed in two stages, the first in January and the final phase in March, 2001. During Phase I, the interior of the Bifano building was completely renovated, transforming the dimly-lit intimate rooms of the furrier into the light-infused, open spaces of the new gallery. Noted Swiss architect, Thomas Krähenbühl, in association with the Dallas architectural firm Oglesby/Greene, designed the new galleries. Mr. Krähenbühl has designed exhibition spaces for several European museums, in particular the Augustinermuseum in Freiburg, Germany. The new galleries of Pillsbury and Peters Fine Art are generously proportioned with eleven to fourteen foot ceilings. Illumination comes from discreetly located incandescent and natural sources and gallery finishes are limited to neutral colors—off-white and dark blue with hardwood floors in the front rooms, and stark white with stained concrete floors in the rear space.

The second phase of construction included the remodeling of the former Gerald Peters Gallery building and the erection of a sun-filled atrium that serves as a gallery space for small paintings and sculpture, as well as a conduit between the buildings and a gathering place for social and cultural events. The Las Negras building was replaced with an additional gallery parking lot, facilitating the creation of a serene sculpture garden behind the adjoined buildings.

Pillsbury and Peters Fine Art has maintained and expanded the reputation of the Gerald Peters Gallery, adding several established and emerging artists to its already-impressive roster, exhibiting work by internationally recognized artists, and thereby exposing the Dallas community to artwork otherwise unavailable to them. The Gallery strives to educate and provide culturally significant experiences for all guests, whether collector, observer, or student.