1978 - Limited company foundation

1973 the com­pa­ny becomes a Ges. m. b. H. Friedrich M. Welz was the sole own­er of the Galerie Welz until the end of 1973. With the con­ver­sion into a Ges. m. b. H. long-term employ­ees become co-part­ners. Welz remains the major­i­ty share­hold­er and man­ag­ing director.
In 1978 Friedrich M. Welz hands over his shares to the gallery employ­ees and leaves the company.
Friedrich Max­i­m­il­ian Welz died on Feb­ru­ary 5, 1980 in Salzburg.