The Lonja de la Seda in Valencia is one of the principal tourist attractions in the city, being declared a National Historic and Artistic Monument in July 1931 and a World Heritage Site by UNESCO in December 1996. Currently the seat of the Cultural Academy of Valencia, the building frequently hosts exhibitions. La Lonja was founded in 1469 as a market for oil. The design was derived from a similar structure in Palma de Mallorca; the architects were Pedro Compte, Juan Yvarra, and Johan Corbera. It was not until 1498 that the crenelated tower and the Flamboyant Gothic trading hall were completed. Other construction and decoration works lumbered on until 1533. During subsequent centuries, La Lonja functioned as a silk exchange. The honesty of its traders is honored by the inscription that runs around the main contract hall. La Lonja adjoins a similarly ornate late Gothic building, called the Consulado.
