A high-profile art gallery has closed its doors at North Adelaide after four decades.

Greenhill Galleries in Barton Terrace West stocked thousands of artworks, including paintings, sculptures and jewellery.

But gallery director Russell Starke said the business had been struggling financially in recent times.

"People are simply not buying. I think if you did a survey of galleries across Australia you'd find pretty well exactly the same thing, Greenhill in Perth, which is a separate company from Greenhill Adelaide, closes at the end of February," he said.

"If you're closing in Perth, that gives you a good indication. They've been working there for many years as well and big galleries right across the eastern seaboard are just shutting shop."