The name, La Lonja del la Seda, refers to the time when the building was a silk exchange. The building was constructed for merchants in the mid 15th century with some additions and interior work not completed until the early 16th century. In its earliest times, the trading hall was the center for the trading of oil, was primarily put to use in lamps for lighting. Later the silk trade became the major use for La Lonja. It was also home to the merchant court. Considered a masterpiece of late Gothic architecture, it is currently used by the Valencia Cultural Academy