Gloucestershire Police said they had received allegations that Opus Fine Art in Stow-on-the-Wold had been "dishonestly retaining or selling" art.
The gallery deals in works by high profile artists including Damien Hirst.
A police spokesman said investigations were ongoing to establish ownership of the seized property.
The Independent newspaper reported the owners, Donald Smith and Emma Poole, were believed to have moved to the south of France.
A large number of works of art have been seized from a Cotswold art gallery after allegations of fraud and theft.