The company was founded by King Christian VII in 1776 and was one of the few companies with lasting significance from the age of mercantilism, played an important role in Norwegian trade with Denmark, the Netherlands and the Far East and had a decisive impact on the Norwegian economy in the period around 1814. In 1822 the company was sold to the Berlin banker Wilhelm Christian Benecke and Benjamin Wegner, and their ownership lasted until 1849, a period regarded as the company's heyday and during which it became the largest industrial company of the country. The company went bankrupt in 1849 in the wake of the revolutions of 1848 and competition from synthetic ultramarine, but a greatly reduced activity continued until 1898. From 1968 Blaafarveværket has been made available to the public as a museum and art gallery. It is presented to the public like the mining company it was around 1840 during its heyday.